A. That buildings on each lot be limited to residential use; and

B. That each lot contain not more than one (1) residential building with up to two (2) single-family units in the one (1) building, and that this be written into each individual deed; and

C. That a two- (2-) year building stipulation be written into each deed and that the two- (2-) year building period begin effective October 1, 1973, and for lots dispersed prior to that date; and

D. That if the selected family on each lot has not completed construction and is not living in the unit within the time period specified in subsection C of this section, they may be required, subject to council action, to forfeit the land with their initial investment being returned plus the fair market value of any improvements actually made by the selected family; and

E. That if the city finds it necessary to repossess any of these lots, the land on an individual basis will be put up for disposal under the conditions of the Alaska Statutes Municipal Code then in effect; and

F. That a restriction be written into each deed allowing the city to exercise first (1st) option to buy any lots and improvements should the originally selected family vacate the family unit within five (5) years of the date of title transfer. Should the city exercise this first (1st) option to buy, the city will repurchase the land at the original selling price plus fair market value for any improvements. [Prior code § 16.04.020.]