New York City Rent Stabilization Law Sample Clauses

New York City Rent Stabilization Law. With respect to those SRO Units at the Property which are subject to the New York City Rent Stabilization Law: (i) the rents shown on the rent schedules delivered to Lender in connection with the Loan are not in excess of the legal maximum collectible rents under the New York City Rent Stabilization Law, and (ii) except as disclosed in writing to Lender, there are no proceedings with any occupant of any SRO Unit presently pending before the DHCR in which such occupant has alleged an overcharge of rent or diminution of services or similar grievance, and there are no outstanding orders of the DHCR that have not been complied with by the Borrower or any prior owner of all or any portion of the Property.
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