Common use of CCWP Parcel Bedrooms Clause in Contracts

CCWP Parcel Bedrooms. The Owners shall retrofit into a total of forty-five (45) “Bedrooms” (as hereinafter defined) for local workforce housing (the “Affordable Housing Requirement”), a portion of the existing mixed-use buildings known as the Xxxxxx Creek Square Shopping Center located upon those portions of the Xxxxxx Creek North Parcels owned in fee by CCWP as of the Approval Date (the “CCWP Parcel”). The Bedrooms located on the CCWP Parcel (the “CCWP Parcel Bedrooms”) shall be completed and deed- restricted for local workforce housing as hereinafter provided utilizing a form of deed-restriction covenant approved by the Town prior to recordation, pursuant to the following schedule: (a) twenty (20) Bedrooms shall be completed and deed-restricted for the benefit of the Town on or before one (1) year following the date that this Agreement, the Development Guide Agreement and the Service Plans are concurrently recorded in the Grand County, Colorado real property records; and (b) twenty-five (25) Bedrooms shall be completed and deed-restricted for the benefit of the Town no later than six (6) years following the date that this Agreement, the Development Guide Agreement and the Service Plans are concurrently recorded in the Grand County, Colorado real property records. As used herein, the term “Bedroom” shall mean any habitable room located in a “Dwelling Unit” (as defined in the Development Guide Agreement) other than bathroom(s), kitchen, living, and dining room, that contains no less than seventy square feet of floor area and no dimension less than seven feet. For a period of twenty (20) years following the date any Dwelling Unit that contains any Bedroom intended to satisfy the Affordable Housing Requirement is completed and deed-restricted for the benefit of the Town, that Bedroom is prohibited from being leased to any qualified tenant for a monthly rental rate that exceeds the maximum rental rate for Grand County tenants whose income is not more than 120% of Grand County’s average median income as most recently published by the Colorado Housing and Finance Authority. Although the Affordable Housing Requirement related to the CCWP Parcel Bedrooms is required to be satisfied by Dwelling Units located within the CCWP Parcel, if during the twenty (20) year deed restriction period the Owners request that the location of any Dwelling Units be relocated outside of the CCWP Parcel, the Affordable Housing Requirement will be deemed satisfied if the Town consents to the relocation of the deed-restricted Dwelling Units to any location within the service boundaries of the Fraser Valley Metropolitan Recreation District located southerly of Red Dirt Hill as reasonably approved by the Town. The Affordable Housing Requirement related to the CCWP Parcel Bedrooms shall be satisfied by the Owners completing and deed-restricting in favor of the Town approximately twenty (20) Dwelling Units within which the forty-five (45) Bedrooms will be located, comprised of a mix of one-Bedroom Dwelling Units and multi-Bedroom Dwelling Units with up to six (6) Bedrooms. Bedrooms shall be considered completed and deed-restricted when, following the required building permit process, a certificate of occupancy is issued for the Dwelling Unit within which the Bedroom(s) are located and the required deed restriction is recorded against title to that Dwelling Unit.

