Common use of TERM OF DECLARATION Clause in Contracts

TERM OF DECLARATION. (a) This Declaration shall become effective with respect to a building in the Project on the first day of the Affordability Compliance Period for such building and shall terminate on the last day of the Affordability Compliance Period, unless this Agreement is earlier terminated pursuant to Section 5(b) hereof (the "Term"). (b) Notwithstanding subsection (a) above, this Declaration shall terminate: (1) with respect to any building in the Project, on the date such building is acquired by foreclosure (or instrument in lieu of foreclosure), upon the recorded declaration of termination of the party so acquiring the building, unless the City determines that such acquisition is part of an arrangement a purpose of which is to terminate such period. If any party acquiring a building by foreclosure (or instrument in lieu of foreclosure) fails to record a declaration terminating this Declaration, the building shall remain subject to this Declaration; or (2) following the end of the Affordability Compliance Period, subject to the consent of the City, upon the acquisition of the Project by the Tenants of the Project, a qualified nonprofit organization or a government agency; or (c) If this Declaration is terminated pursuant to subsection (b) above and notwithstanding anything herein to the contrary, the Tenant of any Low-Income Unit on the date of such termination shall be entitled to occupy such Unit in accordance with the provisions of this Declaration for a period of three years following such termination date, provided, however, that upon a showing of good cause, such Xxxxxx's tenancy may be terminated or such Tenant evicted.

TERM OF DECLARATION. (a) This Declaration shall become effective with respect to a building in the Project on the first day of the Affordability Compliance Period for such building and shall terminate on the last day of the Affordability Compliance Period, unless this Agreement is earlier terminated pursuant to Section 5(b) hereof (the "Term"). (b) Notwithstanding subsection (a) above, this Declaration shall terminate: (1) with respect to any building in the Project, on the date such building is acquired by foreclosure (or instrument in lieu of foreclosure), upon the recorded declaration of termination of the party so acquiring the building, unless the City determines that such acquisition is part of an arrangement a purpose of which is to terminate such period. If any party acquiring a building by foreclosure (or instrument in lieu of foreclosure) fails to record a declaration terminating this Declaration, the building shall remain subject to this Declaration; or (2) following the end of the Affordability Compliance Period, subject to the consent of the City, upon the acquisition of the Project by the Tenants of the Project, a qualified nonprofit organization or a government agency; or (c) If this Declaration is terminated pursuant to subsection (b) above and notwithstanding anything herein to the contrary, the Tenant of any Low-Income Unit on the date of such termination shall be entitled to occupy such Unit in accordance with the provisions of this Declaration for a period of three years following such termination date, provided, however, that upon a showing of good cause, such XxxxxxTenant's tenancy may be terminated or such Tenant evicted.