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THIS INSTRUMENT PREPARED BY ARKANSAS DEVELOPMENT FINANCE AUTHORITY GENERAL COUNSEL 900 WEST CAPITOL AVENUE SUITE 310 LITTLE ROCK ARKANSAS 72201 LAND USE RESTRICTION AGREEMENT and DECLARATION OF LAND USE RESTRICTIVE COVENANTS FOR LOW-INCOME HOUSING TAX CREDITS THIS LAND USE RESTRICTION AGREEMENT and DECLARATION OF LAND USE RESTRICTIVE COVENANTS FOR LOW-INCOME HOUSING TAX CREDITS this AGREEMENT dated as of is entered into by and its successors and assigns the Development Owner and the Arkansas...
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How to fill out land use restriction agreement
How to fill out Land Use Restriction Agreement
01
Obtain a copy of the Land Use Restriction Agreement form.
02
Read the agreement carefully to understand its purpose and implications.
03
Fill in the legal names of the parties involved in the agreement.
04
Provide a detailed description of the property subject to the agreement.
05
Specify the restrictions or limitations that will be placed on the property's use.
06
Include the duration of the restrictions and any conditions for modification or release.
07
Sign and date the agreement in the presence of a notary public, if required.
08
Distribute copies of the signed agreement to all parties involved.
09
Record the agreement with the appropriate government agency if necessary.
Who needs Land Use Restriction Agreement?
01
Landowners who want to impose specific restrictions on their property use.
02
Developers and builders seeking to comply with local zoning regulations.
03
Government entities requiring conditions for environmental protection.
04
Non-profits and organizations involved in conservation efforts.
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People Also Ask about
What is an example of a land use law?
Zoning is the most common form of land use regulation, used by municipalities to control local property development. Other legal issues pertaining to land use include easements, trespassing, and eminent domain.
What is the law of land clause?
The law of the land clause states, “No Freeman shall be taken or imprisoned, or be disseised of his Freehold, or Liberties, or free Customs, or be outlawed, or exiled, or any other wise destroyed; nor will We not pass upon him, nor condemn him, but by lawful judgment of his Peers, or by the Law of the Land.”
What is a land use agreement between neighbors?
Land use agreements are used between governments and contractors as well as between neighbors to keep all sides clear on their rights and obligations with the use of a property.
What is the land use clause?
A land use approvals contingency clause is sim- ilar to an inspection contingency clause in that it provides the buyer with the ability to terminate his rights under the contract if the buyer is un- able to secure necessary land use approvals after prosecuting applications for them in good faith.
How long does Lura last?
The LURA stays with the land, meaning any restrictions defined in the agreement continue on even after a sale. These restrictions generally last for a pre-defined period of time, usually 15 to 30 years depending on the agreement and jurisdiction.
What is land use in simple terms?
“Land use” is the term used to describe the human use of land. It represents the economic and cultural activities (e.g., agricultural, residential, industrial, mining, and recreational uses) that are practiced at a given place.
What is a restrictive land use?
At their core, land use restrictions refer to rules and limitations on how a parcel of land can be used or developed. These restrictions ensure that land is utilized responsibly while balancing property rights, public safety, and environmental considerations.
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What is Land Use Restriction Agreement?
A Land Use Restriction Agreement (LURA) is a legal document that imposes limitations on the use of a specific piece of land to promote certain development standards or preserve certain characteristics of the property.
Who is required to file Land Use Restriction Agreement?
Typically, property owners, developers, or organizations seeking to benefit from government incentives or funding related to housing development are required to file a Land Use Restriction Agreement.
How to fill out Land Use Restriction Agreement?
To fill out a Land Use Restriction Agreement, one must provide essential details such as the property description, the specific restrictions being imposed, duration of the agreement, and the signatures of all involved parties.
What is the purpose of Land Use Restriction Agreement?
The purpose of a Land Use Restriction Agreement is to ensure that the land is used in accordance with specific regulations aimed at achieving community goals, maintaining affordability, or preserving environmental qualities.
What information must be reported on Land Use Restriction Agreement?
Information typically required on a Land Use Restriction Agreement includes the legal description of the property, purpose of the restrictions, parties involved, duration of the restrictions, and any specifics regarding the compliance to be maintained.
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