Common use of Grant of Use Clause in Contracts

Grant of Use. In consideration of the covenants and agreements made by the respective parties hereto, City devises and leases to Lessee and Lessee accepts the terms and conditions contained herein. The Leased Premises shall be used by Lessee for the development of sixty-eight (68) units of housing, all of which shall be subject to the terms and conditions of this Lease Agreement. The parties acknowledge, understand and agree that City shall provide only those services or perform those obligations specifically provided for in this Lease Agreement. All other services or obligations not specifically provided for herein shall be the responsibility of or be performed by Lessee. Notwithstanding any statement in the Lease to the contrary, City approves the use and operation of the low-income housing apartment community to be located upon the Leased Premises as a “qualified low-income housing project” (“Project”) within the meaning of Section 42(g)(1) of the Internal Revenue Code (the “Code”) and is aware that, in connection with such use, tax credits will be allocated to Lessee pursuant to Section 42 of the Code (the “Tax Credits”). City understands and acknowledges that Lessee must comply with certain requirements and tests necessary to initially qualify, and to continue to qualify, for the Tax Credits, including the requirements in any extended low income housing commitment (as such term is defined in Section 42(h)(6)(B) of the Internal Revenue Code) that must be recorded against the Leased Premises (the “Extended Use Agreement”).

Grant of Use. In consideration of the covenants and agreements made by the respective parties hereto, City devises and leases to Lessee and Lessee accepts the terms and conditions contained herein. The Leased Premises shall be used by Lessee for the development of sixty-eight seventy (6870) units of housinghousing and , all of which shall be subject to the terms and conditions of this Lease Agreement. The parties acknowledge, understand and agree that City shall provide only those services or perform those obligations specifically provided for in this Lease Agreement. All other services or obligations not specifically provided for herein shall be the responsibility of or be performed by Lessee. Notwithstanding any statement in the Lease to the contrary, City approves the use and operation of the low-income housing apartment community to be located upon the Leased Premises as a “qualified low-low- income housing project” (“Project”) within the meaning of Section 42(g)(1) of the Internal Revenue Code (the “Code”) and is aware that, in connection with such use, tax credits will be allocated to Lessee pursuant to Section 42 of the Code (the “Tax Credits”). City understands and acknowledges that Lessee must comply with certain requirements and tests necessary to initially qualify, and to continue to qualify, for the Tax Credits, including the requirements in any extended low income housing commitment (as such term is defined in Section 42(h)(6)(B) of the Internal Revenue Code) that must be recorded against the Leased Premises (the “Extended Use Agreement”).

Grant of Use. In consideration of the covenants and agreements made by the respective parties hereto, City devises and leases to Lessee and Lessee accepts the terms and conditions contained herein. The Leased Premises shall be used by Lessee for the development of sixtyone hundred twenty-eight two (68122) units of housinghousing and retail space, all of which shall be subject to the terms and conditions of this Lease Agreement. The parties acknowledge, understand and agree that City shall provide only those services or perform those obligations specifically provided for in this Lease Agreement. All other services or obligations not specifically provided for herein shall be the responsibility of or be performed by Lessee. Notwithstanding any statement in the Lease to the contrary, City approves the use and operation of the low-income housing apartment community to be located upon the Leased Premises as a “qualified low-income housing project” (“Project”) within the meaning of Section 42(g)(1) of the Internal Revenue Code (the “Code”) and is aware that, in connection with such use, tax credits will be allocated to Lessee pursuant to Section 42 of the Code (the “Tax Credits”). City understands and acknowledges that Lessee must comply with certain requirements and tests necessary to initially qualify, and to continue to qualify, for the Tax Credits, including the requirements in any extended low income housing commitment (as such term is defined in Section 42(h)(6)(B) of the Internal Revenue Code) that must be recorded against the Leased Premises (the “Extended Use Agreement”).