Common use of DECLARATION OF RESTRICTIVE COVENANTS Clause in Contracts

DECLARATION OF RESTRICTIVE COVENANTS. With respect only to the Project under this Mixed-Finance ACC Amendment, Section 8 of the ACC is modified in its entirety to read as follows: The Authority shall require the Owner Entity to execute and file for record against the Development, in the order approved by HUD, a Declaration in the form approved by HUD. The Declaration shall confirm and evidence the Owner Entity’s obligation, during the term of this Mixed-Finance ACC Amendment and the Regulatory and Operating Agreement covering the Project Units and during such further period when such approval may be required by law as then in effect, to develop, maintain and operate the Project Units in compliance with the Applicable Public Housing Requirements. The Declaration shall provide further that it may not be modified, amended or released without the prior written approval of HUD.

DECLARATION OF RESTRICTIVE COVENANTS. With respect only to the Project under this Mixed-Finance ACC Amendment, Section 8 of the ACC is modified in its entirety to read as follows: The Authority shall require the Owner Entity to execute and file for record against the Development, in prior to the order approved by HUDrecordation of any other encumbrance, a Declaration in the form approved by HUD. The Declaration shall confirm and evidence the Owner Entity’s obligation, during the term of this Mixed-Finance ACC Amendment and the Regulatory and Operating Agreement covering the Project Units and during such further period when such approval may be required by law as then in effect, to develop, maintain and operate the Project Units in compliance with the Applicable Public Housing Requirements. The Declaration shall provide further that it may not be modified, amended or released without the prior written approval of HUD.