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A. Form And Execution Of Restrictive Covenants: Any restrictive covenant required as a condition of approval of a development permit shall be in form and substance acceptable to the town attorney. Upon approval by the town attorney, any such covenant may be executed by the town manager or director on behalf of the town. At the time of the recording, a required restrictive covenant shall not be subordinate to any senior lien or encumbrance, except the lien of the general property taxes.

B. Substitution Of Deed-Restricted Property: The owner of an employee housing unit which is restricted by a restrictive covenant as described in Section 9-1-19-24A, "Policy 24 (Absolute) The Social Community," or Section 9-1-19-24R, "Policy 24 (Relative) The Social Community," shall have the right to obtain the release of the restrictive covenant by substituting for the restricted unit another unit or property located in the town or an unincorporated area of the Upper Blue River Basin which satisfies the definition of "employee housing" set forth in section 9-1-5 of this chapter. Provided, however, there shall be no right of substitution with respect to on site housing required under Section 9-1-19-24A, "Policy 24 (Absolute) The Social Community." The right of substitution shall be subject to the town's approval of such substitute unit or property as being of comparable size and condition using the Class D minor development permit process. No such substitution shall be permitted unless the substitute unit or property shall be subjected to a restrictive covenant as required by subsection A of this section. (Ord. 32, Series 2007; amd. Ord. 17, Series 2020)