Common use of Residential Rental Project Clause in Contracts

Residential Rental Project. Grantee and the Owner hereby declare their understanding and intent that, during the Term of this Agreement, the Project is to be owned, managed and operated according to the terms and conditions of the Program, this Agreement, and the Loan Documents. To that end, the Owner hereby represents, covenants, commits and agrees as follows: (a) The Owner has completed the acquisition, and renovation or construction of the Project in accordance with the information contained in the Application, including any and all supplements, amendment, conditions and deletions thereto or therefrom. (b) The Project consists of the development, rehabilitation, restoration, construction and operation of a multifamily residential rental project on the Land. (c) The Project has been substantially completed in accordance with the Application, as revised by the Financing Certification, and all dwelling units in the Project are available for initial occupancy as of the Placed in Service Date. (d) The Project is in good and habitable condition. (e) There are no defects or deficiencies in the Project other than normal and customary punch list items or incomplete work awaiting seasonal opportunity. (f) All labor and material bills of every kind and character incurred by the Owner in connection with the construction, equipping and completion of the Project have been paid in accordance with the payment provisions of each contract. (g) The Project has been constructed in all material respects in accordance with applicable zoning, building, housing and other codes, ordinances and regulations. (h) All required certificates of occupancy have been issued by the applicable governmental authority and copies of such occupancy certificates have been provided to Grantee. (i) Owner has provided final lien waivers from the general contractor and all major subcontractors, and the lien periods provided by applicable law have expired, with no liens being filed against the Project. (j) The Owner, its successors or assigns, shall own, manage, and operate the Project exclusively as multifamily rental housing. (k) The representations, warranties, covenants and commitments under this Agreement, are in effect for a period of not less than thirty five (35) years from _____________,the date on which this Agreement was executed by the Owner.

Residential Rental Project. Grantee OCD and the Owner hereby declare their understanding and intent that, during the Term of this Agreement, the Project is to be owned, managed and operated according to the terms and conditions of the Program, this Agreement, and the Loan DocumentsDocuments and/or the PBRA Contract, as applicable. To that end, the Owner hereby represents, covenants, commits and agrees as follows: (a) The Owner has completed the acquisition, and renovation or construction of the Project in accordance with the information contained in the Application, including any and all supplements, amendment, conditions and deletions thereto or therefrom. (b) The Project consists of the development, rehabilitation, restoration, construction and operation of a multifamily residential rental project on the Land. (c) The Project has been substantially completed in accordance with the Application, as revised by the Financing Certification, and all dwelling units in the Project are available for initial occupancy as of the Placed in Service Date. (d) The Project is in good and habitable condition. (e) There are no defects or deficiencies in the Project other than normal and customary punch list items or incomplete work awaiting seasonal opportunity. (f) All labor and material bills of every kind and character incurred by the Owner in connection with the construction, equipping and completion of the Project have been paid in accordance with the payment provisions of each contract. (g) The Project has been constructed in all material respects in accordance with applicable zoning, building, housing and other codes, ordinances and regulations. (h) All required certificates of occupancy have been issued by the applicable governmental authority and copies of such occupancy certificates have been provided to GranteeOCD. (i) Owner has provided final lien waivers from the general contractor and all major subcontractors, and the lien periods provided by applicable law have expired, with no liens being filed against the Project. (j) The Owner, its successors or assigns, shall own, manage, and operate the Project exclusively as multifamily rental housing. (k) The representations, warranties, covenants and commitments under this Agreement, are in effect for a period of not less than thirty five (35) years from _____________,, the date on which of this Agreement was executed by the OwnerAgreement.

Residential Rental Project. Grantee LHC and the Owner hereby declare their understanding and intent that, during the Term of this Agreement, the Project is to be owned, managed and operated according to the terms and conditions of the Program, this Agreement, and the Loan Documents, as applicable. To that end, the Owner hereby represents, covenants, commits and agrees as follows: (a) The Owner has completed the acquisition, and has or will complete the renovation or construction of the Project in accordance with the information contained in the Application, including any and all supplements, amendmentamendments, conditions and deletions thereto or therefrom. (b) The Project consists of the development, rehabilitation, restoration, construction and operation of a multifamily residential rental project Rental Housing on the Land. (c) The Project has been or will be substantially completed in accordance with the Application, as revised by the Financing Certification, and all dwelling units in the Project are or will be available for initial occupancy as of the Placed placed in Service Dateservice date. (d) The Project is or will be in good and habitable conditioncondition after completion of construction. (e) There After completion of construction, there are and will be no defects or deficiencies in the Project other than normal and customary punch list items or incomplete work awaiting seasonal opportunity. (f) All labor and material bills of every kind and character incurred by the Owner in connection with the construction, equipping and completion of the Project have been or will be paid in accordance with the payment provisions of each contract. (g) The Project has been or will be constructed in all material respects in accordance with applicable zoning, building, housing and other codes, ordinances and regulations. (h) All required certificates of occupancy have been or will be issued by the applicable governmental authority and copies of such occupancy certificates have been or will be provided to GranteeLHC. (i) Owner has provided or will provide final lien waivers from the general contractor and all major subcontractors, and the lien periods provided by applicable law have or will have expired, with no liens being filed against the Project. (j) The Owner, its successors or assigns, shall own, manage, and operate the Project exclusively as multifamily rental housingRental Housing. (k) The representations, warranties, covenants and commitments under this Agreement, are in effect for a period of not less than thirty [thirty-five (35) 35)][forty (40)] years from _____________,the date on which this Agreement was executed by the OwnerEffective Date.

Residential Rental Project. Grantee LHC and the Owner hereby declare their understanding and intent that, during the Term of this Agreement, the Project is to be owned, managed and operated according to the terms and conditions of the Program, this Agreement, and the Loan Documents, as applicable. To that end, the Owner hereby represents, covenants, commits and agrees as follows: (a) The Owner has completed the acquisition, and has or will complete the renovation or construction of the Project in accordance with the information contained in the Application, including any and all supplements, amendmentamendments, conditions and deletions thereto or therefrom. (b) The Project consists of the development, rehabilitation, restoration, construction and operation of a multifamily residential rental project Rental Housing on the Land. (c) The Project has been or will be substantially completed in accordance with the Application, as revised by the Financing Certification, and all dwelling units in the Project are or will be available for initial occupancy as of the Placed placed in Service Dateservice date. (d) The Project is or will be in good and habitable conditioncondition after completion of construction. (e) There After completion of construction, there are and will be no defects or deficiencies in the Project other than normal and customary punch list items or incomplete work awaiting seasonal opportunity. (f) All labor and material bills of every kind and character incurred by the Owner in connection with the construction, equipping and completion of the Project have been or will be paid in accordance with the payment provisions of each contract. (g) The Project has been or will be constructed in all material respects in accordance with applicable zoning, building, housing and other codes, ordinances and regulations. (h) All required certificates of occupancy have been or will be issued by the applicable governmental authority and copies of such occupancy certificates have been or will be provided to GranteeLHC. (i) Owner has provided or will provide final lien waivers from the general contractor and all major subcontractors, and the lien periods provided by applicable law have or will have expired, with no liens being filed against the Project. (j) The Owner, its successors or assigns, shall own, manage, and operate the Project exclusively as multifamily rental housingRental Housing. (k) The representations, warranties, covenants and commitments under this Agreement, are in effect for a period of not less than thirty thirty-five (35) years from _____________,the date on which this Agreement was executed by the OwnerEffective Date.