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The occupancy period is a set period of time beginning on the settlement date of the initial sale of the MPDU and 30 years into the future (see below). If the MPDU is sold within the occupancy period, the home must be sold to another MPDU client at a price determined by the city. This 30 year occupancy period will renew each time the MPDU is sold.
No. The owner may sell the MPDU at a fair market price.
The city’s MPDU requirements are enforced through covenants that are placed on the property. Once the occupancy period has ended, these covenants are released.
The deposit required shall not exceed $1,000.
No. The owners must live in the MPDU as their primary residence, or they must sell it to another Certificate Holder.
Yes. The covenants on the MPDU are not tied to the mortgage. The covenants are tied to the property itself. Therefore, paying off the mortgage does not relieve the owner of his/her obligation to adhere to the MPDU rules agreed to when the property was purchased.