§201H-50  Restrictions on use, sale, and
transfer of real property; effect of amendment or repeal.  (a) 
Restrictions on the use, sale, and transfer of real property shall be made as
uniform as possible in application to purchasers of all real property, and
restrictions shall be conformed with agreement of the purchaser to reflect
change or repeal made by any subsequent legislative act, ordinance, rule, or
regulation.  Purchasers shall be permitted at their election to sell or
transfer real property subject to restrictions in effect at the time of their
sale or transfer; provided that the corporation is paid its share of
appreciation in the real property as determined by rules adopted pursuant to
chapter 91, as applicable.



(b)  The corporation, any department of the
State, or any county housing agency maintaining restrictions, through contract,
deed, other instrument, or by rule, shall notify purchasers of any substantial
change in restrictions made by law, ordinance, rule, or regulation not more
than one hundred eighty days after a change in restrictions.  The notice shall
clearly state the enacted or proposed new provisions, the date or dates upon
which they are to be effective, and offer to each purchaser of real property
constructed and sold prior to the effective date an opportunity to modify the
existing contract or other instrument to incorporate the most recent
provisions.  Public notice shall also be given at least three times in the
State for state agencies and at least three times in a county for county
agencies.



(c)  For all purchasers of real property prior
to June 25, 1990, where the restrictions on use and transfer of property
apply for a period of time, the period of time shall not be increased beyond
the date calculated from the date of original purchase.



(d)  No purchaser shall be entitled to modify
the restrictions on use, transfer, or sale of the real property, without the
written permission of the holder of a duly-recorded first mortgage on the
dwelling unit and the owner of the fee simple or leasehold interest in the land
underlying the unit, unless the holder of the first mortgage or the owner is an
agency of the State or its political subdivisions.



(e)  This section shall apply to all real
property developed, constructed, and sold pursuant to this chapter and similar
programs in the State or its political subdivisions and which are sold on the
condition that the purchaser accepts restrictions on the use, sale, or transfer
of interest in the real property purchased.



(f)  The provisions of this section shall be
incorporated in any deed, lease, instrument, rule, or regulation relating to
restrictions on use, sale, or transfer of dwelling units, entered into after
June 20, 1977.



(g)  The restrictions of this section shall
terminate as to a particular real property and shall not attach in subsequent
transfers of title of that real property if the corporation releases the
restrictions when the real property is financed under a federally subsidized
mortgage program. [L 2006, c 180, pt of §3; am L 2009, c 38, §3]