Common use of Phase-Out Period Clause in Contracts

Phase-Out Period. Upon a Unit becoming vacant during the Phase-Out Period, the Proponent may rent the Unit to a new tenant at any rent agreed to by the Proponent and the new tenant and that is in compliance with then existing rent legislation.

Phase-Out Period. Upon a an Affordable Housing Unit or Rent Controlled Unit becoming vacant during the Phase-Out Period, the Proponent may rent the Unit such unit to a new tenant at any rent agreed to by the Proponent and the new tenant and that is in compliance with then existing rent legislation, and the Proponent shall not be required to comply with Subsection 8.1(b)in respect of such unit.

Phase-Out Period. Upon a Unit becoming vacant during the Phase-Out Period, the Proponent may rent the Unit to a new tenant at any rent agreed to by the Proponent and the new tenant and that is in compliance with then existing rent legislation.. [NTD: if required]