Residential Rental Property. The Borrower hereby represents, as of the date hereof, and covenants, warrants and agrees as follows:
(a) The Project is being owned and operated for the purpose of providing qualified residential rental housing, consisting of one mobile home Space for each household, together with facilities which are Functionally Related and Subordinate to such Spaces.
(b) All of the mobile homes in the Project will contain separate facilities for living, sleeping, eating, cooking and sanitation, including a sleeping area, bathing and sanitation facilities and cooking facilities equipped with a cooking range, refrigerator and sink.
(c) All of the Spaces will be available for rental on a continuous basis to members of the general public during the Qualified Project Period, and the Borrower will not give preference to any particular class or group in renting the Spaces in the Project, except to the extent that Spaces are required to be leased or rented to Very Low Income Residents.
(d) The Project comprises a single geographically and functionally integrated project for residential rental property, as evidenced by the ownership, management, accounting and operation of the Project.
(e) No part of the Project will at any time be owned or used as a condominium or by a cooperative housing corporation, and the Borrower shall not take any steps toward such conversion without an opinion of Bond Counsel that interest on the Bonds will not thereby become includable in gross income for federal income tax purposes.
(f) Should involuntary noncompliance with the provisions of this Regulatory Agreement be caused by fire, seizure, requisition, foreclosure, transfer of title by deed in lieu of foreclosure, change in a federal law or an action of a federal agency after the Closing Date which prevents the Authority from enforcing the requirements of the Regulations, or condemnation or similar event, the Borrower covenants that, within a “reasonable period” determined in accordance with the Regulations, it will either prepay the Note or apply any proceeds received as a result of any of the preceding events to reconstruct the Project to meet the requirements hereof.
(g) There shall be no discrimination against or segregation of any person or group of persons on account of race, color, religion, sex, marital status, ancestry, national origin, source of income (e.g. AFDC (or its successor program, if any) or SSI) or disability in the sale, lease, sublease, transfer, use, occupancy, tenure or en...
Residential Rental Property. The Borrower hereby acknowledges and agrees that the Project will be owned, managed and operated as a “qualified residential rental project” (within the meaning of Section 142(d) of the Code) until the expiration of the Qualified Project Period. To that end, and for the term of this Regulatory Agreement, the Borrower hereby represents, as of the date hereof, and covenants, warrants and agrees as follows:
(a) The Project is being acquired, rehabilitated and equipped for the purpose of providing multifamily residential rental property, and the Borrower shall own, manage and operate the Project as a project to provide multifamily residential rental property comprised of a building or structure or several interrelated buildings or structures, together with any functionally related and subordinate facilities, and no other facilities, in accordance with applicable provisions of Section 142(d) of the Code and Section 1.103-8(b) of the Regulations, and the Act, and in accordance with such requirements as may be imposed thereby on the Project from time to time.
(b) All of the dwelling units in the Project will be similarly constructed units, and, to the extent required by the Code and the Regulations, each dwelling unit in the Project will contain complete separate and distinct facilities for living, sleeping, eating, cooking and sanitation for a single person or a family, including a sleeping area, bathing and sanitation facilities and cooking facilities equipped with a cooking range, refrigerator and sink; provided that any tenant may, but shall not be obligated to, provide a refrigerator for the unit to be occupied.
(c) None of the dwelling units in the Project will at any time be utilized on a transient basis, or will ever be used as a hotel, motel, dormitory, fraternity house, sorority house, rooming house, nursing home, hospital, sanitarium, rest home, retirement house or trailer court or park provided that the use of certain units for tenant guests on an intermittent basis shall not be considered transient use for purposes of this Regulatory Agreement.
(d) No part of the Project will at any time be owned or used as a condominium or by a cooperative housing corporation, nor shall the Borrower take any steps in connection with a conversion to such ownership or uses. The Borrower shall not take any steps in connection with a conversion of the Project to a condominium or cooperative ownership except with the prior written approving opinion of Tax Counsel that by...
Residential Rental Property. Notwithstanding anything contained in this Mortgage to the contrary, if the Mortgaged Premises are occupied or are used as a residential rental property, the Mortgagor represents and warrants to the Mortgagee that with respect to the Mortgaged Premises, except as permitted under laws applicable to residential housing: no demolition, conversion, renovation, repair or severance has taken place with respect to any part of the Mortgaged Premises;
Residential Rental Property. The Borrower hereby acknowledges and agrees that the Facility is to be owned, managed and operated as a project for “residential rental property” as such term is referred to in Section 142(d) of the Code. To that end, the Borrower hereby makes the following representations and warranties and, until the expiration of the Qualified Project Period, the following covenants:
(a) The Facility will be acquired, renovated and equipped for the purpose of providing multifamily residential rental property. The entire Facility shall be owned by the Borrower for federal income tax purposes. The Facility shall be owned, managed and operated as a multifamily residential rental property comprised of a building or structure or several buildings or structures, together with any functionally related and subordinate facilities and no other facilities, in accordance with Section 142(d) of the Code and Sections 1.103-8(b) and 1.103-8(a)(4) of the Regulations, and in accordance with such requirements as may be imposed thereby on the Facility from time to time.
