Limitations on Tenants Sample Clauses

Limitations on Tenants. Notwithstanding anything to the contrary in this Agreement, Borrower hereby covenants on behalf of itself, and its successors and assigns, which covenant shall run with the land and bind every successor and assign in interest of Borrower, that, throughout the fifty five (55) year term of the CC&Rs, Borrower and such successors and assigns shall use the Site solely for the purpose of constructing and operating the Project as a residential development with the number of dwelling units and, with respect to the units designated to be assisted as consideration for the HOME Loan (“Assisted Units”), the tenant income levels specified in the Transaction Summary above and in this Section 10.1.. All Assisted Units, which shall comprise not less than seventy four (74) units at the Project, shall be rented only at an “Affordable Housing Cost” to persons (“Eligible Persons”) of “Very-Low Income” as specified in the Transaction Summary above and otherwise defined in this Section 10.1. Assisted Units shall be dispersed throughout the Project, and shall be no less attractive or desirable on average (whether because of convenient access, views, amenities, or other reasons) than the other Project units which are not Assisted Units. The covenants described in this Section 10.1 shall remain in effect notwithstanding the repayment of the Loan by Borrower prior to the Maturity Date.
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Limitations on Tenants. Notwithstanding anything to the contrary in this Agreement, Owner hereby covenants on behalf of itself, and its successors and assigns, which covenant shall run with the land and bind every successor and assign in interest of Owner, that, throughout the fifty- five (55) year term of this Agreement (“Term”) commencing on the date of this Agreement, Owner and such successors and assigns shall use the Site solely for the purpose of developing and operating the Project as a residential rental development consisting of seventy five (75) dwelling units, which shall be operated in accordance with the terms of this Agreement. Of the 75 total dwelling units in the Project, 74 units (the “HOME Assisted Units”) shall be income-restricted and rented only at an “Affordable Housing Cost” (as defined below) to “Very Low Income Households” as hereinafter defined (persons within such group occasionally referred to as “Eligible Persons”).
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Limitations on Tenants. Notwithstanding anything to the contrary in this Agreement, Borrower hereby covenants on behalf of itself, and its successors and assigns, which covenant shall run with the land and bind every successor and assign in interest of Borrower, that, throughout the_55 year term of the CC&Rs, Borrower and such successors and assigns shall use the Site solely for the purpose of constructing and operating the Project as a residential development with the number of dwelling units and, with respect to the units designated to be assisted as consideration for the HOME Loan (“Assisted Units”), 83 HOME-Assisted Units shall be in accordance with the tenant income levels specified in this Agreement. All Assisted Units shall be rented only at an “Affordable Housing Cost” to “Sixty Percent Income Households,” or “Very Very Low-Income Households” as hereinafter defined (persons within either group occasionally referred to as “Eligible Persons”).
Sample 1
Limitations on Tenants. Notwithstanding anything to the contrary in this Agreement, Owner hereby covenants on behalf of itself, and its successors and assigns, which covenants shall run with the land and bind every successor and assign in interest of Owner, that, throughout the Term, Owner and such successors and assigns shall use the Site solely for the purpose of developing and operating the Project as a residential development. [If non-residential uses on the Site or within the development is not a part of the First 5 LA funding, include the following sentence template based on the actual project] First 5 LA acknowledges that the Site [will include / includes] commercial space [and/or] supportive services uses which fall outside of the consideration of the Loan. Owner agrees to comply with the CC&Rs and with any income, rent, and occupancy restrictions imposed by Senior, Junior, and Other Financing and by the California Tax Credit Allocation Committee (“CTCAC”), if applicable. If there is a conflict between the requirements of the Senior, Junior, and Other Financing, CTCAC and / or First 5 LA, the most restrictive requirement will prevail. (i) Limitations on Tenants [or] Limitations on Residential Tenants. Owner, successors and assigns shall develop and operate the [include if applicable] residential portion of the Site with the number of total units and, with respect to the designated units to be assisted as consideration for the Loan (“Assisted Units”), the tenant income levels specified in this Agreement. The covenants described in this Agreement shall remain in effect through the Term, notwithstanding