Common use of Ownership Agreement Clause in Contracts

Ownership Agreement. At a min- imum, the ownership agreement must include the following clauses: (1) The owner(s) agrees to make the units repaired or rehabilitated avail- able for occupancy to very low- or low- income persons for a period of not less than 5 years, such restrictive period be- ginning on the date agreed upon in the agreement between the grantee and the rental property owner(s) or co-op. (2) The owner(s) agrees to pass on to the tenants any reduction in the debt service payments resulting from the HPG assistance provided by the HPG grantee to the owner(s). (3) The owner(s) of rental properties agrees not to convert the units to con- dominium ownership. In the case of co- ops, the owner(s) agrees not to convert the dwelling(s) to condominium owner- ship or any form of cooperative owner- ship not eligible under this section. This paragraph (a)(3) is subject to the restrictive period noted in paragraph (a)(1) of this section. (4) The owner(s) agrees not to refuse to rent a unit to any person solely be- cause the person is receiving or is xxxxx- ble to receive assistance under any Federal, State, or local housing assist- ance program. (5) The owner(s) agrees that the units repaired or rehabilitated will be occu- pied or available for occupancy by per- sons of very low- or low-income. (6) The owner(s) agrees to enter into and abide by written leases with the tenants and that such leases shall pro- vide that the tenants may be evicted only for good cause. (7) The owner(s) agrees that, in the event the owner(s) or the owner’s suc- cessors in interest fail to carry out the requirements of this section during the applicable period, they shall make a payment to Rural Development in an amount that equals the total amount of assistance provided by the grantee plus interest thereon (without compounding) for each year and any fraction thereof that the assistance was outstanding. The interest rate shall be that as determined by Rural Development at the time of infraction taking into account the average yield on outstanding marketable long-term obligations of the United States during the month preceding the date on which the assistance was initially made available. (8) The owner(s) agrees that, notwith- standing any other provisions of law, the HPG assistance provided to the owner(s) shall constitute a debt which is payable in the case of any failure of this section and shall be secured by a security instrument provided by the owner(s) or co-op to the grantee, that provides for Rural Development to take such action upon incapacity or dissolution of the grantee. (9) The owner(s) agrees and certifies that the assistance is being made avail- able in conformity with Public Law 88– 352, the ‘‘Civil Rights Act of 1964,’’ and Public Law 90–284, the ‘‘Civil Rights Act of 1968.’’

Ownership Agreement. At a min- imum, the ownership agreement must include the following clauses: (1) The owner(s) agrees to make the units repaired or rehabilitated avail- able for occupancy to very low- or low- income persons for a period of not less than 5 years, such restrictive period be- ginning on the date agreed upon in the agreement between the grantee and the rental property owner(s) or co-op. (2) The owner(s) agrees to pass on to the tenants any reduction in the debt service payments resulting from the HPG assistance provided by the HPG grantee to the owner(s). (3) The owner(s) of rental properties agrees not to convert the units to con- dominium ownership. In the case of co- ops, the owner(s) agrees not to convert the dwelling(s) to condominium owner- ship or any form of cooperative owner- ship not eligible under this section. This paragraph (a)(3) is subject to the restrictive period noted in paragraph (a)(1) of this section. (4) The owner(s) agrees not to refuse to rent a unit to any person solely be- cause the person is receiving or is xxxxx- eligi- ble to receive assistance under any Federal, State, or local housing assist- ance program. (5) The owner(s) agrees that the units repaired or rehabilitated will be occu- pied or available for occupancy by per- sons of very low- or low-income. (6) The owner(s) agrees to enter into and abide by written leases with the tenants and that such leases shall pro- vide that the tenants may be evicted only for good cause. (7) The owner(s) agrees that, in the event the owner(s) or the owner’s suc- cessors in interest fail to carry out the requirements of this section during the applicable period, they shall make a payment to Rural Development in an amount that equals the total amount of assistance provided by the grantee plus interest thereon (without compounding) for each year and any fraction thereof that the assistance was outstanding. The interest rate shall be that as determined by Rural Development at the time of infraction taking into account the average yield on outstanding marketable long-term obligations of the United States during the month preceding the date on which the assistance was initially made available. (8) The owner(s) agrees that, notwith- standing any other provisions of law, the HPG assistance provided to the owner(s) shall constitute a debt which is payable in the case of any failure of this section and shall be secured by a security instrument provided by the owner(s) or co-op to the grantee, that provides for Rural Development to take such action upon incapacity or dissolution of the grantee. (9) The owner(s) agrees and certifies that the assistance is being made avail- able in conformity with Public Law 88– 352, the ‘‘Civil Rights Act of 1964,’’ and Public Law 90–284, the ‘‘Civil Rights Act of 1968.’’

