Owner Occupancy Requirement Sample Clauses
Owner Occupancy Requirement. At least one Employee or Retiree who occupies the Employee Unit must be the Owner of the Employee Unit and the Owner must occupy the Employee Unit for at least 6 months plus one day in each calendar year as their permanent primary residence, except that:
a. the Owner may rent the Employee Unit in accordance with the requirements of this Agreement for up to six months less one day in each calendar year and shall rent the Employee Unit in accordance with the requirements of this Agreement during those periods when the Owner is not occupying the Employee Unit; or
b. if the Owner is unable, despite using documented best efforts, to rent the Employee Unit in accordance with the requirements of this Agreement for a period required by paragraph (a) of this section, the Owner may, with Whistler Housing Authority’s prior written approval, leave the Employee Unit vacant for up to six months less one day in each calendar year rather than renting it during that period as permitted by paragraph (a) of this section. The Owner may apply to the Whistler Housing Authority to extend a period of rental or vacancy under paragraph (a) or (b) of this section and on such application Whistler Housing Authority may, in its sole discretion, authorize such an extension and any such authorization shall only be effective if it is express and made in writing. This section shall not apply to the Employee Unit (Rental Permitted).
Owner Occupancy Requirement. The Grantee must occupy and use the Unit as the Grantee’s primary residence for at least three hundred and sixty-five (365) consecutive days after the Effective Date. The Grantor will have the right to verify from time to time that the Grantee is occupying and using the Unit as the Grantee's primary residence for the three hundred and sixty-five (365) consecutive day period after the Effective Date. If the Grantee does not occupy the Unit as the Grantee's primary residence for a period of three hundred and sixty-five (365) consecutive days after the Effective Date, then the Grantor will have the right to purchase the Unit from the Grantee for an amount equal to the original purchase price of the Unit. If the Grantee sells the Unit within three hundred sixty-five (365) consecutive days after the Effective Date, then the Grantor will be entitled to recover from the Grantee an amount of money equal to the price the Grantee received for the Unit (or the fair market value of any consideration received if other than cash), minus the original purchase price. This owner-occupancy requirement will automatically extinguish three hundred and sixty-five (365) days after the date of recordation of this Deed without any further recordation of any documents in the Bureau. The terms of this paragraph will not apply to (a) any institutional lender or investor (including any successor or assignee) who holds a mortgage covering the Unit or who takes title to the Unit upon foreclosure or by way of deed-in-lieu of foreclosure or otherwise, or (b) any owner or holder of the Unit who is in the chain of title subsequent to such institutional lender or investor.
Owner Occupancy Requirement. All Borrower’s household members must occupy and use the purchased property as their Primary Residence as detailed in the DALP Manual. Borrowers are prohibited from renting or subleasing any part of the property without prior written approval from MOHCD. Compliance monitoring will be performed and documented proof of occupancy required at intervals determined by MOHCD.
Owner Occupancy Requirement. Borrower shall occupy, establish, and use continuously the Property as Borrower’s principal, permanent residence within thirty (30) days of the Recordation Date of this Deed of Trust in the Official Records of the County of Riverside and shall occupy continuously the Property as Borrower’s principal, permanent residence thereafter for the Affordability Period. Borrower shall meet and continue to comply with the HQS occupancy standard for the Affordability Period. Borrower agrees to deliver to Lender, not less frequently than annually and not later than fifteen (15) days after written request therefore from Lender, written certification, under penalty of perjury, of continuous owner-occupancy of the Property as Borrower’s principal residence during the then immediately preceding one-year period and certification of continuing compliance with the Program, as set forth in the Affordable Housing Agreement. (See Attachment No. 6 to Affordable Housing Agreement for sample form.)
Owner Occupancy Requirement. All Borrower’s household members must occupy and use the purchased property as their Primary Residence as detailed in the DALP Manual. Borrowers are prohibited from renting or subleasing any part of the property without prior written approval from MOHCD. Compliance monitoring will be performed and documented proof of occupancy required at intervals determined by MOHCD.