the earlier repayment of the Loan by Owner. Assisted Units shall be dispersed throughout the Project, and shall be no less attractive or desirable on average (whether because of convenient access, views, amenities, or other reasons) than the other Project units, if any, that are not Assisted Units. Subject to the reasonable approval of First 5 LA’s Chief Executive Officer (or his or her designee), the location of the Assisted Units within the Project may be changed from time to time by Owner. All Assisted Units shall be rented only at an Affordable Housing Cost, as hereinafter defined, to: (i) households in which at least one family member is under the age of five (5) years old; and (ii) households with income levels as defined in the following table Household Income 0-BR 1-BR 2-BR 3-BR 4-BR TOTAL Total Level (% of Area Median Income) units units units units units UNITS Assis...
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Limitations on Tenants. Notwithstanding anything to the contrary in this Agreement, Owner hereby covenants on behalf of itself, and its successors and assigns, which covenant shall run with the land and bind every successor and assign in interest of Owner, that, throughout the Fifty-Five (55) Year term of this Agreement (“Term”) commencing on the date of this Agreement, Owner and such successors and assigns shall use the Site solely for the purpose of developing and operating the Project as a residential rental development consisting of 85 dwelling units, which shall be operated in accordance with the terms of this Agreement. Of the 85 total dwelling units in the Project, 83 units (the “HOME Assisted Units”) shall be income-restricted and rented only at an “Affordable Housing Cost” (as defined below) and only to households meeting the income criteria applicable to the unit as provided in the following table: 0 Bedroom 1 Bedroom 2 Bedrooms 3 Bedrooms 4 Bedrooms Totals 30% Income* 10 10 10 30 50% Income* 0 60% Income* 9 37 7 53 HOME Assisted Units shall be dispersed throughout the Project, and shall be no less attractive or desirable on average (whether because of convenient access, views, amenities, or other reasons) than the other Project units, if any, that are not HOME Assisted Units. Subject to the reasonable approval of the Commission’s Executive Director (or his or her designee), the location of the HOME Assisted Units within the Project may be changed from time by Owner.
Sample 1
Limitations on Tenants. Notwithstanding anything to the contrary in this Agreement, Owner hereby covenants on behalf of itself, and its successors and assigns, which covenant shall run with the land and bind every successor and assign in interest of Owner, that, throughout the Fifty-Five (55) Year term of this Agreement (“Term”) commencing on the date of this Agreement, Owner and such successors and assigns shall use the Site solely for the purpose of developing and operating the Project as a residential rental development consisting of 125 dwelling units, which shall be operated in accordance with the terms of this Agreement. Of the 125 total dwelling units in the Project, 124 units (the “HOME Assisted Units”) shall be income-restricted and rented only at an “Affordable Housing Cost” (as defined below) and only to households meeting the income criteria applicable to the unit as provided in the following table: Household Income Level No. of Studio units No. of 1- BR units No. of 2- BR units No. of 3-BR units Total HOME Assisted Units for this income level Manager’s unit Low Sixty Percent 74 1 13 1 87
Sample 1
Limitations on Tenants. Notwithstanding anything to the contrary in this Agreement, Borrower hereby covenants on behalf of itself, and its successors and assigns, which covenants shall run with the land and bind every successor and assign in interest of Borrower, that, throughout the thirty (30) year term of the CC&Rs, Borrower and such successors and assigns shall use the Site solely for the purpose of developing and operating the Project as a residential development as outlined in the Transaction Summary above and further described below. [If non-residential uses on the site or within the development are not a part of the First 5 LA funding, include the following sentence template based on the actual project] First 5 LA acknowledges that the Site [will include / includes] commercial space [and/or] supportive services uses that fall(s) outside of the consideration of the Loan.
Sample 1
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Related to Limitations on Tenants

  • Restrictions on Tenant Tenant shall not cause or permit the use, generation, release, manufacture, refining, production, processing, storage or disposal of any Hazardous Substances on, under or about the Leased Premises, or the transportation to or from the Leased Premises of any Hazardous Substances, except as necessary and appropriate for its Permitted Use in which case the use, storage or disposal of such Hazardous Substances shall be performed in compliance with the Environmental Laws and the highest standards prevailing in the industry.

