Notwithstanding any other provisions of this section, the Town of Kearny shall have the right to purchase, either directly or through a governmental agency or authority or through corporation under contract with the Town, any or all LIH units constructed in any development. Such right must be exercised by written notice to the developer within 30 days after the issuance of a construction permit or permits for the unit or units involved. Notice shall be mailed by certified mail return receipt requested, to the developer at the address of the developer set forth in the application for construction permit, and the notice shall become effective upon mailing.
The purchase price for any unit shall be the agreed upon estimated highest price at which the unit could be sold to a qualified low or moderate income purchaser, as the case may be.
Closing of title on the purchase of any unit or units shall take place within 30 days after the issuance of a certificate of occupancy for the unit or units.