2-157-060 Covenants in deed – Termination of covenants.
   Any deed conveying a City Parcel to a Qualifying Property Owner may contain such covenants as the Department reasonably deems necessary, including, but not limited to, covenants that require the Qualifying Property Owner for a period of five (5) years commencing on the date on which the City conveys title to such City Parcel to the Qualifying Property Owner (a) to remain in title to the City Parcel and (b) to maintain the City Parcel. The City shall have a right of reverter if the Qualifying Property Owner fails to comply with such covenants. The Department may require the Qualifying Property Owner to execute a reconveyance deed, for the purpose of facilitating the City's exercise of its right of reverter, if necessary.
(Added Coun. J. 12-10-14, p. 100328, § 2)