(b) Once available for occupancy, each unit in the Facility has been and will be held available for rental on a continuous basis at all times during the Qualified Project Period.
(c) The Facility is and will be comprised of similarly constructed dwelling units, each of which contains and shall contain separate and complete facilities for living, sleeping, eating, cooking and sanitation for a single person or a family, including a living area, a sleeping area, bathing and sanitation facilities and cooking facilities equipped with a cooking range, refrigerator and sink, but may be served by centrally located equipment such as heating and air conditioning.
(d) Neither the Facility nor any of the residential units in the Facility will at any time be used on a transient basis, and no portion of the Facility has been or shall be used as a hotel, motel, dormitory, fraternity house, sorority house, rooming house, hospital, nursing home, sanitarium, rest home or trailer park or court. Prior to commencing occupancy in any unit in the Facility each tenant shall execute a written lease which shall be for a term of at least six (6) months.
(e) Subject, in all events, to the occupancy requirements of Section 3.2 hereof, all of the units will be rented or available for rent on a continuous basis to members of the general public, and the Borrower will not give preference to any particular class or group in renting the dwelling units in th...
Residential Rental Property. The “Residential Rental Property” is the residential rental home or residential rental unit for which the Landlord and Tenant have a rental arrangement pursuant to a Lease. See Article 3, Paragraph B for more detailed information on the Residential Rental Property.
Residential Rental Property. (a) The Project will be operated for the purpose of providing multifamily residential rental property, and HFC will own the Project, and Grantor will manage and operate the Project in accordance with this Regulatory Agreement and the Ground Lease.
(b) All of the Units in the Project are similarly constructed dwelling units containing complete separate and distinct facilities for living, sleeping, eating, cooking, and sanitation for a single person or a family, including a sleeping area, bathing and sanitation facilities, and cooking facilities equipped with a cooking range, refrigerator and sink.
(c) No part of the Project will at any time be owned by a cooperative housing corporation, nor shall the Grantor take any steps in connection with a conversion to such ownership or uses. The Grantor shall not take any steps in connection with a conversion of the Project to a condominium regime during the Term, as defined herein.
(d) During the Term, all Units in the Project will be available for rental on a continuous basis to members of the general public, and, subject to the requirements set forth in Section 2 below, Grantor will comply with all applicable fair housing and nondiscrimination laws, ordinances, and regulations when renting the Units in the Project. The Grantor will not give preference to any particular class or group in renting the Units in the Project, except to the extent that a certain number of Units are required to be leased or rented or otherwise reserved for lease to an individual tenant or family earning less than 80% of the area median family income (“Low Income Tenants”) for the Denton County – Dallas-Fort Worth-Arlington, TX HUD Metro FMR Area for the applicable year, as adjusted for a four (4) person household (“AMI”) and calculated in accordance with the Calculator, as calculated in accordance with the Novogradac Rent and Income Limit Calculator (the “Calculator”) for the applicable year, under the “Other Federal, State, or Local Program” category for Denton County – Dallas-Fort Worth-Arlington, TX HUD Metro FMR Area with a maximum monthly rent calculated by multiplying the AMI by 80%, multiplying that amount by a maximum rent cap of 35% and dividing by 12 months (AMI x .80 x .35 ÷ 12). In the event such tool is not available, applicable rent and income limits shall be calculated using a reasonable substitute tool as mutually agreed to by the parties hereto and by the indirect members of the Grantor.
(e) The Land consists of a parcel o...
Residential Rental Property. The Authority and the Borrower hereby declare their understanding and intent that, during the term of this Agreement, each Project is to be owned, managed and operated, as a “project for residential rental property” as such phrase is utilized in Section 142(d) of the Code and as a “qualifying housing development” as defined in Section 159.603(6), Florida Statutes. To that end, the Borrower hereby represents, covenants, warrants and agrees separately with respect to each Project that:
(a) Each such Project will be acquired and rehabilitated for the purpose of providing multifamily “residential rental property” as such phrase is used in Section 142(d) of the Code, (ii) the Borrower shall own the entire Project for federal tax purposes, and (iii) each such Project shall be owned, managed and operated as a multifamily residential rental property comprised of a building or structure or several buildings or structures containing similarly constructed units, together with any functionally related and subordinate facilities and no other facilities, in accordance with Section 142(d) of the Code and Sections 1.103-8(b)(4) and 1.103- 8(a)(3) of the Regulations (as modified by Section 142(d) of the Code), and in accordance with such requirements as may be imposed thereby on each such Project from time to time.
