Use of Project and Assurances of Lessee Sample Clauses

Use of Project and Assurances of Lessee. The Lessor and the Lessee understand and agree that the rent has been set at a nominal amount for the specific purpose of assisting the Lessee to operate and maintain the Project. In consideration of the nominal amount of the rent and the other financial assistance from the Lessor to the Lessee, the Lessee shall use the land and operate the Project in accordance with the uses outlined in this Lease. The Lessee agrees: (a) To operate the Improvements as affordable multifamily residential housing in accordance with the terms of the City Regulatory Agreement, and this Lease; (b) To maintain the character of the Project as required by this Lease and any Other Loan Documents or the City Loan Documents for so long as such Other Loan Documents, the City Loan Documents remain in effect; (c) To select Residents in accordance with a resident selection plan approved by the City; (d) Not to use the Project for any disorderly or unlawful purpose; (e) To use commercially reasonable efforts to prevent any Resident from committing or maintaining any nuisance or unlawful conduct on or about the Project; (f) To use commercially reasonable efforts to prevent any Resident from violating any of the covenants and conditions of this Lease with respect to the Project; (g) To take commercially reasonable action, if necessary, to xxxxx any violation of this Lease by any Resident upon notice from the Lessor; (h) To provide Lessor with Project annual audited financial statements, copies of the current management plan, and the annual operating budget. Lessee shall also notify Lessor of any financial situation that may result in Lessee's inability to meet the Project's Annual Operating Expenses. In the event any payments due to Lessor as part of this Lease, the City Loan Documents and Other Loan Documents are not paid in full, the Lessee shall meet with Lessor to review alternatives to facilitate full payment; and (i) To provide approximately 225 affordable units in accordance with the City Regulatory Agreement, provided, however, that such occupancy and rent restrictions shall terminate on a Permitted Transfer pursuant to Section 2.9 (b). With the exception of two (2) unrestricted manager units, all of the units developed on the Property shall be rent-restricted for occupancy by households whose gross income does not exceed ninety percent (90%) of Area Median Income (the “Eligible Households”), and at least forty-nine percent (49%) of those units shall be further rent-restricted for o...
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Use of Project and Assurances of Lessee. The Lessee agrees: (a) not to use the Project for any disorderly or unlawful purpose, but only to provide proper housing and related facilities to Tenants, and to maintain the character of the Project as required by any Loan Documents, for so long as such agreements remain in effect; (b) to use commercially reasonable efforts to prevent any Lessee from committing or maintaining any nuisance or unlawful conduct on or about the Project; (c) to use commercially reasonable efforts to prevent any Lessee from violating any of the covenants and conditions of this Lease with respect to the Project; (d) to take commercially reasonable action, if necessary, to xxxxx any violation of this Lease by any Lessee upon notice from the Lessor;
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Use of Project and Assurances of Lessee. The Lessee agrees: (a) To rehabilitate the Improvements for use as rental housing and approved commercial uses, and to provide and maintain the Improvements as rental housing and commercial space in conformance with the terms of the DLA, the Regulatory Agreement, and all other regulatory restrictions imposed by the Approved Financing and the Tax Credits for the Project. (b) Except with respect to tenants occupying the Project as of the date of this Lease, for the duration of the regulatory restrictions imposed by the Approved Financing and the Tax Credits, to restrict tenancy of HTF Units to households as more specifically required in the Regulatory Agreement of the DLA. (c) To prohibit and use reasonable efforts to prevent disorderly or unlawful activities or nuisances on the Premises, whether conducted by Tenants or others, and to maintain the character of the Project as described in Article 3 for the duration of the Lease Term; (d) To use reasonable efforts to prevent any Tenant from violating any of the covenants and conditions of this Lease with respect to the Premises; and (e) To take reasonable action, if necessary, to xxxxx any violation of this Lease by any Tenant or other person or persons upon notice from the Lessor.
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Related to Use of Project and Assurances of Lessee

  • Assignment and Assumption of Leases Two (2) counterparts of the Assignment and Assumption of Leases, executed, acknowledged and sealed by Purchaser;

  • Assignment and Assumption of Lease The Assignment and Assumption ---------------------------------- of Lease;

  • Further Actions and Assurances At any time and from time to time, each party agrees, at its or their expense, to take actions and to execute and deliver documents as may be reasonably necessary to effectuate the purposes of this Agreement.

  • Further Acts and Assurances Each of the Parties after convincing itself agrees to execute and deliver all such further agreements, documents and instruments, and to do and perform all such further acts and things, as shall be necessary or convenient to carry out the provisions of this Agreement and to consummate the transactions contemplated hereby.

