Land for Rental Units Sample Clauses

Land for Rental Units. “Block 1” of the Timber Sky Final Block Plat (“Block Plat”) recorded in the Official Records of the Coconino County Recorder at Instrument Number 3810031 (the “Affordable Rental Property”), shall be restricted for development of a minimum of 190 affordable residential rental units (“Affordable Rental Unit”). Owner is under contract to sell the Affordable Rental Property (“Xxxxx PSA”) to Xxxxx Flagstaff Apartment Owner LLC, a Minnesota limited liability company (“Xxxxx”), who is a developer of affordable rental units. Xxxxx has submitted to the City for review and approval that certain Concept Plan dated and prepared by under Case No. (“Concept Plan”) and the Concept Plan provides for Affordable Rental Units. For a period of thirty (30) years from the date the Affordable Rental Units are put into service, the leasing of Affordable Rental Units will be income-restricted, so that the average household income for lessees of the Affordable Rental Units (at the time of leasing, as reported by such households) equals, or is less than, sixty percent (60%) of the Area Median Income (“AMI”), as determined by the United States Department of Housing and Urban Development. On or before the conveyance of the Affordable Rental Property to a developer of affordable rental units, Owner shall cause a Restrictive Covenant to be recorded against the Affordable Rental Property, which restricts the development of the Affordable Rental Property as set forth in this sub-section (1) (“Restrictive Covenant”). The Restrictive Covenant shall provide that the City is an intended third- party beneficiary of the Restrictive Covenant with the right to enforce the same and that the Restrictive Covenant cannot be modified or removed without the consent of the City. Owner shall provide a copy of the Restrictive Covenant to the City for approval prior to recordation, which approval shall not be unreasonably withheld. The Owner’s obligation under this sub-section (1) shall be satisfied once the Restrictive Covenant is recorded and the City has accepted a complete rough grading certificate for Block 1; however, the restrictions on development set forth herein and in the Restrictive Covenant shall run with the Affordable Rental Property.
Sample 1
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Related to Land for Rental Units

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  • Abatement of Rent In the event that Tenant is prevented from using, and does not use, the Premises or any portion thereof, as a result of (i) any repair, maintenance or alteration performed by Landlord, or which Landlord failed to perform, after the Lease Commencement Date and required by this Lease, which substantially interferes with Tenant’s use of the Premises, or (ii) any failure to provide services, utilities or access to the Premises as required by this Lease (either such set of circumstances as set forth in items (i) or (ii), above, to be known as an “Abatement Event”), then Tenant shall give Landlord notice of such Abatement Event, and if such Abatement Event continues for five (5) consecutive business days after Landlord’s receipt of any such notice (the “Eligibility Period”), then the Base Rent, Tenant’s Share of Direct Expenses, and Tenant’s obligation to pay for parking (to the extent not utilized by Tenant) shall be abated or reduced, as the case may be, after expiration of the Eligibility Period for such time that Tenant continues to be so prevented from using, and does not use for the normal conduct of Tenant’s business, the Premises or a portion thereof; provided, however, in the event that Tenant is prevented from using, and does not use, a portion of the Premises, and as result thereof it is commercially impractical for Tenant to use all or a portion of the remaining Premises (i.e., the portion of the Premises that Tenant is actually able to use), and if Tenant does not conduct its business from the remaining Premises or portion thereof, then for such time during which it is impractical for Tenant to conduct its business therein, the Base Rent, Tenant’s Share of Direct Expenses, and Tenant’s obligation to pay for parking (to the extent not utilized by Tenant) shall also be abated for the remaining Premises (or portion thereof) that Tenant does not use. If, however, Tenant reoccupies any portion of the Premises during such period, the Base Rent, Tenant’s Share of Direct Expenses, and Tenant’s obligation to pay for parking (to the extent not utilized by Tenant) allocable to such reoccupied portion, based on the proportion that the rentable area of such reoccupied portion of the Premises bears to the total rentable area of the Premises, shall be payable by Tenant from the date Tenant reoccupies such portion of the Premises. To the extent an Abatement Event is caused by an event covered by Articles 11 or 13 of this Lease, then Tenant’s right to xxxxx rent shall be governed by the terms of such Article 11 or 13, as applicable, and the Eligibility Period shall not be applicable thereto. Such right to xxxxx Base Rent and Tenant’s Share of Direct Expenses shall be Tenant’s sole and exclusive remedy for rent abatement at law or in equity for an Abatement Event. Except as expressly provided in this Section 19.5.2 or elsewhere in this Lease, nothing contained herein shall be interpreted to mean that Tenant is excused from paying Rent due hereunder.

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  • Condition of Leased Premises Tenant hereby acknowledges that Xxxxxx has examined the leased premises prior to the signing of this Lease, or knowingly waived said examination. Tenant acknowledges that Tenant has not relied on any representations made by Landlord or Landlord’s agents regarding the condition of the leased premises and that Tenant takes premises in its AS-IS condition with no express or implied warranties or representations beyond those contained herein or required by applicable Georgia law. Xxxxxx agrees not to damage the premises through any act or omission, and to be responsible for any damages sustained through the acts or omissions of Tenant, Xxxxxx’s family or Xxxxxx’s invitees, licensees, and/or guests. If such damages are incurred, Tenant is required to pay for any resulting repairs at the same time and in addition to the next month’s rent payment, with consequences for non-payment identical to those for non- payment of rent described herein. At the expiration or termination of the Lease, Tenant shall return the leased premises in as good condition as when taken by Tenant at the commencement of the lease, with only normal wear-and-tear excepted. Modification Of This Lease Any modification of this lease shall not be binding upon Landlord unless in writing and signed by Landlord or Landlord’s authorized agent. No oral representation shall be effective to modify this Lease. If, as per the terms of this paragraph, any provision of this lease is newly added, modified, or stricken out, the remainder of this Lease shall remain in full force and effect.

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