Continued Affordability of Inclusionary Units Sample Clauses

Continued Affordability of Inclusionary Units. In no event later than the first rental of a For-Rent Inclusionary Unit or sale of a For-Sale Inclusionary Unit, if such has not already occurred, Vertical Developer will record against such Residential Unit, as applicable, either the Declaration of Restrictions for For-Rent Affordable Residential Units or the Declaration of Restrictions for For-Sale Affordable Residential Units and Option to Purchase Agreement to ensure continued affordability for a ninety (90) year period after the initial lease or sale of such Residential Unit. Vertical Developer will promptly provide to the Agency a copy of the recorded documents, showing the date of recording and document numbers. Any condominium map for each Residential Project containing Inclusionary Units shall also reflect the above restrictions. Further, Vertical Developer will upon sale of each For-Sale Inclusionary Unit, promptly provide to the Agency a copy of each recorded grant deed, showing the date of recording and document number. The Inclusionary Unit Owner of the For-Sale Inclusionary Unit shall execute the Short Form Deed of Trust and Assignment of Rents, the Addendum to Deed of Trust, and the Promissory Note Secured By Deed of Trust, in the forms attached as appendices to Exhibit 3. Vertical Developer or the Inclusionary Unit Owner will promptly provide to the Agency a copy of the recorded documents, showing the date of recording and document numbers.
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Continued Affordability of Inclusionary Units. No later than the first rental or sale of an Inclusionary Unit, Vertical Developers will record against the Inclusionary Unit, as applicable, either (1) for For-Rent Units, the Declaration of Restrictions for Rental Inclusionary Units (the "Rental Inclusionary Restrictions"), or (2) for For-Sale Units, the Declaration of Restrictions for Sale Inclusionary Units, together with the Short Form Deed of Trust and Assignment of Rents, the Addendum to Deed of Trust and the Promissory Note secured by Deed of Trust (the "Sale Inclusionary Restrictions"). The Rental Inclusionary Restrictions shall remain in effect for fifty-five (55) years from the first rental of the Residential Unit, and the Sale Inclusionary Restrictions shall remain in effect for forty-five (45) years from the first sale of the Residential Unit, as more particularly described in each Declaration. Vertical Developers will, upon recordation, provide to TIDA a copy of the Rental Inclusionary Restrictions and the Sale Inclusionary Restrictions. Upon the sale of each For-Sale Inclusionary Unit, the Vertical Developer shall promptly provide to TIDA a copy of the recorded grant deed as well as the above recorded documents showing the date of recording and the document numbers. Sale Inclusionary Units shall be Affordable to households with incomes permitted by the specified Affordable Housing Cost for that Inclusionary Unit, which will range between eighty percent (80%) to one hundred twenty percent (120%) of the Area Median Income and will average no higher than one hundred percent (100%) at each Inclusionary Milestone.
Sample 1
Continued Affordability of Inclusionary Units. No later than the first rental or sale of an Inclusionary Unit, Landowner or its assignee or successor will record against such Inclusionary Unit, as applicable, either (1) a rent Regulatory Agreement consistent with the County’s Affordable Housing Ordinance or (2) a resale restriction, declaration, deed of trust or other documents consistent with the County’s Affordable Housing Ordinance and Proximity Housing Program requirements ensuring that each Inclusionary Unit remains Affordable to a Moderate Income Household for forty (40) years.
Sample 1

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