LAND USE RESTRICTION AGREEMENTPrepared by Matthew J Mytych, Esq
City of Clearwater
Dept of Economic Development & Housing
P 0 Box 4748
Clearwater, FL 33758
LAND USE RESTRICTION AGREEMENT
HOME INVESTMENT PARTNERSHIPS PROGRAM
HOMEBUYER
THIS LAND USE RESTRICTION AGREEMENT (this "Agreement") is entered into on October 26, 2026, by
and between Saleh Sved, a single man, whose address is 1477 S Prescott Ave, Clearwater, FL 33756 (the
"Borrower") and the Citv of Clearwater, Florida, a Florida municipal corporation, whose mailing address is
P 0 Box 4748, Clearwater, Florida 33758-4748 (the "City")
WHEREAS, the Borrower has purchased certain real property located at 1477 S Prescott Avenue
Clearwater, FL 33756 (the "Property") which is the subject of a mortgage and note executed by the Borrower
of even date herewith (the "Mortgage" and the "Note" respectfully), and
WHEREAS, the Borrower agrees that the restrictive covenants descnbed herein shall remain in full force
and effect against the Property until the end of the Period of Affordability provided herein, and
WHEREAS, these covenants shall be properly filed and recorded by City m the Official Public Records
of Pmellas County, Flonda and shall constitute a valid restriction upon the use of the Property subject to and in
accordance with the terms contained herein, and
NOW THEREFORE, in consideration of the funds the City has provided to the Borrower for a loan to
finance the down payment, closing costs, and gap assistance (if applicable) for the Property (the "Loan" or the
"HOME Funds"), the City and the Borrower hereby agree as follows
1 Recitals The recitals set forth above are true and correct and are mcorporated herein and made part of this
Agreement
2 Legal Description The Property is legally descnbed as provided m Exhibit "A" attached hereto
3 Borrower Acknowledgement The Borrower acknowledges that the restrictive covenants contained in this
Agreement are necessary to comply with the requirements of the HOME Investment Partnerships Program
stated at 24 CFR §92 254 from which funds were used to provide homeownership assistance financing
through the City and its partners
4 Covenants and Restrictions on Use of HOME Funds The HOME Funds provided to the Borrower will be
used for homeownership assistance for the acquisition of the Property At the time of the application for the
Loan, the Borrower's annual mcome should not exceed eighty percent (80%) of the area median mcome
("AMI"), as determined and made available by the U S Department of Housing and Urban Development with
adjustments for smaller and larger families at the time of purchase of the new home The home must be the
principal residence of the Borrower
Land Use Restriction Agreement Page 1 of 5
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5 The value of the HOME -assisted unit shall not exceed ninety-five percent (95%) of the median purchase price
for that type of smgle-family housing for the area (FHA 203(b) limits) The maximum per unit subsidy
amount shall not exceed the per dollar limits established under Section 221(d)(3)(n) of the National Housing
Act
6 The Borrower shall have fee simple title to the Property
7 Period of Affordability For the purpose of this Agreement, the Penod of Affordability shall be a penod
beginning upon execution of this Agreement until fifteen (15) years thereafter This Agreement shall
terminate at the end of the Period of Affordability
8 During the Penod of Affordability, the HOME -assisted unit must be occupied by the Borrower Should the
Borrower sell the Property to any willing buyer at whatever pnce the market will bear, the sale will tagger
recapture of the HOME Funds In addition, if the Borrower should rent and/or transfer the property, or if the
home shall cease to be the pnncipal/homestead residence of the Borrower, it will tagger repayment of the
HOME assistance
9 Personal Responsibility and Work Opportunity Reconciliation Act Pursuant to 8 U S C § 1611, the Borrower
shall ensure that any non-U S citizen that receives a Federal public benefit relating to the HOME -assisted
Umt is a qualified alien as defined under 8 U S C § 1641(b) unless an exemption applies
10 Recapture The City will use this recapture provision for repayment of the Loan should the Borrower not
comply with the Penod of Affordability or any other provision in the mortgage, note, or other covenant related
