Common use of No Encumbrance, Demolition or Non-Rental Residential Use Clause in Contracts

No Encumbrance, Demolition or Non-Rental Residential Use. The Owner shall not take any of the following actions: (i) other than Permitted Encumbrances or as otherwise previously approved by the City, encumber any portion of the Project or grant commercial leases of any part thereof, or permit the conveyance, transfer or encumbrance of any part of the Project (except for apartment leases), except (a) pursuant to the provisions of this Regulatory Agreement and on a basis subordinate to the provisions of this Regulatory Agreement, to the extent applicable, (b) upon receipt by the Owner, the Fiscal Agent and the City of an opinion of Tax Counsel that such action will not adversely affect the Tax-Exempt status of interest on the Note, or (c) upon a sale, transfer or other disposition of the Project in accordance with the terms of this Regulatory Agreement; (ii) demolish any part of the Project or substantially subtract from any real or personal property of the Project (other than in the ordinary course of business); or (iii) permit the use of the dwelling accommodations of the Project for any purpose except rental residences.

No Encumbrance, Demolition or Non-Rental Residential Use. The Owner shall not take any of the following actions: (i) other than Permitted Encumbrances or as otherwise previously approved by the City, encumber any portion of the Project or grant commercial leases of any part thereof, or permit the conveyance, transfer or encumbrance of any part of the Project (except for apartment leases), except (ai) pursuant to the provisions of this Regulatory Agreement and on a basis subordinate to the provisions of this Regulatory Agreement, to the extent applicable, (bii) upon receipt by the Owner, the Fiscal Agent Trustee and the City of an opinion of Tax Counsel that such action will not adversely affect the Taxtax-Exempt exempt status of interest on the NoteBonds, or (ciii) upon a sale, transfer or other disposition of the Project in accordance with the terms of this Regulatory Agreement; (ii) demolish any part of the Project or substantially subtract from any real or personal property of the Project (other than in the ordinary course of business); or (iii) permit the use of the dwelling accommodations of the Project for any purpose except rental residences.

No Encumbrance, Demolition or Non-Rental Residential Use. The Owner shall not take any of the following actions: (i) other than Permitted Encumbrances or as otherwise previously approved by the City, encumber any portion of the Project or grant commercial leases of any part thereof, or permit the conveyance, transfer or encumbrance of any part of the Project (except for apartment leases), except (ai) pursuant to the provisions of this Regulatory Agreement and on a basis subordinate to the provisions of this Regulatory Agreement, to the extent applicable, (bii) upon receipt by the Owner, the Lender, the Fiscal Agent and the City of an opinion of Tax Counsel that such action will not adversely affect the Tax-Tax Exempt status of interest on the Note, or (ciii) upon a sale, transfer or other disposition of the Project in accordance with the terms of this Regulatory Agreement; (ii) demolish any part of the Project or substantially subtract from any real or personal property of the Project (other than in the ordinary course of business); or (iii) permit the use of the dwelling accommodations of the Project for any purpose except rental residences.