Affordability and Occupancy Requirements Sample Clauses

Affordability and Occupancy Requirements. Throughout the term of this Agreement (as defined in Section 4.1 below) Owner agrees that (i) this Agreement restricts eleven (11) units, which represents no more than 49% of the total residential units in the Residential Project, as both Rent Restricted and occupied (or if vacant, available for occupancy) by Eligible Households whose gross household income is no greater than thirty percent (30%) of AMI, (“Restricted Units”); and, (ii) all other units, except for one (1) of the residential units in the Residential Project which shall be a manager’s unit for which rent will not be restricted, may be restricted by other public agency lenders which provide assistance to the Owner in developing the Project. For the purpose of determining whether a household is an Eligible Household, gross household income shall be determined in accordance with TCAC regulations and federal regulations applicable to low-income housing tax credits. In the event that recertification of tenant incomes indicates that the number of Restricted Units actually occupied by Eligible Households falls below the number reserved for each income group as specified in Section 2.3 and Exhibit B, Owner shall rectify the condition by renting the next available dwelling unit(s) in the Residential Project to Eligible Household(s) until the required income mix is achieved. Notwithstanding anything to the contrary contained in this Agreement, if other Project lenders, Project investors, or regulatory agencies restrict a greater number of units than restricted by this Agreement or require stricter household income eligibility or affordability requirements than those imposed hereby, the requirements of such other lenders, investors or regulatory agencies shall prevail, including without limitation, the rent and occupancy requirements imposed in connection with the use of rent subsidies.
Sample 1
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Affordability and Occupancy Requirements. Throughout the Term of this Agreement (as defined in Section 4.1 below): (i) not less than two (2) of the residential units in the Workforce Project shall be both Rent Restricted at the Affordable Rent for Very Low Income Units and occupied (or if vacant, available for occupancy) by Eligible Households whose household Gross Income is no greater than 50 percent (50%) of AMI adjusted for Actual Household Size (“Very Low Income Household”), (ii) not less than two (2) of the residential units in the Workforce Project shall be both Rent Restricted at the Affordable Rent for Low Income Units and occupied (or if vacant, available for occupancy) by Eligible Households whose household Gross Income is no greater than 80 percent (80%) of AMI adjusted for Actual Household Size (“Low Income Household”); (iii) not less than eight (8) of the residential units in the Workforce Project shall be both Rent Restricted at the Affordable Rent for Moderate Income Units and occupied (or if vacant, available for occupancy) by Eligible Households whose household Gross Income is no greater than 110 percent (110%) of AMI adjusted for Actual Household Size (“Moderate Income Household”); and (iv) not less than eight (8) of the residential units in the Workforce Project shall be Rent Restricted at the Affordable Rent for Workforce Units calculated for households whose household Gross Income is no greater than 130 percent (130%) of AMI adjusted for Actual Household Size (“Workforce Household”) (collectively, “Restricted Units”). The occupancy of the Workforce Units shall not be income restricted. A dwelling unit shall qualify as “Rent Restricted” if the gross rent charged for such unit does not exceed the Affordable Rent for the applicable household income category as specified in this Section 2.1. Notwithstanding any contrary provision of this Agreement, if any residential units in the Workforce Project are subsidized with Section 8 project-based vouchers through a Housing Assistance Payment Contract with HUD, the rules and regulations applicable to such program shall prevail with respect to the setting of rents, implementation of occupancy requirements, and determination of household Gross Income for such units.
Sample 1

Related to Affordability and Occupancy Requirements

  • Occupancy Requirements Residence hall space may be occupied only by the student with whom this agreement is made. The agreement may not be assigned, and residence hall space may not be sublet, rented to, or otherwise shared with or another person. a Guest Limitations: Students are responsible for the actions and any damages incurred by their guests.

  • USE AND OCCUPANCY Tenant shall use and occupy the Demised Premises for the commercial purpose of [Description of commercial purpose] and related activities. The Demised Premises shall be used for no other purpose without the advance written consent of Landlord. Tenant shall operate the Demised Premises in a clean and dignified manner and in compliance with all applicable laws, regulations, rules, and ordinances. Janitorial Services (Check one) ☐ Tenant shall provide its own janitorial services. ☐ As agreed by both parties, Landlord shall provide janitorial services and shared costs will be included in the Operating Cost. Tenant shall use the Demised Premises for no unlawful purpose or act; shall commit or permit no waste or damage to the Demised Premises; shall, at Tenant’s expense, comply with and obey all applicable laws, regulations, or orders of any governmental authority or agency; shall not do or permit anything to be done in or about the Demised Premises which will in any way obstruct or interfere with the rights of other tenants or occupants of the Real Property; and shall comply with all the rules and requirements promulgated by Landlord with respect to the Real Property, as the same may be amended from time to time. Tenant agrees as follows: (Check all that apply)

  • Possession and Occupancy The Seller will deliver possession and occupancy of the Property to the Buyer at Closing. The Seller shall provide access to all locks, including keys, remote controls, and any security/access codes, necessary to operate all locks, mailboxes, and security systems.

