15.01 - General.
The Condominium, comprised of a total of five hundred twenty-seven (527) Units, includes one hundred six (106) Units known as Affordable Housing Units which are subject to the Affordable Housing Plan for The Cedars, A Condominium attached hereto as Exhibit G (hereinafter the "Affordable Housing Plan").
15.02 - Purpose.
The Affordable Housing Plan was a condition of final approval of the Condominium by the Planning Board of the Township of Bernards in an effort to satisfy a portion of the Township's constitutional obligations with respect to making affordable housing available within the Township. The location of these Units within the Condominium is set forth on Exhibit 3 hereof. Therefore, all Affordable Housing Units will be subject to the following restrictions.
15.03 - Resale.
Purchasers of Affordable Housing Units may not sell their Units on resale for a purchase price greater than the original purchase price, as reflected in their deeds plus a percentage increase based on the Consumer Price Index, New York City-Northeastern New Jersey-all items ("CPI") in the intervening time since closing of title on the Unit, or other equivalent index determined by the Affordable Housing Administrator of Bernards Township (the "Administrator") described herein and to be established by the Township of Bernards or by court order.
15.04 - Qualified Purchasers on Resale.
Owners of Affordable Housing Units also may not sell their Units on resale to a person other than one qualifying as a family of low or moderate income and in compliance with all rules, regulations and requirements duly promulgated by the Administrator. It is the intent and purpose that these Affordable Housing Units be and remain Affordable Housing Units which are affordable to low and moderate-income families in accordance with the provisions of the Affordable Housing Plan.
15.05 - Affordable Housing Administrator.
In addition to the foregoing restrictions, the resale of Affordable Housing Units shall be subject to the rules and regulations promulgated by the Administrator. The Administrator shall monitor and approve re-sales of Affordable Housing Units to assure that purchasers of same shall be low and moderate-income purchasers as defined by the income criteria in effect at the time of the proposed resale. Notwithstanding the preceeding, the Administrator shall approve any resale of an Affordable Housing Unit so long as the purchase price as required in the Contract of Sale and the deed conveying title to the new buyer is not greater than the purchase price as reflected in the Deed which conveyed title to the selling owner plus a percentage increase in the CPI, since the closing of title to the Unit or other equivalent index determined by the Administrator, provided, however, that the resale price may exceed the foregoing if a greater sum is required to pay off and discharge any existing Permitted Mortgage on the Unit. Affordable Housing Units shall at all times remain owner-occupied except that under exceptional circumstances to be determined by the Administrator, such Affordable Housing Units may be leased or rented for limited periods not to exceed one year, upon conditions set forth in regulations.
15.06 - Improvements to Affordable Housing Units.
Owners of Affordable Housing Units may add amenities or improvements to such Units. However, the inclusion of these improvements may not affect the resale price of the Unit by increasing said price beyond amounts which are considered by the Administrator to be affordable to low and moderate income purchasers. In the event that such amenities or improvements are installed, the resale price of Affordable Housing Units shall nevertheless be restricted by the Administrator in accordance with the foregoing standards.
15.07 - Maintenance Responsibility.
Owners of Affordable Housing Units shall maintain them in accordance with the standards of the other Units within the Condominium. Failure to do so shall permit the Association to carry out the maintenance responsibilities in accordance with Section 7.03 of this Master Deed.
15.08 - Conveyance in Compliance with Plan.
Owners of Affordable Housing Units shall not convey title, or by lease or otherwise, deliver possession of the Affordable Housing Units other than in accordance with the Affordable Housing Plan and regulations.
15.09 - Association's Responsibility for Resale Restrictions.
The Association shall have no responsibility whatsoever for implementing, enforcing or supervising the Affordable Housing Plan.
15.10 - Term of Restrictions.
The provisions of the Master Deed referring to and incorporating the Affordable Housing Plan shall automatically expire and terminate at the earliest of the following:
