Common use of Standards for Rehabilitation Clause in Contracts

Standards for Rehabilitation. The Owner agrees that the Department, its agents and its designees shall have the right to inspect the Property at all reasonable times in order to ascertain whether the conditions of the Grant Award Agreement and these covenants are being observed. The Owner agrees that these restrictions shall encumber the property for a period of ten years from the date of recordation, and that if the restrictions are violated within the ten year period, the Department shall be entitled to liquidated damages pursuant to the following schedule: If the violation occurs within the first five years of the effective date of these covenants, the Department shall be entitled to return of the entire grant amount. If the violation occurs after the first five years, the Department shall be entitled to return of the entire grant amount, less 10% for each year past the first five. For instance, if the violation occurs after the sixth anniversary of the effective date of these covenants, but prior to the seventh anniversary, the Department shall be entitled to return of 80% of the original grant amount. The Owner agrees to file these covenants with the Clerk of the Circuit Court of (Name of County) County, Florida, and shall pay any and all expenses associated with their filing and recording. The Owner agrees that the Department shall incur no tax liability as a result of these restrictive covenants.

Standards for Rehabilitation. The Owner agrees agree that the Department, its agents and its designees shall have the right to inspect the Property at all reasonable times in order to ascertain whether the conditions of the Grant Award Agreement and these covenants are being observed. The Owner agrees agree that these restrictions shall encumber the property for a period of ten years from the date of recordation, and that if the restrictions are violated within the ten year period, the Department shall be entitled to liquidated damages pursuant to the following schedule: If the violation occurs within the first five years of the effective date of these covenants, the Department shall be entitled to return of the entire grant amount. If the violation occurs after the first five years, the Department shall be entitled to return of the entire grant amount, less 10% for each year past the first five. For instance, if the violation occurs after the sixth anniversary of the effective date of these covenants, but prior to the seventh anniversary, the Department shall be entitled to return of 80% of the original grant amount. The Owner agrees to file these covenants with the Clerk of the Circuit Court of (Name of County) County, Florida, and shall pay any and all expenses associated with their filing and recording. The Owner agrees agree that the Department shall incur no tax liability as a result of these restrictive covenants.