Conversion of Units to For Sale Sample Clauses

Conversion of Units to For Sale i. Conversion of rental units to homeownership will be considered a minor amendment to this agreement.
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Conversion of Units to For Sale. Conversion of rental units to homeownership will be considered a minor amendment to this agreement. The Developer Owners or Parcel Owners must abide by the Inclusionary Zoning Ordinance as it currently exists or its successor as established by ordinance by the Town Council for application to units that convert from rental to homeownership. Any payments in lieu made on behalf of the rental units converting to for-sale units shall be credited to the requirements upon conversion.
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Conversion of Units to For Sale. Conversion of rental units to homeownership will be considered a minor amendment to this agreement. When any market rate rental units are converted to for-sale units, the converted units must provide a percentage of affordable units equal to the percentage required under the inclusionary zoning ordinance or other affordable housing policy in effect at the time of conversion. Any affordable rental units which are converted to for-sale units must remain affordable. Affordable rental units converted to for-sale units may count toward meeting the overall percentage of affordable units required under the inclusionary zoning ordinance or other affordable housing policy in effect at the time of conversion. All units converted to for-sale units which are required to be affordable units shall be affordable to the income levels as established by the inclusionary zoning ordinance or other affordable housing policy in effect at the time of conversion. All units converted to for-sale units which are required to be affordable units shall be restricted to owner-occupancy. For purposes of the density bonus available under the inclusionary zoning ordinance, the parties agree that sufficient bonus is granted through this Agreement. Any payments in lieu made on behalf of the rental units converting to for-sale units shall be credited to the requirements upon conversion. All units converted to for-sale units which are required to be affordable shall remain subject to the applicable Inclusionary Zoning ordinance provisions for a period of at least 99 years or as long as permissible by law; provided that said time period shall be reduced by any period during which said unit or units were provided as affordable rental units prior to conversion.
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Related to Conversion of Units to For Sale

  • Purchase of Shares For the sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving in cash, the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject to forfeiture, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s name representing the shares (the “Original Certificate”), or effect such delivery in book-entry form.

  • Issuance of Shares The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note in accordance with its respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Company and will not impose personal liability upon the holder thereof.

  • Sale of Shares The Issuer grants to Distributors the right to sell shares on behalf of the Issuer during the term of this Agreement and subject to the registration requirements of the Securities Act of 1933, as amended ("1933 Act"), and of the laws governing the sale of securities in the various states ("Blue Sky Laws") under the following terms and conditions: Distributors (i) shall have the right to sell, as agent on behalf of the Issuer, shares authorized for issue and registered under the 1933 Act, and (ii) may sell shares under offers of exchange, if available, between and among the funds advised by Fidelity Management & Research Company ("FMR") or any of its affiliates.

  • Adjustment of Number of Common Shares and Exercise Price The subscription rights in effect under the Warrants for Common Shares issuable upon the exercise of the Warrants shall be subject to adjustment from time to time as follows:

  • Conversion Notwithstanding any other provisions of this Declaration or the By-Laws of the Trust, a favorable vote of a majority of the Trustees then in office followed by the favorable vote of the holders of not less than seventy-five percent (75%) of the Shares of each affected class or series outstanding, voting as separate classes or series, shall be required to approve, adopt or authorize an amendment to this Declaration that makes the Shares a "redeemable security" as that term is defined in the 1940 Act, unless such amendment has been approved by 80% of the Trustees, in which case approval by a Majority Shareholder Vote shall be required. Upon the adoption of a proposal to convert the Trust from a "closed-end company" to an "open-end company" as those terms are defined by the 1940 Act and the necessary amendments to this Declaration to permit such a conversion of the Trust's outstanding Shares entitled to vote, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end" investment company. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any agreement between the Trust and any national securities exchange.

  • Conversion of Hours where an employee is granted vacation pursuant to this article, and where the regularly scheduled workday is greater than seven hours per day, the annual vacation entitlement shall be converted to hours on the basis of a seven-hour day and deducted accordingly.

  • Reservation of Common Stock As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants.

  • Purchase and Sale of Shares 2.1.1. Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, Seller shall sell, transfer and deliver to Buyer, free and clear of all Liens (other than Liens under the Securities Act and any other applicable state or foreign securities Laws), and Buyer shall purchase from Seller, all right, title and interest in and to the Shares.

  • Adjustments to Exercise Price; Number of Rights The Exercise Price, the number and kind of securities subject to purchase upon exercise of each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 2.3.

  • Annual Conversion Once per fiscal year, an employee may elect to cash out annual leave in the amount of forty

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