15.15.06.06

.06 Lot Transfer Restrictions.

A. A landowner or child who has a lot released under the terms of the easement shall occupy the dwelling constructed on the lot and may not convey or lease the improved lot to any person until 5 years after the effective date of the final release. The Foundation may require evidence that the person for whom the lot was released occupies the dwelling for the 5-year period.

B. Before the expiration of the 5-year period, the Foundation may only approve a landowner’s or child’s request to convey a lot improved with a dwelling upon the occurrence of the following events:

(1) Notice to the Foundation of a transfer pursuant to:

(a) A bona fide foreclosure of a mortgage or deed of trust; or

(b) A deed in lieu of foreclosure;

(2) The death of the landowner or the child for whom the lot was released;

(3) A decree of divorce where the landowner or child is ordered to sell or convey the lot as part of a bona fide property settlement;

(4) A change of employment location of the landowner or child for whom the lot was released if the Foundation determines that it would be impractical for the landowner or child to commute to the new work location; or

(5) Any other circumstance, as determined by the Foundation, where it would be impossible for the landowner or child to continue to occupy the dwelling.

C. For purposes of illustration by way of example and not limitation, the Foundation may require the owner of the released lot to convey the lot to the current owner of the land encumbered by the easement from which it was released and subject the lot to the terms of the easement, if:

(1) A dwelling constructed upon the lot is conveyed or leased to a person other than the owner or child for whom the lot was released before the expiration of the 5-year period;

(2) The lot is conveyed or leased to another person prior to the construction of a dwelling for the personal residential use of the landowner or child;

(3) A dwelling is not constructed upon the lot during the lifetime of the landowner or child for whom the lot was released; or

(4) The landowner or child for whom the lot was released relinquishes the right to construct a dwelling on the lot.