to the loan In the event of default, the Borrower shall repay the City in accordance with the following
A Upon voluntary conveyance of the home, the City shall recapture from the net proceeds of the sale, the
unpaid balance of the HOME Funds If the Property is transferred without a sale, the City shall recapture
the unpaid balance of the HOME Funds
B After the City has been repaid the unpaid balance of the HOME funds, the Homebuyer may then recover
their mihal mvestment of the remaining net proceeds from the sale The initial investment shall include
the amount they contnbuted to the down payment when the Property was initially purchased and any
documented permanent improvements made to the Property at time of acquisition
C Any balance of the net proceeds remaming after repayment of the unpaid balance of the City's HOME
funds and the Homebuyer's recoupment of their uutial investment shall be divided proportionally between
the Homebuyer and the City in accordance with each parties' initial investment percentage m the Property
compared to each other The City's initial investment percentage shall be calculated to include all grants
and loans of HOME or other City funds provided to the Homebuyer, minus any repayments previously
made to the City
Pursuant to 24 CFR § 92 254(a)(5)(ii), Under no circumstances may the City recapture funds exceeding
the net proceeds The net proceeds are the sales pnce minus superior loan repayment (other than HOME
funds) and any closing costs
Land Use Restriction Agreement Page 2 of 5
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Notwithstanding the above provision, the City may recapture the unpaid balance HOME Funds should the
Homebuyer otherwise default under the terms of any mortgage, note, land use restriction agreement, or
any other agreement or covenant executed in connection with the acquisition
11 In the event the Property is conveyed pursuant to a foreclosure sale, the provisions of 24 CFR § 92 254
(a)(5)(u) of the HOME Program shall apply The recapture provision provides for shared net proceeds (if any)
from the foreclosure sale If there are no net proceeds from the foreclosure, repayment by the City or the
Borrower is not required, and HOME Program requirements are considered to be satisfied
12 Successors Bound This Agreement and the covenants contained herein shall run with the Property and shall
bind, and the benefits shall mure the Borrower, their successors and assigns, and all subsequent owners of the
Property
13 Enforcement Violation or breach of any restrictions or covenant herein contained shall give the City the
right to institute any proceeding at law or m equity necessary to recover the applicable sum set forth in this
Agreement If action is instituted by the City to recover the sum, the Borrower or its successors in the title
agree to pay all costs to collection, including court costs and reasonable attorney's fees
IN WITNESS WHEREOF, this Agreement has been duly signed by the Borrower and the City on the date
and year first above wntten
(CITY OF CLEARWATER SIGNATURE PAGE)
Approved as to form
Matthew J Mytych, 'sq
Assistant City Attorney
Date l o/ao/ aG
Land Use Restnction Agreement
Rev 7/7/2026
CITY OF CLEARWATER, FLORIDA,
a Florida 'i umci. al i rporation
By ��. �I/ i/`
Jennifer Pi __
City Man r
Date 4' >19 2-!)g 4
Attest
..oy Rosemane Call
City Clerk
Date lo fs�AbiS
�� alb �^e� ,,
Page 3 of 5
(BORROWER SIGNATURE PAGE)
Signed, sealed, and delivered in the presence of
*Note two witnesses are required*
Borrower Saleh Syed, a single man
Witness #1 Signature Pnnt Name
Print Name Date
Address
Witness #2 Signature
Pnnt Name
Address
STATE OF )
COUNTY OF )
The foregoing instrument was acknowledged before me by means of ❑ physical presence or o online notanzation,
this day of , 2026 by Saleh Syed ❑ who is personally known to me or ❑ who has produced
as identification
Notary Public, State of Flonda
(NOTARIAL SEAL) Name of Notary
My Commission Expires
My Commission No
Land Use Restriction Agreement Page 4 of 5
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EXHIBIT "A"
LEGAL DESCRIPTION
Lot 16, Block 2, UNIT 1 OF THE FIRST ADDITION TO SALLS SUBDIVISION, according to plat thereof as
recorded m Plat Book 36, Page 51, of the Public Records of Pinellas County, Flonda
Land Use Restriction Agreement Page 5 of 5
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