Regulatory Period Sample Clauses
The 'Regulatory Period' clause defines the specific timeframe during which certain regulatory requirements or obligations apply to the parties involved in an agreement. Typically, this period is tied to the duration of a license, permit, or other regulatory approval, and may begin upon the effective date of the agreement or upon the occurrence of a regulatory event. For example, it might cover the time from when a product receives government approval until that approval expires or is revoked. The core function of this clause is to clearly delineate when regulatory compliance is required, thereby reducing uncertainty and ensuring both parties understand their obligations within the defined period.
Regulatory Period. The Owner, for a period of five (5) years from project completion (“Regulatory Period”), shall take all necessary steps to ensure that the property improved under the Program is maintained in good condition. Residential units improved under the Program that become vacant during the Regulatory Period must be marketed, and made affordable, to persons of low income, which is defined as persons and families whose incomes do not exceed ninety percent (90%) of the median income for the metropolitan statistical area in which the properties are located. This requirement is met through a rent limit imposed on the assisted units during the Regulatory Period. Annual Rent Limit tables are prepared by NYS Homes and Community Renewal (“HCR”). It is essential that Owners ensure that their properties remain free of lead hazards after compliance has been documented. The Owner agrees to maintain paint in all residential spaces using lead-safe work practices for the five year Regulatory Period. The Owner or a representative should visually assess the property on a routine basis, and whenever the occupant reports loose, peeling or damaged paint. The property owner may elect to hire a lead inspector to perform this assessment. The Owner of a property improved under the Program (“Assisted Property”) will be required to execute a Declaration, in the form attached as Attachment D, which shall be filed in the County Clerk’s Office for the county in which the Assisted Property is located. The Owner agrees to maintain the Assisted Property in compliance with the terms of this Grant Agreement, throughout the Regulatory Period. The Owner shall further declare that in the event of any non-compliance or sale of the property, the amount of grant funds distributed shall be subject to repayment, the amount of which shall be calculated and determined in accordance with an annual declining balance method based upon the five (5) year enforcement period, as shown on the Declaration. The Owner further acknowledges and agrees that the LPA shall have the right, pursuant to its agreement with the HTFC, to inspect the Assisted Property to monitor the Owner’s compliance with this requirement.
Regulatory Period. The Owner, for a period of five (5) years from project completion (“Regulatory Period”), shall take all necessary steps to ensure that the property improved under the Program is maintained in good condition. The Owner will ensure that preference in selection of occupants shall be given to persons or families with the lowest incomes possible, defined as persons and families whose incomes do not exceed ninety percent (90%) of the median income for the metropolitan statistical area in which the properties are located. The Owner of a property improved under the Program (“Assisted Property”) will be required to execute a Declaration, in the form attached as Attachment D, which shall be filed in the County Clerk’s Office for the county in which the Assisted Property is located. The Owner agrees to maintain the Assisted Property in compliance with the terms of this Grant Agreement, throughout the Regulatory Period. The Owner shall further declare that in the event of any non-compliance or sale of the property, the amount of grant funds distributed shall be subject to repayment, the amount of which shall be calculated and determined in accordance with an annual declining balance method based upon the five (5) year enforcement period, as shown on the Declaration. The Owner further acknowledges and agrees that the LPA shall have the right, pursuant to its agreement with the HTFC, to inspect the Assisted Property to monitor the Owner’s compliance with this requirement.
Regulatory Period. The term of this Agreement shall commence on the date hereof and shall continue so long as the LIHTC Regulatory Agreement shall remain in effect.
Regulatory Period. The Owner, during the effective term of this Agreement and at a minimum until the Grant Expiration Date (03/08/21) of the Village’s CDBG Grant Agreement (or any approved modifications or extensions to this Agreement approved by the OCR), shall take all necessary steps to ensure that the FFE purchased under the Project is maintained in good condition and used for the purposes intended when the Village and Owner entered into this Agreement. The Owner agrees that in the event of any non-compliance or event of default outlined under Section 12 of this Agreement during the Regulatory Period described above, the amount of grant funds distributed shall be subject to repayment to the Village, as further described in Section 12, within 45 days of the Village notifying the Owner of a non-compliance event.
Regulatory Period. The Owner(s), for a period of ten (10) years from project completion (“Regulatory Period”), shall take all necessary steps to ensure that the Assisted Property is maintained in good condition and repair. The Owner(s) shall take all necessary steps to ensure that the Assisted Property is occupied by a year-round or long-term tenant for the duration of the Regulatory Period. Short-term rentals, including vacation and seasonal rentals, are not permitted and would constitute a violation of the regulatory terms. Owner(s) of Assisted Properties are not obligated to collect rent from the occupant of the ADU on the Assisted Property if the occupant is a family-member or for other reasons at their discretion. Owner(s) of Assisted Property that becomes vacant during the Regulatory Period must make good faith efforts to market the Assisted Property to potential long-term tenants. If the Owner(s) of an Assisted Property sells or otherwise conveys the Assisted Property during the Regulatory Period, the Assisted Property must either be sold or otherwise conveyed to an individual(s) with an adjusted household income of no more than 100% of area median income (“AMI”) or the grant funds provided under the Program will be subject to repayment in accordance with a simple declining balance based on the ten year regulatory term, and as detailed in a Restrictive Covenant. In the event that the Assisted Property is sold or otherwise conveyed in accordance with these terms and those of the Restrictive Covenant, the new Owner(s) of the Assisted Property must execute an Affirmation assuming the regulatory requirements and responsibilities found herein and found in the Restrictive Covenant. Failure to execute such Affirmation may result in a recapture of Program funds in accordance with a simple declining balance based on the ten-year regulatory term. The Owner(s) of the Assisted Property will be required to execute a Restrictive Covenant, in the form attached as Attachment D, which shall be recorded in the County Clerk’s Office for the county in which the Assisted Property is located. The Owner(s) agrees to maintain the Assisted Property in compliance with the terms of this Grant Agreement, throughout the Regulatory Period. The Owner(s) further acknowledges and agrees that the LPA shall have the right, pursuant to its agreement with the HTFC, to inspect the Assisted Property to monitor the Owner’s compliance with this requirement. The provisions of this section 7 shall survive the ...
Regulatory Period. The current mechanism entails allowed costs which reflect yearly actual costs (i.e. the level of remuneration for the investments, depreciation and operating costs). Such mechanism does not grant the regulatory stability required for proper planning of mid to long-term investments. Additionally, a regulatory period of one year does not provide any incentive for efficiency gains and cost predictability. In order to match EU best practices, future regulation will set a regulatory period of at least three years, which will allow the application of an efficiency incentive mechanism (please refer to next chapter for further implications of extension of the regulatory period).