Reversionary rights

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    The reversionary rights of an affordable housing land trust as set forth in the affordable housing land trust agreement are limited to provisions that relate to:

        (1)    The transfer of the property to a person who is not a party to the agreement or a person who does not meet the conditions set forth in the affordable housing land trust agreement;

        (2)    The possession of the property by a person who does not meet the conditions set forth in the affordable housing land trust agreement;

        (3)    The transfer of an interest in the property to a person who does not meet the conditions set forth in the affordable housing land trust agreement;

        (4)    The waste, destruction, or abandonment of the property; or

        (5)    The failure to comply with any financial provision in the affordable housing land trust agreement.


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