Restriction to Low- and Very Low-Income Seniors Sample Clauses

Restriction to Low- and Very Low-Income Seniors. Notwithstanding anything to the contrary in this Agreement, Borrower hereby covenants on behalf of itself, and its successors and assigns, which covenant shall run with the land and bind every successor and assign in interest of Xxxxxxxx, that, throughout the 30-year Term of the CC&Rs, Borrower and such successors and assigns shall use the Site solely for the purpose of constructing and operating the Project as a residential development with the number of dwelling units and, with the tenant income levels specified in the Transaction Summary above, in the CC&R’s and below. All units, with the exception of the manager’s unit, shall be rented only at an “Affordable Housing Cost” to Seniors of “Low-Income Households” and “Very Low-Income Households” as hereafter defined (persons within either group occasionally referred to as “Eligible Persons”). Quantity Unit Type Percent of AMI 13 1 Bedroom 50% 3 (HOME Assisted Units) 1 Bedroom 50% 29 1 Bedroom 60% 8 (HOME Assisted Units) 2 Bedroom 60% 53 Total Units Total does not include one 2 Bedroom unit for manager.
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