Case 2:23-cv-10599-MAG-DRG ECF No. 14, PageID.82 Filed 04/08/24 Page 8 of 22
V.
ACQUISITION OR TRANSFER OF INTEREST IN RESIDENTIAL RENTAL
PROPERTIES
22. If Defendant acquires a direct or indirect management, ownership, financial, or
controlling interest in any other residential rental property, such property will be subject to the
applicable provisions of this Consent Decree as a Covered Property. Within thirty (30) days of
acquiring such an interest, Defendant will notify counsel for the United States of the nature of his
interest in the property; the address of the property; the number of individual dwelling units at the
property; and any other information required under this Consent Decree. Defendant will further provide
the United States with copies of any documents memorializing the transfer in interest of any property
acquired after the execution of this Consent Decree.
23. If Defendant sells or transfers his ownership, financial, or controlling interest in a
Covered Property, or any property acquired under Paragraph 22, to a Bona Fide, Third-Party Purchaser
in an Arms-Length Transaction, such property will cease to be subject to this Consent Decree. For
purposes of this Consent Decree, a “Bona Fide, Independent Third-Party Purchaser” is one with whom
Defendant has no current or past financial, contractual, personal, or familial relationship. An “Arms-
Length Transaction” is one that has been arrived at in the marketplace between independent, non-
affiliated persons, unrelated by blood or marriage, with opposing economic interests regarding that
transaction. A corporation or entity of which Defendant is an officer, partner, employee, or agent, or in
which Defendant has an ownership, financial or controlling interest, is not a “Bona Fide, Independent
Third-Party Purchaser,” and any transaction involving such a purchaser will not qualify as an “Arms-
Length Transaction.” Defendant remains bound by Sections III (Injunctive Relief), VIII (Monetary
Payment), IX (Additional Relief for Aggrieved Persons) and X (Civil Penalty).
24. If Defendant claims that his obligations under this Consent Decree have terminated or
changed because he has sold or transferred his interest in a Covered Property to a Bona Fide, Third-
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