Expiration of Restrictions. All restrictions imposed pursuant to this Section 2 shall terminate:
Expiration of Restrictions. The restrictions of the Restricted Stock will expire as set forth in this Section 4, as of the expiration dates set forth in this Section 4. PERCENTAGE OF SHARES OF WHICH RESTRICTIONS EXPIRE EXPIRATION DATE ------------------------- --------------- 33 1/3% March ___, 2005 33 1/3% March ___, 2006 33 1/3% March ___, 2007 TERMINATION OF AWARD
Expiration of Restrictions. The rights and obligations restrictions set forth in Article III hereof shall terminate and be of no further force and effect as of the Expiration Date.
Expiration of Restrictions. The restrictions on all of the Restricted Stock granted pursuant to this Agreement will expire and the Restricted Stock shall become transferable and non-forfeitable at the time such Restricted Stock has vested pursuant to this Agreement. 5.
Expiration of Restrictions. The restrictions set forth in Article III hereof shall expire and be of no further force and effect on and after the Expiration Date.
Expiration of Restrictions. The parties hereto hereby agree that the restrictions set forth in Article 3 hereof shall expire and be of no further force and effect as of the Expiration Date.
Expiration of Restrictions. All restrictions imposed by -------------------------- Section 3 hereof upon the transferability of Capital Stock, Notes or Consideration Warrants shall cease and terminate (a) as to any particular share of Capital Stock, when such share has been sold pursuant to Rule 144 or shall have been effectively registered under the Securities Act and disposed of in accordance with the registration statement covering such share or (b) upon the consummation of a Qualifying Public Offering. Whenever such restrictions shall terminate as to any Capital Stock, Notes or Consideration Warrants, the holder thereof shall be entitled to receive from the Company without expense a new certificate or certificates representing such securities not bearing the legend set forth in Section 3.6 hereof.
Expiration of Restrictions. Unless the Restrictions on Restricted Stock expire earlier under Section 3 (b) or 5 (a), the Restrictions shall expire as to thirty-three (33%) percent of the total numer of Restricted Stock on the third anniversary of the Date of Grant, an additional thirty-three (33%) percent of the total number of shares of Restricted Stock on the fourth anniversary of the Date of Grant and the remaining thirty-four (34%) percent of the total number of shares of Restricted Stock on the fifth anniversary of the Date of Grant. Upon expiration of the Restrictions on any Restricted Stock, the Company shall promptly deliver to Employee one or more certificates representing such Shares (which shall no longer be deemed to be Restricted Stock), with any legend referring to the Restrictions removed from such certificate(s), or shall cause such Shares to be delivered to a broker or bank which maintains an account for Employee or Employee's designee, for deposit to such account.
Expiration of Restrictions. Unless the Restrictions on Restricted Stock lapse earlier under Section 3(b) or 5(a), the Restrictions shall lapse as to one-fifth of the total number of shares of Restricted Stock on each of the first, second, third, fourth, and fifth anniversaries of the Date of Grant. Upon expiration of the Restrictions on any Restricted Stock, the Com- pany shall promptly deliver to Employee one or more certificates representing such Shares (which shall no longer be deemed to be Restricted Stock), with any legend referring to the Restrictions removed from such certificate(s), or shall cause such Shares to be delivered to a broker or bank which maintains an account for Employee or Employee's designee, for deposit to such account.
Expiration of Restrictions. The terms, restrictions and covenants of this Deed Restriction and Long Term Affordability Mortgage and Loan Agreement shall automatically expire and terminate years from the date of either the Final Certificate of Occupancy is obtained, the last Home assisted unit is occupied by an income-eligible household at a Lender approved rent, or when all the HOME Program funds are drawn down from the Integrated Disbursement and Information System (hereinafter referred to as “IDIS”) and the HOME Program activity is closed in IDIS, whichever is the latter. The Affordability Period will not terminate until the Lender receives and verifies the final report from the Owner certifying the project’s satisfactory regulatory compliance, including for the final year of the Affordability Period. Upon expiration of the restrictions, the Lender shall execute a document in recordable form evidencing that such Affordable Housing units in the Property have been forever released from the restrictions of this Agreement and that the mortgage lien has been canceled. The Owner and the Lender agree that the restrictions contained herein shall be imposed on the Property as described herein in Exhibit A for an Affordability Period of years for each HOME assisted unit beginning on the date as prescribed in Exhibit A and that this instrument shall vest in the Lender a security interest in such property. EXHIBIT A This HOME Deed Restriction and Long Term Affordability Mortgage and Loan Agreement applies to the Owner’s interest in the real properties as further described below. PROPERTY DESCRIPTION Tax Map ______ Block ______ Lot _____ Municipality: Paterson County of Passaic Complete Street Address: _____________________________________________ Unit (s) numbers: City of Paterson and State of New Jersey “The Owner and Lender agree that the restrictions contained herein shall be imposed on these affordable housing units for a period of ___________ years from the date of either the Final Certificate of Occupancy is obtained, the last HOME assisted unit is occupied by a HOME Program-eligible household, at a Lender approved rent, or when all the HOME Program funds are drawn down from IDIS and the HOME Program activity is closed in IDIS, whichever is the latter.”
