Increase in Authorized Gross Monthly Rental; Over-Income Tenants Sample Clauses

Increase in Authorized Gross Monthly Rental; Over-Income Tenants. THE CITY acknowledges that HUD will annually publish Fair Market Rents and calculations of rents affordable to households earning 50% and 60% of median so that owners can establish new HOME Rents for HOME-assisted units. THE CITY shall provide such information to the PROJECT OWNER annually upon which the PROJECT OWNER may formally request concurrence from THE CITY for any proposed rent increase. PROJECT OWNER acknowledges and agrees that over-income tenants, however, will be required to pay increased rents, i.e. 30% of their adjusted gross income if their incomes are greater than 80% of the area median income. (If the income of a tenant occupying a Low HOME rent unit increases, but does no exceed 80% of area median income, the unit becomes a High HOME rent unit. To replace the Low HOME rent unit, the owner must rent the next available unit to a very-low-income tenant. Subject to the terms of the lease, the rent of the initial tenant whose income has increased may be increased to the High HOME rent for the unit. If a HOME-unit tenant’s income rises above 80% of the area median income, the unit this tenant occupies is still considered to be a HOME unit. The rent of the unit must be adjusted to 30% of the tenant’s adjusted income for rent and utilities, as stated previously. However, the rent may not exceed the market rent for comparable, unassisted units in the neighborhood. The next available unit in the project of comparable size or larger must be rented to a HOME-eligible household. Once the new unit is leased to a HOME-eligible household, the unit occupied by the over-income tenant is no longer considered to be HOME-assisted, and the rent of that unit can be adjusted as appropriate.) The preceding two paragraphs shall not apply with respect to funds made available under this part for units that have been allocated a low income housing tax credit by a housing credit agency pursuant to Section 42 of the Internal Revenue Code, 1986, (26 U.S.C.42). Further, the PROJECT OWNER must first comply with the terms of any HUD Project- Based Rental Assistance contract applicable to the properties. If THE CITY approves a rent increase, PROJECT OWNER may implement the increase at any time subject to the lease terms and thirty days notice to the tenants. During the term of this Agreement, the PROJECT OWNER shall notify tenants in writing of any rent increase which exceed, in the aggregate, the gross monthly rental initially allowed under this Agreement.
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Related to Increase in Authorized Gross Monthly Rental; Over-Income Tenants

  • Monthly Rent The rent amount for the initial period shall be: _ Dollars ($_ ) paid on the _ (#) day of every month and: (check one) ☐ - Shall remain the same during the Initial Term. ☐ - Shall increase during the Initial Term as follows: 1st Period: • From _ _ (mm/dd/yyyy), to _ (mm/dd/yyyy). • Monthly Rent: _ _ Dollars ($ ) 2nd Period: • From _ _ (mm/dd/yyyy), to _ (mm/dd/yyyy). • Monthly Rent: _ _ Dollars ($ )

  • Base Rent Lessee shall pay Base Rent and other rent or charges, as the same may be adjusted from time to time, to Lessor in lawful money of the United States, without offset or deduction, on or before the day on which it is due under the terms of this Lease. Base Rent and all other rent and charges for any period during the term hereof which is for less than one full month shall be prorated based upon the actual number of days of the month involved. Payment of Base Rent and other charges shall be made to Lessor at its address stated herein or to such other persons or at such other addresses as Lessor may from time to time designate in writing to Lessee.

  • C4 Contract Price During Extension of the Initial Contract Period C4.1 Subject to the Pricing Schedule and the provision in clause F6 (Variation), the Contract Price shall apply for the Initial Contract Period and following an extension pursuant to clause F8 (Extension of Initial Contract Period), to the date of expiry of the extended period, or such earlier date of termination or partial termination of the agreement in accordance with the Law or the provisions of the Contract. C5 Euro

  • Rental Period (a) Renter has the right to use the rental vehicle (“Vehicle”) until the return date indicated on the Rental Agreement Summary ("Rental Period").

