Performance of Note, Mortgage and Housing Covenants Sample Clauses

Performance of Note, Mortgage and Housing Covenants. The Mortgagor shall pay or otherwise fully perform its obligations with respect to the payment of the principal, interest and other sums of money payable by virtue of the Note and this Mortgage, or either, promptly when the same become due and payable, and shall perform, comply with and abide by each and every of the agreements, conditions and covenants set forth in the Note and this Mortgage together with the agreements, conditions and covenants set forth below (terms which are capitalized but not defined herein shall have the meanings given to them in that certain Development Agreement, as amended, by and among Xxxxxxxxx Oaks, LLC, Invictus Development, LLC, Mortgagor, Landlord, Mortgagee, and the City of Orlando, Florida ("City"): Pursuant to Section 163.380(2), Florida Statutes, Mortgagor shall not sell, lease or transfer the Mortgaged Property without the prior written consent of City and Mortgagee until construction of all improvements comprising Xxxxxxxxx Oaks Apartments Phase II (the "Project") have been completed, as evidenced by the issuance of a final certificate of occupancy for each building intended to constructed on the Mortgaged Property as shown on the Site Plan. The foregoing shall not be construed to prohibit (a) the lease of units whether completed or under construction to prospective tenants or (b) the pledge or mortgage of Xxxxxxxxx's interest in the Mortgaged Property to a mortgage lender providing financing for the construction of the Project. Furthermore, no less than twenty-five percent (25%) of the units shall qualify as Affordable Housing, as defined below, with applicable set aside requirements, and no less than five percent (5%) of the units will qualify as Permanent Supportive Housing, as defined below. Mortgagor shall design the Project with a mix of units containing a number of bedrooms to facilitate leasing to prospective tenants meeting the affordable housing criteria set forth herein. These restrictive covenants shall not be terminable upon foreclosure by a lender holding a mortgage lien on the Property in connection with Xxxxxxxxx's financing, including construction and permanent loans, except such restrictive covenants may be terminated by a foreclosure judgment obtained by the holder of the first mortgage on the Mortgaged Property in a foreclosure proceeding commenced no earlier than ten (10) years following issuance of certificates of occupancy for all contemplated improvements on the Mortgaged Property.
Sample 1
AutoNDA by SimpleDocs

Related to Performance of Note, Mortgage and Housing Covenants

  • WHEREAS the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  • Entire Agreement This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

  • NOW, THEREFORE the parties hereto agree as follows:

  • Definitions For purposes of this Agreement:

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • Term The term of this Agreement will be ten (10) years from the Effective Date (as such term may be extended pursuant to Section 4.2, the “Term”).

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

  • Termination This Agreement may be terminated at any time prior to the Closing:

Time is Money Join Law Insider Premium to draft better contracts faster.