Ownership Agreement. At a min- imumminimum, the ownership agreement must include the following clauses: (1) The owner(s) agrees to make the units repaired or rehabilitated avail- able available for occupancy to very low- or low- low-income persons for a period of not less than 5 years, such restrictive period be- ginning beginning on the date agreed upon in the agreement between the grantee and the rental property owner(s) or co-op. (2) The owner(s) agrees to pass on to the tenants any reduction in the debt service payments resulting from the HPG assistance provided by the HPG grantee to the owner(s). (3) The owner(s) of rental properties agrees not to convert the units to con- dominium condominium ownership. In the case of co- co-ops, the owner(s) agrees not to convert the dwelling(s) to condominium owner- ship ownership or any form of cooperative owner- ship ownership not eligible under this section. This paragraph (a)(3) is subject to the restrictive period noted in paragraph (a)(1) of this section. (4) The owner(s) agrees not to refuse to rent a unit to any person solely be- cause because the person is receiving or is xxxxx- ble eligible to receive assistance under any Federal, State, or local housing assist- ance assistance program. (5) The owner(s) agrees that the units repaired or rehabilitated will be occu- pied occupied or available for occupancy by per- sons persons of very low- or low-income.. (09-01-93) PN 212 (6) The owner(s) agrees to enter into and abide by written leases with the tenants and that such leases shall pro- vide provide that the tenants may be evicted only for good cause. (7) The owner(s) agrees that, in the event the owner(s) or the owner’s suc- cessors 's successors in interest fail to carry out the requirements of this section during the applicable period, they shall make a payment to Rural Development in an amount that equals the total amount of assistance provided by the grantee plus interest thereon (without compounding) for each year and any fraction thereof that the assistance was outstanding. The interest rate shall be that as determined by Rural Development at the time of infraction taking into account the average yield on outstanding marketable long-term obligations of the United States during the month preceding the date on which the assistance was initially made available. (8) The owner(s) agrees that, notwith- standing notwithstanding any other provisions of law, the HPG assistance provided to the owner(s) shall constitute a debt which is payable in the case of any failure of this section and shall be secured by a security instrument provided by the owner(s) or co-op to the grantee, that provides for Rural Development to take such action upon incapacity or dissolution of the grantee. (9) The owner(s) agrees and certifies that the assistance is being made avail- able available in conformity with Public Law Pub. L. 88– -352, the ‘‘"Civil Rights Act of 1964,’’ " and Public Law 90–284Pub. L. 90-284, the ‘‘"Civil Rights Act of 1968.’’"

Ownership Agreement. At a min- imum, the ownership agreement must include the following clauses: (1) The owner(s) agrees to make the units repaired or rehabilitated avail- able for occupancy to very low- or low- income persons for a period of not less than 5 years, such restrictive period be- ginning on the date agreed upon in the agreement between the grantee and the rental property owner(s) or co-op. (2) The owner(s) agrees to pass on to the tenants any reduction in the debt service payments resulting from the HPG assistance provided by the HPG grantee to the owner(s). (3) The owner(s) of rental properties agrees not to convert the units to con- dominium ownership. In the case of co- ops, the owner(s) agrees not to convert the dwelling(s) to condominium owner- ship or any form of cooperative owner- ship not eligible under this section. This paragraph (a)(3) is subject to the restrictive period noted in paragraph (a)(1) of this section. (4) The owner(s) agrees not to refuse to rent a unit to any person solely be- cause the person is receiving or is xxxxx- eligi- ble to receive assistance under any Federal, State, or local housing assist- ance program. (5) The owner(s) agrees that the units repaired or rehabilitated will be occu- pied or available for occupancy by per- sons of very low- or low-income. (6) The owner(s) agrees to enter into and abide by written leases with the tenants and that such leases shall pro- vide that the tenants may be evicted only for good cause. (7) The owner(s) agrees that, in the event the owner(s) or the owner’s suc- cessors in interest fail to carry out the requirements of this section during the applicable period, they shall make a payment to Rural Development FmHA or its successor agency under Public Law 103–354 in an amount that equals the total amount of assistance provided by the grantee plus interest thereon (without compounding) for each year and any fraction thereof that the assistance was outstanding. The interest rate shall be that as determined by Rural Development FmHA or its successor agency under Public Law 103–354 at the time of infraction taking into account the average yield on outstanding marketable long-term obligations of the United States during the month preceding the date on which the assistance was initially made available. (8) The owner(s) agrees that, notwith- standing any other provisions of law, the HPG assistance provided to the owner(s) shall constitute a debt which is payable in the case of any failure of this section and shall be secured by a security instrument provided by the owner(s) or co-op to the grantee, that provides for Rural Development FmHA or its successor agency under Public Law 103–354 to take such action upon incapacity or dissolution of the grantee. (9) The owner(s) agrees and certifies that the assistance is being made avail- able in conformity with Public Law 88– 352, the ‘‘Civil Rights Act of 1964,’’ and Public Law 90–284, the ‘‘Civil Rights Act of 1968.’’