Sale of Units as Condominiums Sample Clauses

Sale of Units as Condominiums. Owner shall not convert the Project to condominium or cooperative ownership or sell condominium or cooperative rights to the Project during the term of this Agreement without the consent of the Agency, which consent shall not be unreasonably withheld, conditioned or delayed. Upon the issuance of Agency consent, prior to the expiration of the Affordability Period, Owner may sell the Restricted Units as condominiums in phases. Owner covenants and agrees for itself, its successors, its assigns, and every successor in interest to the Property or any part thereof, that upon the sale of the Restricted Units as condominiums and thereafter, the Property shall remain subject to the uses specified in, and otherwise comply with the terms and conditions of, this Agreement. All uses conducted on the Property, including, without limitation, all activities undertaken by the Owner pursuant to this Agreement, shall conform to all applicable provisions of the City of Milpitas Municipal Code. Owner covenants and agrees to sell the Restricted Units at an Affordable Housing Cost. The sales contract for each Restricted Unit shall not exceed the Affordable Housing Cost. Once a Restricted Unit has been sold as a Restricted Ownership Unit, it shall no longer be considered a Restricted Rental Unit.
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Related to Sale of Units as Condominiums

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  • CONDITIONS AND RESTRICTIONS This Recognition of Covenants, Conditions, and Restrictions (this “Agreement”) is entered into as of the day of , 200 , by and between (“Landlord”), and (“Tenant”), with reference to the following facts:

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