Demolition. Costs – When a loss occurs, whether partial or total, many municipal ordinances require that the building be demolished and site cleared of all debris. The limit provided under the standard building policy typically is not adequate to cover these expenses. The inclusion of a limit under this endorsement covers the cost of demolition. Recovery is typically limited to the cost of the demolition or the limit set forth in the endorsement. Commencing on or before the date of Construction Completion an amount equal to the greater of (a) the maximum amount of rental income that could be generated over a 12 month period assuming each home in the Project was rented at the then maximum rent permitted under Code Section 42, (b) rental income for the prior 12 months or (c) the amount of such insurance required by any Lender. Named Insured and Loss Payee on Loss of Rent: [INVESTOR NAME] [Address] Flood Insurance is required if the Project is in any of the following High Risk Flood Zones: A, AE, A1-A30, AH, AO, AR, or A99; High Risk Zone, Coastal Area, Zones: V, VE, V1-30 or an Undetermined Risk Area (Zone D). The amount of flood insurance required shall equal the total building costs. [NAME], commonly known as [NAME] Crown, containing thirteen homes located in [CITY], Nebraska. Should any of the above described policies be cancelled before the expiration date thereof, the issuing company will mail 30 days (10 days for cancellation due to nonpayment of premium) written notice to the certificate holder named to the left. ARTICLE I APPOINTMENT AND ACCEPTANCE 1 ARTICLE II TERM 1 ARTICLE III
Appears in 4 contracts
Samples: Land Use Restriction Agreement for Low Income Housing Tax Credits, Land Use Restriction Agreement, Land Use Restriction Agreement
Demolition. Costs – When a loss occurs, whether partial or total, many municipal ordinances require that the building be demolished and site cleared of all debris. The limit provided under the standard building policy typically is not adequate to cover these expenses. The inclusion of a limit under this endorsement covers the cost of demolition. Recovery is typically limited to the cost of the demolition or the limit set forth in the endorsement. Commencing on or before the date of Construction Completion an amount equal to the greater of
of (a) the maximum amount of rental income that could be generated over a 12 month period assuming each home in the Project was rented at the then maximum rent permitted under Code Section 42, (b) rental income for the prior 12 months or (c) the amount of such insurance required by any Lender. Named Insured and Loss Payee on Loss of Rent: [INVESTOR NAME] [Address] Flood Insurance is required if the Project is in any of the following High Risk Flood Zones: A, AE, A1-A30, AH, AO, AR, or A99; High Risk Zone, Coastal Area, Zones: V, VE, V1-30 or an Undetermined Risk Area (Zone D). The amount of flood insurance required shall equal the total building costs. [NAME], commonly known as [NAME] Crown, containing thirteen homes located in [CITY], Nebraska. Should any of the above described policies be cancelled before the expiration date thereof, the issuing company will mail 30 days (10 days for cancellation due to nonpayment of premium) written notice to the certificate holder named to the left. ARTICLE I APPOINTMENT AND ACCEPTANCE 1 ARTICLE II TERM 1 ARTICLE III
Appears in 2 contracts
Samples: Land Use Restriction Agreement, Land Use Restriction Agreement for Low Income Housing Tax Credits
