Term of Restrictions Sample Clauses

Term of Restrictions. (a) The term of the occupancy restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, which is the Required Number of Years after the Occupancy Date. During the Required Number of Years, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit. (b) Notwithstanding subsection (a) above, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year extended use period (30 years total); provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust); or (ii) after the expiration of the Qualified Contract Required Number of Years, if the Owner has properly requested in accordance with Code Section 42(h)(6) that the Authority assist in procuring a qualified contract for the acquisition of the low-income portion of such building and the Authority is unable to present a qualified contract within one (1) year after the date the written request was submitted to the Authority. In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure no less than 15 days prior to such foreclosure. (c) Notwithstanding subsections (a) and (b) above, the Code Section 42 rent requirements shall continue for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit (the “Vacancy Decontrol Rule”). (d) If the Project experiences financial trouble the Owner may request a waiver from the Authority of the applicable rent restrictions stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on written evidence submitted to the Authority by the Owner which must be evaluated and certified by an independent third-party CPA. The Authority may waive or adjust the rent restrictions state...

Term of Restrictions. During the Restriction Period, the Property shall be used and operated in accordance with the terms of this Agreement and the requirements of Article XI of the Private Housing Finance Law and the Certificate Of Incorporation of the HDFC. After the Restriction Period, the Property shall be used and operated in accordance with the requirements of Article XI of the Private Housing Finance Law and the Certificate Of Incorporation of the HDFC.

Term of Restrictions. This Agreement shall remain in effect until the fifty- fifth (55th) anniversary of the issuance of the final certificate of occupancy or equivalent for the Project, unless the term is extended by written agreement of the Parties.

Term of Restrictions a. Except as otherwise provided herein, this Covenant shall run with the land and shall restrict the use of the Restricted Property in accordance with the terms herein for a term of 99 years commencing on the date this Covenant is fully executed. b. This Covenant shall terminate on the date the Restricted Property is acquired by foreclosure or deed in lieu of foreclosure unless the County determines that such acquisition is part of an arrangement with Grantor a purpose of which is such termination.

Term of Restrictions a. Except as otherwise provided herein, this Covenant shall run with the land and be in effect for each building which is part of the Project for a term of 99 years commencing on the date this Covenant is fully executed. b. Except as provided in subsection (c) of this Section 3, this Covenant shall terminate on the date the Project or each building that is part of the Project is acquired by foreclosure or deed in lieu of foreclosure unless the County determines that such acquisition is part of an arrangement with Grantor a purpose of which is such termination. c. Notwithstanding the termination of occupancy restrictions and this Covenant under subsection (b) above, during the period of three years following any termination pursuant to subsection (b) above, Grantor shall not evict or terminate the tenancy of an existing tenant of any Low-Income Unit (hereinafter defined) other than for good cause and shall not increase the gross rent above the maximum allowed under this Covenant with respect to such Low-Income Unit. This subsection (c) and the rights granted to the County and tenants of the Project to enforce this Covenant shall survive any such termination of this Covenant.

Term of Restrictions. This Agreement shall remain in effect until the fifty-fifth (55th) anniversary of the City’s issuance of a final certificate of occupancy for the Project.

Term of Restrictions. These servitudes of usage, protective covenants and restrictions are to run with the land and shall be binding on all parties, and all persons claiming under them for a period of twenty-five (25) years from the date these servitudes or usage, protective covenants and restrictions are recorded, after which time said servitudes of usage, protective covenants and restrictions shall be automatically extended for successive periods of ten (10) years, unless on or before the commencement of any such ten (10) year period eighty (80) percent of the lot owners in all filings of Riverbend Subdivision shall vote to terminate these restrictions.

Term of Restrictions. This Agreement shall remain in effect for fifty five (55) years from the Effective Date.

Term of Restrictions. (a) Grantee hereby covenants and agrees for itself, its successors, its assigns, and every successor-in-interest to the Property that Grantee, such successors and such assigns, shall develop, operate, maintain and use the Property in accordance with the terms and conditions of the DDA and this Deed (unless expressly waived in writing by Grantor) for the term of thirty (30) years from the date of recordation of the Certificate of Completion (as defined in the DDA); provided, however, the covenants contained in Sections 8 and 9 shall remain in effect in perpetuity, and the Covenant Agreement shall continue for the term set forth therein. (b) Grantee may request that City release the covenants in this Deed (except Sections 8 and 9) if (i) the Certificate of Completion has been recorded, and (ii) the obligations for uses and maintenance in this Deed are contained in the Covenant Agreement and City has the right to enforce such provisions in the Covenant Agreement. Upon satisfaction of the foregoing conditions, City shall execute and acknowledge an appropriate document releasing the applicable covenants which shall be recorded in the Official Records of Los Angeles County.

Term of Restrictions a. Except as otherwise provided herein, this Covenant shall run with the land and be in effect in perpetuity commencing on the date this Covenant is fully executed. b. Except as provided in subsection (c) of this Section 3, this Covenant shall terminate on the date the Project is acquired by foreclosure or deed in lieu of foreclosure unless BCHA determines that such acquisition is part of an arrangement with Grantor a purpose of which is such termination. c. Notwithstanding the termination of occupancy restrictions and this Covenant under subsection (b) above, during the period of three years following any termination pursuant to subsection (b) above, Grantor shall not evict or terminate the tenancy of an existing tenant of any Low-Income Unit (hereinafter defined) other than for good cause and shall not increase the gross rent above the maximum allowed under this Covenant with respect to such Low-Income Unit. This subsection (c) and the rights granted to BCHA and tenants of the Project to enforce this Covenant shall survive any such termination of this Covenant.