Affordable Owner definition
Examples of Affordable Owner in a sentence
Notwithstanding the foregoing, this Covenant may be amended, terminated and/ or released in whole or in part by Declarant in writing at any time, without notice to the Developer, any Affordable Owner, or Transferee.
The Affordable Owner shall permit a representative of DHCD to inspect the Affordable Unit upon request to verify the existence and value of any capital improvements claimed under a Capital Improvement Claim.
Developer, with respect to the initial sale of an Affordable Unit, and an Affordable Owner of an Affordable Unit desiring to sell his or her Affordable Unit, shall notify in writing the entity or entities selected by PADD or DHCD as the party authorized to review and certify the eligibility of a person as an Eligible Purchaser (the “Certifying Entity”).
An Affordable Owner may submit Capital Improvement Claims to DHCD to obtain credit for capital improvements made to an Affordable Unit owned by the Affordable Owner.
The Affordable Owner, Developer (for the initial sale of an Affordable Unit), Mortgagee, DHCD and any title insurer shall each be a third party beneficiary of such Certificate of Eligibility.
Upon receipt of such notice, Declarant or its assignee may elect to purchase such Affordable Unit, in which case upon such election the Affordable Owner and Mortgagee shall have the obligation to sell the Affordable Unit for an amount equal to the Maximum Resale Price as of the date of the Foreclosure Notice (the “Option to Purchase”), with no obligation upon Declarant to exercise the same.
In performing its duties and obligations hereunder, the Issuer may rely upon statements and certificates of the Affordable Owner and the Very Low Income Tenants, and upon audits of the books and records of the Owner pertaining to the Project.
Notwithstanding anything contained in this Regulatory Agreement, any member or limited partner of either the Market Rate Owner or the Affordable Owner shall have the right but not the obligation to cure any Event of Default, and the Issuer and the Trustee agree to accept any cure tendered by any such limited partner on behalf of the Owner within any Cure Period specified above.
Except to the extent specifically provided hereunder to the contrary, the Affordable Owner and the Market Rate Owner agree and acknowledge that they shall each be jointly and severally liable hereunder.
Developer or Affordable Owner shall follow the requirements of Article V of this Covenant and, provided that the Affordable Units remain for-sale, the rental provisions of this Covenant shall not be applicable to the Project.