Extended Use Agreement. The Committee acknowledges that Borrower and the Committee intend to enter into an extended use agreement, which constitutes the extended low-income housing commitment described in Section 42(h)(6)(B) of the Internal Revenue Code, as amended (the "Code"). As of the date hereof Code Section 42(h)(6)(E)(ii) does not permit the eviction or termination of tenancy (other than for good cause) of an existing tenant of any low-income unit or any increase in the gross rent with respect to such unit not otherwise permitted under Code Section 42 for a period of three (3) years after the date the building is acquired by foreclosure or by instrument in lieu of foreclosure. In the event the extended use agreement required by the Committee is recorded against the project, the Committee agrees to comply with the provisions set forth in Code Section 42(h)(6)(E)(ii).
Extended Use Agreement. An “extended low-income housing commitment” as defined in Section 42(h)(6)(B) of the Code.
Extended Use Agreement. Upon Conversion, Bondowner Representative acknowledges that Xxxxxxxx and the State of California, acting through TCAC intend to enter into an extended use agreement, which constitutes the extended low-income housing commitment described in Section 42(h)(6)(B) of the Internal Revenue Code, as amended (the “Code”). As of the date hereof, Code Section 42(h)(6)(E)(ii) does not permit the eviction or termination of tenancy (other than for good cause) of an existing tenant of any low-income unit or any increase in the gross rent with respect to such unit not otherwise permitted under Code Section 42 for a period of three (3) years after the date the building is acquired by foreclosure or by instrument in lieu of foreclosure. In the event the extended use agreement required by the Credit Agency is recorded against the Property, Bondowner Representative agrees to comply with the provisions set forth in Code Section 42(h)(6)(E)(ii).
Extended Use Agreement. Notwithstanding anything contained in the Loan Documents, Beneficiary hereby acknowledges and agrees that the State of California, acting through the Tax Credit Allocating Body, intends to enter into an extended use agreement, which constitutes the extended low-income housing commitment described in Section 42(h)(6)(B) of the Internal Revenue Code, as amended (the “Code”). As of the date hereof, Code Section 42(h)(6)(E)(ii) does not permit the eviction or termination of tenancy (other than for good cause) of an existing tenant of any low-income unit or any increase in the gross rent with respect to such unit not otherwise permitted under Code Section 42 for a period of three (3) years after the date the Property is acquired by foreclosure or by instrument in lieu of foreclosure, even though such foreclosure or instrument in lieu of foreclosure would cause the termination of any such extended use agreement required by the Tax Credit Allocating Body. In the event the extended use agreement required by the Tax Credit Allocating Body is recorded against the Property, Beneficiary agrees to comply with the provisions set forth in Code Section 42(h)(6)(E)(ii).
Extended Use Agreement. Agency acknowledges that Owner and the California Tax Credit Allocation Committee (“TCAC”) intend to enter into an extended use agreement, which constitutes the extended low-income housing commitment described in Section 42(h)(6)(B) of the Internal Revenue Code, as amended (the “Code”). As of the date hereof, Code Section 42(h)(6)(E)(ii) does not permit the eviction or termination of tenancy (other than for good cause) of an existing tenant of any low-income unit or any increase in the gross rent with respect to such unit not otherwise permitted under Code Section 42 for a period of three (3) years after the date the building is acquired by foreclosure or by instrument in lieu of foreclosure. In the event the extended use agreement requirement by TCAC is recorded against the Leasehold Parcels, Agency agrees to comply with the provisions set forth in Code Section 42(h)(6)(E)(ii).
Extended Use Agreement. Beneficiary acknowledges that Trustor and TCAC intend to enter into an extended use agreement, which constitutes the extended low-income housing commitment described in Section 42(h)(6)(B) of the Internal Revenue Code, as amended (the “Code”). As of the date hereof, Code Section 42(h)(6)(E)(ii) does not permit the eviction or termination of tenancy (other than for good cause) of an existing tenant of any low-income unit or any increase in the gross rent with respect to such unit not otherwise permitted under Code Section 42 for a period of three (3) years after the date the building is acquired by foreclosure or by instrument in lieu of foreclosure. In the event the extended use agreement requirement by TCAC is recorded against the Property, the Beneficiary agrees to comply with the provisions set forth in Code Section 42(h)(6)(E)(ii). [SIGNATURES ON FOLLOWING PAGE]
Extended Use Agreement. The Investor Limited Partner has received and approved a copy of the Extended Use Agreement together with evidence that the same has been or concurrently with the 8609 Capital Contribution to be recorded against the Project in the official records of Los Angeles County, California.
Extended Use Agreement. The agreement to be entered into between the Partnership and the HCA as required pursuant to Section 42(h)(6) of the Code. [Occupied rehab deals—please list existing and to-be-entered into EUA to be layered on the existing EUA, as applicable]
Extended Use Agreement. The parties acknowledge that Xxxxxxxxx intends to enter into an extended use agreement with Florida Housing Finance Corporation (the "Agency"), which constitutes the extended low-income housing commitment described in Section 42(h)(6)(B) of the Internal Revenue Code, as amended (the "Code"). As of the date hereof Code Section 42(h)(6)(E)(ii) does not permit the eviction or termination of tenancy (other than for good cause) of an existing tenant of any low-income unit or any increase in gross rent with respect to such unit not otherwise permitted under Code Section 42 for a period of 3 years after the date the building was acquired by foreclosure or by instrument in lieu of foreclosure. In the event the extended use agreement required by the Agency is recorded against the Property, Mortgagee agrees to comply with the provisions set forth in Code Section 42(h)(6)(E)(ii).
Extended Use Agreement. Section 5, subsection A., of the Extended Use Agreement is amended to read as follows:
A. The Project consists of Lot 3, located at 0 Xxxxx Xxxxxx in Xxxxxxx Commons in Hallowell, Maine, as shown on Subdivision Amendment Plan 4 of Xxxxxxx Commons dated June 1, 2020 and recorded in the Kennebec County Registry of Deeds in Plan Book 2020, Page 59, including the Central Building, containing 8 efficiency units, 21 one-bedroom units, and community space and laundry facilities for the residents, with 26 on-site parking spaces. The Developer shall operate the Project as residential rental housing for persons who are 55 years of age or older.