  • Assignment and Assumption of Contracts (a) Seller hereby sells, assigns, transfers and conveys to Purchaser all of Seller’s right, title and interest in, to and under those service, supply and similar agreements set forth on Exhibit C, attached hereto and made a part hereof (the “Contracts”). (b) Purchaser hereby assumes all of the covenants, agreements, conditions and other terms and provisions stated in the Contracts which, under the terms of the Contracts, are to be performed, observed, and complied with by the property owner from and after the date of this Agreement. Purchaser acknowledges that Purchaser shall become solely responsible and liable under the Contracts for obligations arising or accruing from and after the date hereof, including with respect to any and all payments coming due under the Contracts for which Purchaser has received a credit or payment on the closing statement executed by Purchaser and Seller (the “Credited Payments”). It is specifically agreed between Seller and Purchaser that Seller shall remain liable for the performance of the obligations to be performed by Seller under the Contracts which were required to be performed prior to (but not from and after) the date hereof. (c) Purchaser shall indemnify, hold harmless and defend Seller from and against any and all claims, demands, causes of action, liabilities, losses, costs, damages and expenses (including reasonable attorneys’ fees and expenses and court costs incurred in defending any such claim or in enforcing this indemnity) that may be incurred by Seller by reason of the failure of Purchaser to perform, observe and comply with its obligations under any of the Contracts arising or accruing during the period from and after the date hereof, including without limitation, claims made by any other contract party with respect to the Credited Payments (to the extent paid or assigned to Purchaser or for which Purchaser received a credit or payment at Closing). Seller shall indemnify, hold harmless and defend Purchaser from and against any and all claims, demands, causes of action, liabilities, losses, costs, damages and expenses (including reasonable attorneys’ fees and expenses and court costs incurred in defending any such claim or in enforcing this indemnity) that may be incurred by Purchaser by reason of the failure of Seller to perform, observe and comply with its obligations under any of the Contracts arising or accruing during the period prior to the date hereof, including without limitation, claims made by any other contract party with respect to the Credited Payments, arising before the date hereof (to the extent such Credited Payments were not paid or assigned to Purchaser or for which Purchaser did not receive a credit or payment at Closing).

  • Assignment and Assumption Consent Effective as of the First Amendment Effective Date, for agreed consideration, XXX hereby irrevocably sells and assigns to MBL, and MBL hereby irrevocably purchases and assumes all rights and obligations in its capacity as Lender under the LC Reimbursement Agreement and other Credit Documents, including, without limitation, all of MBL’s rights and obligations with respect to the Collateral and Intercreditor Agreement and the Security Documents (as defined in the Collateral and Intercreditor Agreement, and such Security Documents together with the Collateral and Intercreditor Agreement are referred to herein as the “Security Documents”) (the “Lender Assignment”). Effective as of the First Amendment Effective Date and in accordance with Section 7.9 of the LC Reimbursement Agreement, the Account Party hereby consents to the Lender Assignment.

  • Assignment and Assumption Agreement The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption Agreement, together with a processing and recordation fee of $3,500, and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an administrative questionnaire provided by the Administrative Agent.

  • Assignment and Assumption The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

  • Amendment and Assignment This Agreement may be amended only in writing and signed by both parties. This Agreement may not be assigned to another party.

  • Indemnification and Assumption of Risk – Vendor Data VENDOR AGREES THAT IT IS VOLUNTARILY PROVIDING DATA (INCLUDING BUT NOT LIMITED TO: VENDOR INFORMATION, VENDOR DOCUMENTATION, VENDOR’S PROPOSALS, VENDOR PRICING SUBMITTED OR PROVIDED TO TIPS, TIPS CONTRACT DOCUMENTS, TIPS CORRESPONDENCE, VENDOR LOGOS AND IMAGES, VENDOR’S CONTACT INFORMATION, VENDOR’S BROCHURES AND COMMERCIAL INFORMATION, VENDOR’S FINANCIAL INFORMATION, VENDOR’S CERTIFICATIONS, AND ANY OTHER VENDOR INFORMATION OR DOCUMENTATION, INCLUDING WITHOUT LIMITATION SOFTWARE AND SOURCE CODE UTILIZED BY VENDOR, SUBMITTED TO TIPS BY VENDOR AND ITS AGENTS) (“VENDOR DATA”) TO TIPS. FOR THE SAKE OF CLARITY, AND WITHOUT LIMITING THE BREADTH OF THE INDEMNITY OBLIGATIONS IN SECTION 14 ABOVE, VENDOR AGREES TO PROTECT, INDEMNIFY, AND HOLD THE TIPS INDEMNITEES HARMLESS FROM AND AGAINST ANY AND ALL LOSSES, CLAIMS, ACTIONS, DEMANDS, ALLEGATIONS, SUITS, JUDGMENTS, COSTS, EXPENSES, FEES, INCLUDING COURT COSTS, ATTORNEY’S FEES, AND EXPERT FEES AND ALL OTHER LIABILITY OF ANY NATURE WHATSOEVER ARISING OUT OF OR RELATING TO: (I) ANY UNAUTHORIZED, NEGLIGENT OR WRONGFUL USE OF, OR CYBER DATA BREACH INCIDENT AND VIRUSES OR OTHER CORRUPTING AGENTS INVOLVING, VENDOR’S DATA, PRICING, AND INFORMATION, COMPUTERS, OR OTHER HARDWARE OR SOFTWARE SYSTEMS, AND; (II) ALLEGATIONS OR CLAIMS THAT ANY VENDOR DATA INFRINGES ON THE INTELLECTUAL PROPERTY RIGHTS OF A THIRD-PARTY OR VENDOR.

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