Common use of Occupancy Restrictions Clause in Contracts

Occupancy Restrictions. (a) The Owner covenants that it will not knowingly take or permit any action that would result in a violation of the requirements of Section 42 and applicable regulations of this Agreement. The Owner covenants to take any lawful action (including amendment of this Agreement as may be necessary, in the opinion of the BOARD) to comply fully with the Code and with all applicable rules, rulings, policies, procedures, regulations or other official statements promulgated or proposed by the United States Department of the Treasury, or the Internal Revenue Service, or the Department of Housing and Urban Development from time to time pertaining to the Owner’s obligations under Section 42 and affecting the Project.