Maine Revised Statutes Title 33 Sec. 125 – Validity
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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).]
Terms Used In Maine Revised Statutes Title 33 Sec. 125
- 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 between one or more owners and one or more qualified holders, or between one or more tenants and one or more qualified holders, that permits a qualified holder to control, either directly or indirectly, the purchase price of residential housing for the primary purpose of providing that the housing remains affordable to lower income and moderate-income households. See Maine Revised Statutes Title 33 Sec. 121
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Contract: A legal written agreement that becomes binding when signed.
- Qualified holder: means a governmental entity empowered to hold an interest in real property under the laws of this State or the United States or a nonprofit organization whose purposes include the provision of affordable housing or the increasing of affordable housing opportunities for lower income or moderate-income households including governmental or quasi-governmental entities such as public housing authorities, community action agencies or other similar nonprofit or governmental entities committed to providing opportunities for lower income or moderate-income households to obtain affordable housing. See Maine Revised Statutes Title 33 Sec. 121
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. Assignable to another holder. The affordable housing covenant can be or has been assigned to another qualified holder.
[PL 1991, c. 373 (NEW).]
3. Not recognized at common law. The affordable housing covenant is not of a character traditionally recognized at common law.
[PL 1991, c. 373 (NEW).]
4. Imposes a negative burden. The affordable housing covenant imposes a negative burden.
[PL 1991, c. 373 (NEW).]
5. Imposes affirmative obligations. The affordable housing covenant imposes affirmative obligations upon the owner of an interest in the burdened property or upon the qualified holder.
[PL 1991, c. 373 (NEW).]
6. Benefit does not touch or concern real property. The benefit of the affordable housing covenant is held by a qualified holder who has not retained property that would benefit from enforcement of the affordable housing covenant against the burdened property, or the benefit does not touch or concern real property in any other way.
[PL 1991, c. 373 (NEW).]
7. No privity of estate or contract. There is no privity of estate or privity of contract.
[PL 1991, c. 373 (NEW).]
8. Does not run to successors or assigns. The affordable housing covenant does not run to the successors or assigns of the qualified holder.
[PL 1991, c. 373 (NEW).]
9. Unreasonable restraint on alienability. The affordable housing covenant may be construed by a court to be an unreasonable restraint on alienability.
[PL 1991, c. 373 (NEW).]
10. In violation of rule against perpetuities. The affordable housing covenant may be construed by a court to violate the rule against perpetuities.
[PL 1991, c. 373 (NEW).]
SECTION HISTORY
PL 1991, c. 373 (NEW).