  • DBE Requirements A. Notice is hereby given to the CONSULTANT and any SUB-CONSULTANT, and both agree, that failure to carry out the requirements set forth in 49 CFR Sec. 26.13(b) shall constitute a breach of this Contract and, after notification and failure to promptly cure such breach, may result in termination of this Contract or such remedy as INDOT deems appropriate. The referenced section requires the following assurance to be included in all subsequent contracts between the CONSULTANT and any SUB-CONSULTANT: The CONSULTANT, sub recipient or SUB-CONSULTANT shall not discriminate on the basis of race, color, national origin, or sex in the performance of this Contract. The CONSULTANT shall carry out applicable requirements of 49 CFR Part 26 in the award and administration of DOT-assisted contracts. Failure by the CONSULTANT to carry out these requirements is a material breach of this Contract, which may result in the termination of this Contract or such other remedy, as INDOT, as the recipient, deems appropriate.

  • Residency Requirements 1. All single first-year freshmen students are required to live in University housing for at least two academic semesters. All single students who have earned less than 30 credit hours and have not resided in University housing for two academic semesters are required to live on campus for two academic semesters. This policy does not apply to single first-year students who have been out of high school for more than one year, or to single first-year freshmen who live with their parents in Miami-Dade or Broward Counties. Neither does it apply to those students who, for disciplinary or administrative reasons, may be denied the privilege of continued residency on campus.

  • Minimum Insurance Requirements Contractor shall procure and maintain for the duration of the contract insurance against claims for injuries or death to persons or damages to property which may arise from or in connection with the performance of the work hereunder and the results of that work by the Contractor, his agents, representatives, employees or sub-contractors. Coverage - Coverage shall be at least as broad as the following:

  • Specific Requirements 7.4.1 Workers’ compensation insurance with statutory limits required by South Dakota law. Coverage B-Employer’s Liability coverage of not less than $500,000 each accident, $500,000 disease-policy limit, and $500,000 disease-each employee.

  • Specific Coverage Requirements The Contractor shall at a minimum carry insurance in the types and amounts indicated below for the duration of the Contract, including extension options and hold over periods, and during any warranty period. These insurance coverages are required minimums and are not intended to limit the responsibility or liability of the Contractor.

  • Policy Requirements All of the policies of insurance referred to in this Article XIII shall be written in form reasonably satisfactory to Landlord and any Facility Mortgagee and issued by insurance companies with a minimum policyholder rating of “A-” and a financial rating of “VII” in the most recent version of Best’s Key Rating Guide, or a minimum rating of “BBB” from Standard & Poor’s or equivalent. If Tenant obtains and maintains the general liability insurance described in Section 13.1(e) above on a “claims made” basis, Tenant shall provide continuous liability coverage for claims arising during the Term. In the event such “claims made” basis policy is canceled or not renewed for any reason whatsoever (or converted to an “occurrence” basis policy), Tenant shall either obtain (a) “tail” insurance coverage converting the policies to “occurrence” basis policies providing coverage for a period of at least three (3) years beyond the expiration of the Term, or (b) an extended reporting period of at least three (3) years beyond the expiration of the Term. Tenant shall pay all of the premiums therefor, and deliver certificates thereof to Landlord prior to their effective date (and with respect to any renewal policy, prior to the expiration of the existing policy), and in the event of the failure of Tenant either to effect such insurance in the names herein called for or to pay the premiums therefor, or to deliver such certificates thereof to Landlord, at the times required, Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, in which event the cost thereof, together with interest thereon at the Overdue Rate, shall be repayable to Landlord upon demand therefor. Tenant shall obtain, to the extent available on commercially reasonable terms, the agreement of each insurer, by endorsement on the policy or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord thirty (30) days’ (or ten (10) days’ in the case of non-payment of premium) written notice before the policy or policies in question shall be altered, allowed to expire or cancelled. Notwithstanding any provision of this Article XIII to the contrary, Landlord acknowledges and agrees that the coverage required to be maintained by Tenant may be provided under one or more policies with various deductibles or self-insurance retentions by Tenant or its Affiliates, subject to Landlord’s approval not to be unreasonably withheld. Upon written request by Xxxxxxxx, Tenant shall provide Landlord copies of the property insurance policies when issued by the insurers providing such coverage.

  • POSSESSION AND OCCUPATION 12.1 The Purchaser shall be placed in possession of the Property on the Transfer Date or the Occupation Date, whichever is the earlier, from which date the Purchaser will be entitled to all income and be liable for all expenses pertaining to the Property.

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