Income in Excess of 120% of AMI Sample Clauses

Income in Excess of 120% of AMI. If Owner receives an Income Recertification that demonstrates household income in excess of one hundred twenty percent (120%) of AMI, then the Occupant may renew the applicable then-current lease at the expiration thereof; provided, that the Occupant shall at the time of such renewal be informed that it is no longer eligible for a Rental Inclusionary Unit and may be subject to non-renewal of such lease at its next expiration. On or before the ninetieth (90th) day prior to the next expiration date of such lease, Owner shall designate the next available Unit of comparable size within the Residential Project as a replacement Rental Inclusionary Unit, using commercially reasonable efforts to match the location and characteristics of the replaced Rental Inclusionary Units. Owner shall then restrict the Rent on the replacement Rental Inclusionary Unit to the amount determined in accordance with Sections 3.2; the Unit occupied by the household that no longer qualifies for a Rental Inclusionary Unit under this Declaration shall become a Rental Market Rate Unit; and the Occupant of the replaced Rental Inclusionary Unit may execute a new lease on the Unit as a Rental Market Rate Unit. However, if Owner is unable to designate a replacement Rental Inclusionary Unit on or before the expiration date of the lease, and the most recent Income Recertification shows that the household no longer qualifies for a Rental Inclusionary Unit under this Declaration, then Owner shall not renew the Occupant’s lease on the Rental Inclusionary Unit and Owner shall lease the Rental Inclusionary Unit to an Eligible Occupant. (i) Following a household’s receipt of notice that its income exceeds one hundred twenty percent (120%) of AMI, thus disqualifying it for a Rental Inclusionary Unit, Owner shall keep the household reasonably informed of Owner’s attempts to identify a replacement Rental Inclusionary Unit.
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Related to Income in Excess of 120% of AMI

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