Land Use Restriction Agreement. In connection with the final allocation of low-income housing tax credits to the Project by the Authority, the Owner shall execute and deliver a land use restriction agreement (the "Land Use Restriction Agreement") which shall incorporate the covenants and agreements of the Owner set forth in Sections 2 and 3 hereof, provisions for regulation and enforcement by the Authority, and such additional provisions as may be necessary to assure compliance with Section 42 of the Code or to give effect to requirements of the Authority.
Land Use Restriction Agreement. Xxxxxxxxx agrees to comply with certain occupancy, rent, and other restrictions under Title I of the Housing and Community Development Act of 1974 (42 U.S.C. 5301 et seq.) and the applicable CDBG-DR regulations. Developer shall ensure that a percentage of units within the Project are reserved for leasing to LMI tenants, as outlined in Attachment A. The affordability of each LMI housing unit must be protected by the execution of a Land Use Restriction Agreement (“XXXX”) recorded in the real property records of the county clerk for each county in which a Project site is physically located. A sample version of the standard XXXX form typically used by the GLO is included as Attachment H. The GLO reserves the right to negotiate final XXXX terms with Developer. The XXXX must be approved by the GLO prior to filing as described above.
Land Use Restriction Agreement. Any one of the Land Use Restriction Agreements defined below.
Land Use Restriction Agreement. The State of Texas § County of County § The Texas General Land Office (“GLO”) and Company Name (“Developer”), each a “Party” and collectively the “Parties,” enter into this Land Use Restriction Agreement (“Agreement”).
Land Use Restriction Agreement. (“XXXX”)
A. In accordance with the requirement of the QAP, the Owner and CHFA shall enter into a XXXX substantially in the form attached hereto as Exhibit E. The terms and conditions of the XXXX are incorporated herein by reference.
Land Use Restriction Agreement. A. The Borrower and Florida Housing shall enter into a Land Use Restriction Agreement dated as of the Closing xxxx.Xxxx. The terms and conditions of the Land Use Restriction Agreement shall be incorporated herein by reference. , and shall contain language providing for its termination (subject to certain limitations) in the event of foreclosure (or instrument in lieu of foreclosure).
Land Use Restriction Agreement. In addition to recording of a loan in the amount of award, all funding awards will be subject to a minimum twenty (20) year Land Use Restriction Agreement (XXXX). The executed XXXX must contain the following affordability/compliance covenants:
6.1.1. Affordability period of not less than twenty (20) years;
6.1.2. Rents charged to LMI tenants are based upon HUD’s published rents in accordance with QAP requirements;
6.1.3. Definition of the number of rental units set aside for Extremely Low-, Very Low-, and Low-Income tenants.
Land Use Restriction Agreement. Section 5.2 Compliance with Program Requirements 16
Land Use Restriction Agreement. Within 30 days after the execution of this Agreement, Developer and the Village shall execute and record a Land Use Restriction Agreement that is not subordinate to any lien against the Property. The Land Use Restriction Agreement shall be in substantially the same form as Attachment F.
Land Use Restriction Agreement. Xxxxxxx will execute and deliver the XXXX as a condition of the Grant.
