STC Component Sample Clauses

STC Component i) For a minimum period of twenty years beginning from the date of the issuance of the first certificate of occupancy for the Proposed Development, STC shall cause the nonresidential portion of the STC Component to be reserved for use by STC as office, rehearsal, and education uses as well as a costume shop. (1) STC shall not cause or permit the STC Component to be used for retail activity, other than customary and incidental sales related to the mission of STC or another institutional user. (2) STC shall not cause or permit the STC Component to be used for set fabrication activity. (3) STC shall not cause or permit the STC Component to include a black-box theatre or similar dedicated performance space, though the rehearsal and educational spaces may be used for occasional performances related to STC’s other programs. ii) For a minimum period of twenty years beginning from the date of the issuance of the first certificate of occupancy for the Proposed Development, STC shall cause the housing portion of the STC Component (“STC Housing Component”) to be reserved as housing for STC actors, fellows, and other staff. STC shall be permitted to also make available the STC Housing Component as housing for other arts organizations. The STC Housing Component may be used for short term housing for the above persons and organizations; notwithstanding the foregoing, STC shall not cause or permit the STC Housing Component to include rentals through Airbnb or other such short term rentals. iii) During the initial twenty-year period described above, STC shall be permitted to sell all or a portion of the STC Housing Component, but in the event that STC sells such component during this period, the STC Housing Component shall only be sold for use as for-sale housing consistent with Section 1(a) above and such units and any related condominium association shall be subject in all respects to the terms and conditions of this MOU. iv) In the event that STC sells or leases all or a portion of the STC Component of the Completed Development after the expiration of the twenty-year period, STC shall first cause the purchaser(s) and/or lessee(s) to enter into a written agreement whereby the purchaser(s) and/or lessee(s) acknowledges and agrees that the STC Component will remain as a mix of office, arts/design/creation, educational, housing, or similar institutional uses.
Sample 1
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