(b) Each such Project will comprise one or more similarly constructed residential rental units, each of which will contain separate and complete facilities for living, sleeping, eating, cooking and sanitation for an individual or a family, including a living area, a sleeping area, bathing and sanitation facilities and cooking facilities equipped with a cooking range, refrigerator and sink.
(c) None of the residential rental units with respect to each such Project will at any time be utilized on a transient basis or will be used as a hotel, motel, dormitory, fraternity or sorority house, rooming house, nursing home, hospital, sanitarium, rest home or trailer court or trailer park.
(d) All of the residential rental units will be similarly constructed and will be rented or available for rent on a continuous basis to members of the general public and, except as provided above, or as otherwise required under any Section 8 assistance under the United States Housing Act of 1937, as amended, or the Borrower will not give preference to any particular class or group in renting the units in each such Project except to the extent that residential rental units are required t...
Residential Rental Property. The Borrower hereby represents, covenants, warrants and agrees as follows:
(a) All of the dwelling units in the Project will be similarly constructed units, and each income restricted unit in the Project will contain complete separate and distinct facilities for living, sleeping, eating, cooking and sanitation for a single person or a family, including a sleeping area, bathing and sanitation facilities and cooking facilities equipped with a cooking range and oven, a sink and a refrigerator. Each of the Accessible Housing Units shall also comply with these requirements. Notwithstanding the foregoing, a unit shall not fail to be treated as a residential unit merely because such unit is a single-room occupancy unit within the meaning of Section 42(i)(3)(B)(iv) of the Code even though such housing may provide eating, cooking and sanitation facilities on a shared basis.
(b) All of the dwelling units (which shall not include any manager units) will be available for rental on a continuous basis to members of the general public, and the Borrower will not give preference to any particular class or group in renting the dwelling units in the Project, except to the extent that for the following: (1) any dwelling units are required to be leased or rented to low income tenants; (2) the requirements of any regulatory agreement executed between the Borrower and HUD or between the Borrower and a subordinate lender (including the City); (3) the requirements of any Section 8 Housing Assistance Payments Contract with respect to the Project; (4) any preference Borrower gives to a class of persons permitted to be given preference pursuant to the Code, State law and other applicable federal law; and (5) Accessible Housing Units shall be made available to persons with disabilities as provided herein.
Residential Rental Property. The Owner hereby represents, covenants, warrants and agrees as follows:
a. All of the Housing Units in the Housing Development will be similarly constructed units, and each income restricted unit in the project will contain complete separate and distinct facilities for living, sleeping, eating, cooking and sanitation for a single person or a family, including a sleeping area, bathing and sanitation facilities and
b. All of the Housing Units (which shall not include any manager units) will be available for rental on a continuous basis to members of the general public, and the Owner will not give preference to any particular class or group in renting the housing units in the project, except to the extent that: (1) Accessible Housing Units shall be made available on a priority basis to persons who need the accessible features, as described in Section 3 above; (2) any Housing Units are required to be leased or rented to low income tenants or persons [62] years of age and older, (3) the requirements of any regulatory agreement executed between the Owner and HUD or between the Owner and a subordinate lender (including the City), (4) the requirements of any Section 8 Housing Assistance Payments Contract with respect to the project, and (5) any preference Owner may legally provide pursuant to applicable federal and state law.
Residential Rental Property. The Purchaser hereby acknowledges and agrees that during the Term of this Condominium Agreement:
(a.) The Property shall at all times be used as Residential Rental Property.
(b.) The Property shall not be subject to any Condominium Conversion and neither shall any portion of the Property be converted to Units for sale in connection with a Condominium Conversion nor shall the title to any such Units be transferred to any party.
(c.) No part of the Property will at any time be owned or used as a cooperative housing corporation or similar form of ownership. The Purchaser hereby covenants and agrees to include the requirements and restrictions contained in this Condominium Agreement in any documents transferring any interest (other than a leasehold interest to an individual tenant, customary utility easements, and deed of trust or financing instrument) in the Property to another person to the end that such transferee had notice of, and is bound by, the requirements and restrictions hereof, and to obtain the agreement from any transferee in the form of Exhibit B attached hereto (the “Assumption Agreement”) requiring said transferee to abide to all the requirements and restrictions contained in this Condominium Agreement.
