New Mexico Administrative Code › Title 4 - CULTURAL RESOURCES › Chapter 10 - CULTURAL PROPERTIES AND HISTORIC PRESERVATION › Part 2 - HISTORIC PRESERVATION LOAN FUND › Section 4.10.2.23 - ATTACHMENT B: DEVELOPMENT AGREEMENT AND PRESERVATION COVENANTS AND DEED RESTRICTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
THIS DEVELOPMENT AGREEMENT AND PRESERVATION COVENANTS AND
				  DEED RESTRICTIONS, is entered into this _____ day of _____, _____, by and
				  between [
owner
], its heirs, successors and assigns and
				  the Historic Preservation Division, Office of Cultural Affairs, State of New
				  Mexico ("the division"), a public agency.
A. RECITALS:
(1) The division is a public agency organized
				under the laws of the state of New Mexico.
(2) The division has established a program
				under the Section
				18-6-22
				NMSA 1978 to contract with lending institutions for the purpose of making loans
				to owners of registered cultural properties for the restoration, rehabilitation
				or repair of those properties in accordance with the Historic Preservation Loan
				Act (Sections
				18-6-18
				through
				18-6-23 NMSA
				1978).
(3) The division has
				established, through a loan participation agreement dated [_____, _____], with
				the [
lending institution
], a loan consisting of funds
				of the division and of the lending institution(s).
(4) The owner is the owner in fee simple of
				[description/address of property], in _____, New Mexico, (hereinafter referred
				to as the "property" and more fully described in [_____], to this agreement,
				hereby incorporated into and made a part of this agreement) a property entered
				on the state register of cultural properties and/or in the national register of
				historic places.
(5)
				[
Lending institution
] by the authority of the loan
				participation agreement has approved a loan from [
participating
				parties
] in the amount of [
loan amount
]
				to owner for the purpose of restoring, rehabilitating and repairing the
				property.
(6) The restoration,
				rehabilitation and repair to be performed by means of the referenced loan are
				more fully described in [_____] to these covenants and deed restrictions,
				hereby incorporated into and made a part of these covenants and deed
				restrictions; and
(7) Section
				18-6-23(A)(1) NMSA 1978 requires the maintenance of the property as restored,
				rehabilitated and repaired for not less than seven years. Consistent with
				Section 18-6-23(A)(1) NMSA 1978, the terms of the loan section of the loan
				participation agreement (attachment A) requires that at the time of approval of
				a loan the owner/borrower and the division shall execute and record covenants
				and deed restrictions running with the land for a term of not less than seven
				years to ensure that the historic and architectural value of the property will
				be preserved.
(8) In consideration
				of the loan provided to owner by the division and other valuable
				considerations, the receipt and adequacy of which is hereby acknowledged, the
				owner hereby agrees that the property shall be subject to the restrictions
				provided in the covenants set forth below (the "covenants"), that the covenants
				shall run with the land for the seven-year period specified below and shall
				bind all future owners and occupants of the property during that period, and
				that this agreement shall be recorded so that the covenants shall constitute a
				deed restriction with respect to the property.