Common use of GRRP Use Agreement Clause in Contracts

GRRP Use Agreement. Concurrent with, or prior to, execution of this Agreement, HUD and the Owner will enter into a GRRP Use Agreement, which will be recorded as a restrictive covenant on the Project in accordance with the GRRP Notice. The GRRP Use Agreement shall have a term of the longer of fifteen (15) years from the date of execution of the GRRP Use Agreement or five (5) years beyond any existing use restriction regarding affordability running in favor of HUD. Such term is identified as the GRRP Use Agreement Term on page 1 of this Agreement.

GRRP Use Agreement. Concurrent with, or prior to, execution of this Agreement, HUD and the Owner will enter into a GRRP Use Agreement, which will be recorded as a restrictive covenant on the Project in accordance with the GRRP Notice. The GRRP Use Agreement shall have a term of the longer of fifteen twenty-five (1525) years from the date of execution of the GRRP Use Agreement or five (5) years beyond any existing use restriction regarding affordability running in favor of HUD. Such term is identified as the GRRP Use Agreement Term on page 1 of this Agreement.