Common Contracts
1 similar Restriction Agreement contracts
ContractRestriction Agreement • May 17th, 2019
Land Use Restriction Agreement (LURA) 9 (a) The owner shall not sell, assign, convey, transfer or otherwise dispose of the Project or any building in the Project without the prior written consent of MHDC. Such consent shall be given provided that: (i) the owner is in compliance with the requirements of this agreement and the provisions of Section 42 (j)(6) of the Code; (ii) the proposed transferee of the Project evidences it’s willingness and ability to comply with the terms of this Agreement to the reasonable satisfaction of MHDC, by it’s performance with respect to other low-income housing tax credit or government-assisted housing projects; and (iii) the owner shall submit to MHDC the appropriate transfer fee to be paid, as determined, from time to time, by MHDC. In no event shall the Owner dispose of any portion of any building in the Project to any person unless all of such building is disposed of to such person. In addition, all changes in the composition of the Ownership require