  • Limitations on Use No part of the moneys delivered to the Recipient pursuant to Section II hereof is being or will be used to refinance, retire, redeem, or otherwise pay debt service on all or any part of any part of any governmental obligations regardless of whether the interest on such obligations is or was excluded from gross income for federal income tax purposes unless prior approval by the Director is given.

  • Limitations on Transfers Federal regulations limit transfers for savings accounts and money market accounts, if applicable. During any statement period, you may not make more than six withdrawals or transfers to another Credit Union account of yours or to a third party by means of a pre-authorized or automatic transfer. This includes transfers by phone, fax, wire and cable, audio response, overdraft transfers to checking and Internet instruction. No more than three of the six transfers may be made by check, draft or debit card, or similar order to a third party. A pre-authorized transfer includes any arrangement with us to pay a third party from your account upon oral or written orders including orders received through the automated clearinghouse (ACH). If you exceed the transfer limitations set forth above in any statement period, the transfer may not be completed, your regular share account and draft account may be subject to a fee, account closure, or suspension or we may revoke your access to Online Banking. We will not be required to complete a withdrawal or transfer from your account(s) if you do not have enough money in the designated account(s) to cover the transaction; however, we may complete the transaction. You agree not to use Online Banking to initiate a transaction that would cause the balance in your designated account(s) to go below zero. If you have a line-of-credit, you agree not to use Online Banking to initiate a transaction that would cause the outstanding balance of your line-of-credit to go above your credit limit. We will not be required to complete such a transaction, but if we do, you agree to pay us the excess amount or improperly withdrawn amount or transferred amount immediately upon our request. We also will refuse to complete your Online Banking transactions if we have canceled your Online Banking access, or we cannot complete the transaction for security reasons. The functions and limitations of Online Banking may be updated, without notice, at the option of the Credit Union in order to provide improved service to the membership.

  • Limitations on Transfer In addition to any other limitation on transfer created by applicable securities laws, Purchaser shall not assign, encumber or dispose of any interest in the Shares except in compliance with the provisions below and applicable securities laws.

  • Limitations on Termination Except as provided in Section 9.1, neither the Seller nor the Certificateholders shall be entitled to revoke or terminate the Issuer.

  • Limitations on Transferability This Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution.

  • Limitations on Rights of Others The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholder, the Servicer and, to the extent expressly provided herein, the Trustee, the Trust Collateral Agent and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

  • Limitations on Interest It is expressly the intent of Landlord and Tenant at all times to comply with applicable law governing the maximum rate or amount of any interest payable on or in connection with this Lease. If applicable law is ever judicially interpreted so as to render usurious any interest called for under this Lease, or contracted for, charged, taken, reserved, or received with respect to this Lease, then it is Landlord’s and Tenant’s express intent that all excess amounts theretofore collected by Landlord be credited on the applicable obligation (or, if the obligation has been or would thereby be paid in full, refunded to Tenant), and the provisions of this Lease immediately shall be deemed reformed and the amounts thereafter collectible hereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder.

  • Restrictions on Testing If the Engineer will perform commercial laboratory testing under this contract, on any project the Engineer may not perform more than one of the following types of testing: 1. verification testing; 2. quality control testing; or 3. independent assurance testing

  • Limitations on Suits No Holder of any Security of any series or any Coupons appertaining thereto shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of such series; (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of such series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; (3) such Holder or Holders have offered to the Trustee such indemnity as is reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and (5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of such series; it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or any Security to affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any other series, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.

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