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I <br /> E <br /> (3)_ A Minor Subdivision application proposing F <br /> the creation of a homesite parcel from an <br /> existing parcel shall not be approved by <br /> the Review Authority if the owner of the <br /> existing parcel has owned the existing <br /> Parcel for less than five (5) years. If <br /> the Minor Subdivision application is <br /> approved the homesite parcel which is <br /> created shall not be ' transferred for a <br /> period of five (5) years following the <br /> date of its approval unless the homesite <br /> Parcel and the remainder parcel are <br /> merged pursuant to the provisions of this <br /> Title. <br /> (3) The applicant shall obtain a building <br /> permit for a single family dwelling for <br /> each homesite parcel concurrently with <br /> the recordation of the parcel map. <br /> _(b) Homesite Parcels for Financing Purposes Only. <br /> Homesite parcels created for financing <br /> purposes only may be approved in the AG zone, <br /> provided all of the following provisions are <br /> satisfied: <br /> (1)_ Neither the homesite parcel nor the <br /> remainder parcel may be voluntarily <br /> transferred separately from the other <br /> parcel; however, if an institutional <br /> lender forecloses on either parcel, <br /> either parcel may be transferred <br /> separately in accordance with the power <br /> of sale provisions contained in the deed <br /> of trust; <br /> u2 Upon repayment of the loan, the owner of <br /> the homesite parcel shall merge the <br /> homesite parcel with the remainder <br /> parcel as provided for in this Title, <br /> unless the owner of the homesite parcel <br /> acquired the homesite parcel through a <br /> foreclosure action, or unless the owner <br /> refinances the loan. <br /> (3)_ The remainder parcel shall remain a <br /> nonbuildable site for primary dwelling <br /> units. <br /> (4)_ {3} All homesite parcels created for <br /> financing Purposes only shall contain not <br /> BOS LETTER PAGE 4 <br />