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, except that:
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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.
Sample 1
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.) BORROWER EXPRESSLY ACKNOWLEDGES HAVING READ AND UNDERSTOOD THE REQUIREMENT OF THIS ARTICLE I TO CONTINUOUSLY COMPLY WITH THE PROGRAM REQUIREMENTS, INCLUDING OWNER-OCCUPANCY OF THE PROPERTY AS BORROWER’S PRINCIPAL PERMANENT RESIDENCE, AND BORROWER FURTHER ACKNOWLEDGES THAT FAILURE TO OCCUPY THE PROPERTY IS A DEFAULT UNDER THIS DEED OF TRUST WHICH WILL RESULT IN THE PROMISSORY NOTE SECURED BY THIS DEED OF TRUST BECOMING IMMEDIATELY DUE AND PAYABLE IN FULL. Borrower’s Initials:
Sample 1

Related to Owner Occupancy Requirement

  • Occupancy Requirements Residence hall space may be occupied only by the student with whom this agreement is made. The agreement may not be assigned, and residence hall space may not be sublet, rented to, or otherwise shared with or another person. a Guest Limitations: Students are responsible for the actions and any damages incurred by their guests.

  • Owner Occupancy Participant(s) agree to maintain the property as their primary residence during the term of this Agreement, any extensions thereof, or until closeout, documentation is approved by NCORR. If during the term of the Grant Agreement, Participant(s) (1) use the property as an investment property (2) convert the structure to an ineligible structure type or use, or (3) uses the property as a recreational house or “second” home, then NCORR may require immediate payment in full of the entire grant amount provided to the Participant(s). Participant(s) agree that if during the term of this Agreement, any extensions thereof or prior to closeout, Participant(s) sell part or all of the property without NCORR’s prior written consent, then NCORR may require payment in full the amount of the Grant outstanding at the time of sale.

  • Termination of Occupancy Upon termination of occupancy of a County- Assisted Unit by a Tenant, such Unit will be deemed to be continuously occupied by a household of the same income level as the initial income level of the vacating Tenant, until such unit is reoccupied, at which time categorization of the Unit will be established based on the occupancy requirements of Section 2.1.

  • Possession and Occupancy The Seller will deliver possession and occupancy of the Property to the Buyer at Closing. The Seller shall provide access to all locks, including keys, remote controls, and any security/access codes, necessary to operate all locks, mailboxes, and security systems.

  • PARTIAL OCCUPANCY OR USE § 9.9.1 The Owner may occupy or use any completed or partially completed portion of the Work at any stage when such portion is designated by separate agreement with the Design-Builder, provided such occupancy or use is consented to, by endorsement or otherwise, by the insurer providing property insurance and authorized by public authorities having jurisdiction over the Project. Such partial occupancy or use may commence whether or not the portion is substantially complete, provided the Owner and Design-Builder have accepted in writing the responsibilities assigned to each of them for payments, retainage, if any, security, maintenance, heat, utilities, damage to the Work and insurance, and have agreed in writing concerning the period for correction of the Work and commencement of warranties required by the Design-Build Documents. When the Design-Builder considers a portion substantially complete, the Design-Builder shall prepare and submit a list to the Owner as provided under Section 9.8.2. Consent of the Design-Builder to partial occupancy or use shall not be unreasonably withheld. The stage of the progress of the Work shall be determined by written agreement between the Owner and Design-Builder.

  • Certificate of Occupancy The Contractor’s obligation under the Contract is to install the Work in accordance with the Contract Documents, obtain the Certificate of Occupancy from the State Fire Marshal or his deputy, and forward it to the Design Professional as a part of the final close out procedures. The Design Professional’s obligation is to design the Work to comply with the applicable codes and to qualify for a Certificate of Occupancy.

  • Maximum Occupancy No more than two (2) guests per one (1) resident (who is present) are permitted in a student room/suite/apartment at any given time unless otherwise approved by the University (Residential Life).

  • Substantial Completion “Substantial Completion” means the stage in the progress of the Work when the Work, or designated portions thereof, may still require minor modifications or adjustments but, in the Owner’s opinion, the Work has progressed to the point such that all parts of the Work under consideration are fully operational and usable for intended purposes, as evidenced by a Certificate of Substantial Completion approved by the Owner. If a Certificate of Occupancy is required by public authorities having jurisdiction over the Work, said certificate shall be issued before the Work or any portion thereof is considered substantially complete. When the Contractor considers that the Work, or a portion thereof which the Owner agrees to accept separately, is substantially complete, the Contractor shall notify Owner’s Designated Representative (sometimes referred to as the “ODR”) and request a determination as to whether the Work or designated portion thereof is substantially complete. If the ODR does not consider the Work substantially complete, the ODR will notify the Contractor giving reasons therefore. Failure on the Owner’s part to list a reason does not alter the responsibility of the Contractor to complete all Work in accordance with the terms of this Agreement. After satisfactorily completing items identified by Owner’s Designated Representative, the Contractor shall then submit another request for the ODR to determine Substantial Completion. If The ODR considers the Work substantially complete, The ODR will prepare and deliver a certificate of Substantial Completion which shall establish the date of Substantial Completion, shall include a punch list of items to be completed or corrected before final completion and final payment, shall establish the time within which the Contractor shall finish the punch list, and shall establish responsibilities of the Owner and the Contractor for security, maintenance, heat, utilities, damage to the Work, warranty and insurance. Failure to include an item on the punch list does not alter the responsibility of the Contractor to complete all Work in accordance with the terms and conditions of this Agreement. The certificate of Substantial Completion shall be signed by the Owner and the Contractor to evidence acceptance of the responsibilities assigned to them in such certificate. Substantial Completion (as defined in this agreement) for all stages of the Work shall be achieved on or before the following Substantial Completion date: DATE FOR SUBSTANTIAL COMPLETION: TBD Under no circumstances will the time for Substantial Completion exceed this date without a written amendment to this Agreement. THE TIMES SET FORTH IN THE CONSTRUCTION DOCUMENTS ARE AN ESSENTIAL ELEMENT OF THE AGREEMENT. TIME LIMITS STATED IN THE CONTRACT DOCUMENTS ARE OF THE ESSENCE OF THIS AGREEMENT.

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