  • Rental Rates and Wage Rates for Change Orders As soon as is practical, but prior to the completion of the Construction Preparation Period and in any event prior to the commencement of any Work on the Site, the Contractor shall submit in accordance with the style and format of a specimen to be furnished by the Owner for consideration of the Owner the following: (1) a proposal for rental rates on heavy construction equipment that shall apply in the event Change Order Work is performed, and (2) a proposal for wage rates for the types of project labor that shall apply in the event of the execution of any Change Order Work. Under penalty of false swearing, a principal of the contracting firm shall certify that the proposal for rental rates and proposal for wage rates do not exceed current costs for like services. The Owner will in no event consider a rental rate in excess of eighty percent of the rate set forth in the latest edition of the "Compilation of Nationally Averaged Rental Rates for Construction Equipment" of the Associated Equipment Distributors unless the rates proposed in excess of eighty percent are supported by proof satisfactory to the Owner that the excess rates are reasonable. If the equipment is owned by the Contractor the costs shall be charged at a maximum of eighty percent of market monthly rental rates for the amount of time used. If applicable, transportation costs may be included. The decision of the Owner shall be final, binding and conclusive on all parties. Rental rates shall be payable only for the actual time the equipment is required on the Site.

  • C4 Price adjustment on extension of the Initial Contract Period C4.1 The Contract Price shall apply for the Initial Contract Period. In the event that the Client agrees to extend the Initial Contract Period pursuant to clause F8 (Extension of Initial Contract Period) the Client shall, in the 6 month period prior to the expiry of the Initial Contract Period, enter into good faith negotiations with the Contractor (for a period of not more than 30 Working Days) to agree a variation in the Contract Price.

  • Temporary Credit for Unamortized Specified Road Construction Cost When, under B8.33, Contracting Officer orders a delay or interruption of Purchaser’s Operations for more than 30 days when scheduled operations would be occurring but for the order, the Contracting Officer shall credit the unamortized cost of Specified Roads to Purchaser’s Timber Sale Account, upon the written request of Purchaser or at the discretion of Contracting Officer. The amount credited to Purchaser shall be limited to stumpage paid above Base Rates. Any Specified Road construction cost credited to Purchaser pursuant to this Subsection may be refunded or transferred at the request of Purchaser. However, if Purchaser has outstanding debt owing the United States, Contracting Officer must apply the amount of credit that could be refunded to the debt owed in accordance with the Debt Collection Improvement Act of 1996, as amended. Upon written notice from Contracting Officer that the basis for the delay or interruption no longer exists, Purchaser shall pay for timber a per unit amount, in addition to Current Contract Rates, that is equal to the amount credited to Purchaser’s Timber Sale Account divided by 80 percent of the estimated remaining volume of the contract, until the full amount credited to Purchaser has been returned.

  • Refinancing Preparation Advance; Capitalizing Front-end Fee and Interest (a) If the Loan Agreement provides for the repayment out of the proceeds of the Loan of an advance made by the Bank or the Association (“Preparation Advance”), the Bank shall, on behalf of such Loan Party, withdraw from the Loan Account on or after the Effective Date the amount required to repay the withdrawn and outstanding balance of the advance as at the date of such withdrawal from the Loan Account and to pay all accrued and unpaid charges, if any, on the advance as at such date. The Bank shall pay the amount so withdrawn to itself or the Association, as the case may be, and shall cancel the remaining unwithdrawn amount of the advance.”

  • Wage Increases The wage rates in this Agreement will only be increased in accordance with any increases which may be awarded by the Australian Fair Pay Commission through wage reviews. The level of any increases will be such that the percentage wage increase as set out in Clause 15 of this agreement will be maintained. No additional increases in wage rates will apply to the rate of pay in Clause 15 of this Agreement while it is in operation.

  • RENTAL AMOUNT The Owner hereby grants the Agent power to create rental agreements related to the Property for: (check one) ☐ - Market rent. ☐ - A rate no lower than $______________ per ___________________. ☐ - Other. ___________________________________________________________________.

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