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Article V. Stewardship of Land

1. Principles of Land Use. The Board of Directors shall oversee the use of land owned by the Trust and shall convey the right to use such land so as to facilitate access to land, healthy, affordable housing, sustainable community and ecological stewardship of the land. In so doing, the Board shall be guided by the following principles:

1.1. The Board shall consider the needs of potential lessees and shall attempt to effect a just distribution of land use rights.

1.2. The Board shall convey land use rights on terms that will preserve affordable access to land and housing for future low-income and moderate-income residents of the community.

1.3. The Board shall convey land use rights in a manner that will promote the long-term well-being of the community and the long-term health of the environment.

2. Encumbrance of Land. The decision to mortgage or otherwise encumber land owned by the Trust shall require the approval of the Board of Directors and the unanimous consent of any parties to whom such land is leased.

3. Sale of Land. The sale of land does not conform with the philosophy and purposes of the Trust. Accordingly, land shall not be sold except in extraordinary circumstances, and then only in accordance with the following guidelines:

3.1. A parcel of land may be sold pursuant to a resolution adopted by an affirmative vote by at least two thirds of the entire Board of Directors at a regular or special Board meeting, provided that (1) the Trust has owned the parcel for no more than sixty (60) days at the time the vote is taken, (2) the parcel is not leased to any party, and (3) the resolution states that the location or character of the parcel is determined to be such that the charitable purposes of the Trust are best served by selling the land and applying the proceeds to the support of other activities serving those purposes.

3.2. In all other circumstances a parcel of land may only be sold with:

3.2.1. An affirmative vote by at least two thirds of the entire Board of Directors at a regular or special meeting, provided that written notice of such meeting has described the proposed sale and the reasons for the proposal;

3.2. The written consent of any persons to whom the land in question is leased; and

3.3. The approval of two thirds of the General Members present at a regular or special Membership Meeting, a quorum being assembled, provided that written notice of such meeting has described the proposed sale and the reasons for the proposal.

 

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