§121. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1991, c. 373 (NEW).] 1. Affordable housing covenant. “Affordable housing covenant” means any agreement among one or more owners, one or more tenants of residential real estate and one or more qualified holders, or […]
§122. Creation; conveyance; acceptance; duration 1. Affordable housing covenant. Except as otherwise provided in this chapter, an affordable housing covenant may be created, conveyed, recorded, assigned, released, modified, terminated or otherwise altered or affected in the same manner as other covenants created by written instrument. [PL 1991, c. 373 (NEW).] 2. Right or duty. […]
§123. Judicial actions 1. Owners; qualified holders. An action affecting an affordable housing covenant may be brought or intervened in by: A. An owner of an interest in the real property burdened by the covenant; or [PL 1991, c. 373 (NEW).] B. A qualified holder of the benefit of the affordable housing covenant. […]
§124. Scope of affordable housing covenant An affordable housing covenant may include any of the following agreements affecting residential real estate: [PL 1991, c. 373 (NEW).] 1. Resale price of residential real estate. To limit the resale price of residential real estate; [PL 1991, c. 373 (NEW).] 2. Amount of equity appreciation. To […]
§125. Validity An affordable housing covenant is valid and enforceable even when any of the following apply. [PL 1991, c. 373 (NEW).] 1. Not appurtenant to interest in real property. The affordable housing covenant is not appurtenant and does not run with an interest in real property. [PL 1991, c. 373 (NEW).] 2. […]
§126. Application 1. Interest created after effective date. This chapter applies to any interest that complies with this chapter created after the effective date of this chapter, whether designated as an affordable housing covenant or an equitable servitude, restriction easement or other interest. [PL 1991, c. 373 (NEW).] 2. Affordable housing covenant created before […]