CCWP Parcel Bedrooms. The Owners shall retrofit into a total of forty-five (45) “Bedrooms” (as hereinafter defined) for local workforce housing (the “Affordable Housing Requirement”), a portion of the existing mixed-use buildings known as the Xxxxxx Creek Square Shopping Center located upon those portions of the Xxxxxx Creek North Parcels owned in fee by CCWP as of the Approval Date (the “CCWP Parcel”). The Bedrooms located on the CCWP Parcel (the “CCWP Parcel Bedrooms”) shall be completed and deed- deed-restricted for local workforce housing as hereinafter provided utilizing a form of deed-restriction covenant approved by the Town prior to recordation, pursuant to the following schedule: (a) twenty (20) Bedrooms shall be completed and deed-restricted for the benefit of the Town on or before one (1) year following the date that this Agreement, the Development Guide Agreement and the Service Plans are concurrently recorded in the Grand County, Colorado real property records; and (b) twenty-five (25) Bedrooms shall be completed and deed-restricted for the benefit of the Town no later than six (6) years following the date that this Agreement, the Development Guide Agreement and the Service Plans are concurrently recorded in the Grand County, Colorado real property records. As used herein, the term “Bedroom” shall mean any habitable room located in a “Dwelling Unit” (as defined in the Development Guide Agreement) other than bathroom(s), kitchen, living, and dining room, that contains no less than seventy square feet of floor area and no dimension less than seven feet. For a period of twenty (20) years following the date any Dwelling Unit that contains any Bedroom intended to satisfy the Affordable Housing Requirement is completed and deed-restricted for the benefit of the Town, that Bedroom is prohibited from being leased to any qualified tenant for a monthly rental rate that exceeds the maximum rental rate for Grand County tenants whose income is not more than 120% of Grand County’s average median income as most recently published by the Colorado Housing and Finance Authority. Although the Affordable Housing Requirement related to the CCWP Parcel Bedrooms is required to be satisfied by Dwelling Units located within the CCWP Parcel, if during the twenty (20) year deed restriction period the Owners request that the location of any Dwelling Units be relocated outside of the CCWP Parcel, the Affordable Housing Requirement will be deemed satisfied if the Town consents to the relocation of the deed-restricted Dwelling Units to any location within the service boundaries of the Fraser Valley Metropolitan Recreation District located southerly of Red Dirt Hill as reasonably approved by the Town. The Affordable Housing Requirement related to the CCWP Parcel Bedrooms shall be satisfied by the Owners completing and deed-restricting in favor of the Town approximately twenty (20) Dwelling Units within which the forty-five (45) Bedrooms will be located, comprised of a mix of one-Bedroom Dwelling Units and multi-Bedroom Dwelling Units with up to six (6) Bedrooms. Bedrooms shall be considered completed and deed-restricted when, following the required building permit process, a certificate of occupancy is issued for the Dwelling Unit within which the Bedroom(s) are located and the required deed restriction is recorded against title to that Dwelling Unit.

CCWP Parcel Bedrooms. The Owners shall retrofit into a total of forty-five (45) “Bedrooms” (as hereinafter defined) for local workforce housing (the “Affordable Housing Requirement”), a portion of the existing mixed-use mixed -use buildings known as the Xxxxxx Creek Square Shopping Center located upon those portions of the Xxxxxx Creek North Parcels owned in fee by CCWP as of the Approval Date (the “CCWP Parcel”). The Bedrooms located on the CCWP Parcel (the “CCWP Parcel Bedrooms”) shall be completed and deed- deed-restricted for local workforce housing as hereinafter provided utilizing a form of deed-restriction covenant approved by the Town prior to recordation, pursuant to the following schedule: (a) twenty (20) Bedrooms shall be completed and deed-restricted for the benefit of the Town on or before one (1) year following the date that this Agreement, the Development Guide Agreement and the Service Plans are concurrently recorded in the Grand County, Colorado real property records; and (b) twenty-five (25) Bedrooms shall be completed and deed-restricted for the benefit of the Town no later than six (6) years following the date that this Agreement, the Development Guide Agreement and the Service Plans are concurrently recorded in the Grand County, Colorado real property records. As used herein, the term “Bedroom” shall mean any habitable room located in a “Dwelling Unit” (as defined in the Development Guide Agreement) other than bathroom(s), kitchen, living, and dining room, that contains no less than seventy square feet of floor area and no dimension less than seven feet. For a period of twenty (20) years following the date any Dwelling Unit that contains any Bedroom intended to satisfy the Affordable Housing Requirement is completed and deed-restricted for the benefit of the Town, that Bedroom is prohibited from being leased to any qualified tenant for a triple net monthly rental rate that exceeds the maximum rental rate for Grand County tenants whose income is not more than 120% of Grand County’s average median income as most recently published by the Colorado Housing and Finance Authority. Although the Affordable Housing Requirement related to the CCWP Parcel Bedrooms is required to be satisfied by Dwelling Units located within the CCWP Parcel, if during the twenty (20) year deed restriction period the Owners request that the location of any Dwelling Units be relocated outside of the CCWP Parcel, the Affordable Housing Requirement will be deemed satisfied if the Town consents to the relocation of the deed-restricted Dwelling Units to any location within the service boundaries of the Fraser Valley Metropolitan Recreation District located southerly of Red Dirt Hill as reasonably approved by the Town. The Affordable Housing Requirement related to the CCWP Parcel Bedrooms shall be satisfied by the Owners completing and deed-restricting in favor of the Town approximately twenty (20) Dwelling Units within which the forty-five (45) Bedrooms will be located, comprised of a mix of one-Bedroom Dwelling Units and multi-Bedroom Dwelling Units with up to six (6) Bedrooms. Bedrooms shall be considered completed and deed-restricted when, following the required building permit process, a certificate of occupancy is issued for the Dwelling Unit within which the Bedroom(s) are located and the required deed restriction is recorded against title to that Dwelling Unit.