City Covenants definition

City Covenants means the affordable housing, density bonus and related land use/zoning covenants imposed by and as condition(s) of approval of the Entitlement for the Project. Pursuant to the requirements of the Entitlement, the City Covenants are and shall remain a senior, non-subordinate lien against Tenant’s leasehold interest in the Property, and shall not be subordinated to the Primary Loan or any other lien or encumbrance except the REA. ―Commencement Date‖ shall mean the date upon which the Memorandum of Ground Lease is recorded in the Official Records. ―Construction Loan‖ shall mean the loan from a Mortgagee (or consortium of Mortgagees) authorized pursuant to Section 18.1 hereof, the proceeds of which are used to perform the construction of Phase A of the Project. ―CPI‖ shall mean the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for Urban Wage Earners and Clerical Workers, Subgroup ―All Items,‖ for the Los Angeles-Costa Mesa-Riverside area, 1982 – 84 = 100, or successor or equivalent index in case such index is no longer published.
Sample 1
City Covenants means the affordable housing, density bonus and related land use/zoning covenants imposed by and as condition(s) of approval of the Entitlement for the Project, including the Density Bonus Housing Agreement to be executed by Developer (or Developer’s permitted assignee) and City as to the Project and recorded against the Site in a first, senior, and non- subordinate position. Pursuant to Section 18.52.080 of the Anaheim Municipal Code, relating to density bonus requirements, at least twenty percent (20%) of the Housing Units at the Project (specifically, eighteen (18) Housing Units at the Project) shall be restricted to an Affordable Housing Rent for Very Low Income Households (as those terms are defined in the Anaheim Municipal Code) for not fewer than fifty-five (55) years. Pursuant to the requirements of the Entitlement for the Project, the City Covenants are and shall remain a senior, non-subordinate lien against the Site, and shall not be subordinated to the Primary Loan or any other liens.
Sample 1
City Covenants means the affordable housing, density bonus and related land use/zoning covenants imposed by and as condition(s) of approval of the land use entitlement for the Projects, including the Density Bonus Housing Agreement to be executed by Developer (or Developer’s permitted assignee) and City as to each Project and recorded against the Manchester Site and the Orangewood Site in a first, senior, and non-subordinate position. Pursuant to the requirements of the land use entitlement for the Projects, the City Covenants are and shall remain a senior, non-subordinate lien against the Site, both the Manchester Site and Orangewood Site, and shall not be subordinated to either of the Primary Loans or any other liens.
Sample 1

Examples of City Covenants in a sentence

  • The Affordable Housing Covenants Benefiting Landlord may be made subordinate and junior to the liens related to the financing of the construction and operation of the Project only in accordance with this Section 8.3.9 and Article 18 herein; provided however, in no event shall the REA or the City Covenants be subject to any subordination agreement or otherwise be subordinated, which REA and City Covenants shall remain a senior, non-subordinate liens on the Property.

  • The Authority Deed of Trust, Regulatory Agreement, Memorandum of Ground Lease, Memorandum of Agreement, Notice of Affordability Restrictions, Request for Notice, and City Covenants, shall be ready to record in the Official Records at Closing.

  • Additional Covenants of the City Covenants to Owners of Obligations.

  • Notwithstanding any other provisions of this Agreement, to the extent that the HOME Requirements are more restrictive with respect to the requirements applicable to tenant selection, tenant income levels and unit rent levels than as otherwise provided in this Agreement, the City Covenants or the Authority Participant CC&Rs, then the HOME Requirements shall control and the Participant’s compliance with the more restrictive requirements thereof shall not be a default hereunder.

  • In the opinion of Bond Counsel, the enforceability of the City Covenants and the State Pledge and Agreement may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights heretofore or hereafter enacted and may also be subject to the exercise of the State’s police powers and of judicial discretion in appropriate cases.

  • If the Members fail to designate the place for the special meeting of the Members, such meeting shall be held at the Company’s principal office.

  • If the statutory formula does not result in retention of sufficient real estate taxes to comply with the City Covenants, the City will comply with the City Covenants either by providing for early retention of real estate taxes or by making cash payments into the Fund.

  • The Owner covenants that he or she has not, and will not, execute any other agreement with provisions contradictory to or in opposition to the provisions hereof, and that, in any event, these City Covenants is controlling as to the rights and obligations between and among the Owner, the City and their respective successors.

  • Tenant shall submit to Landlord for its approval a standard form for the Resident Leases, which shall comply with applicable requirements of the Affordable Housing Agreement, the City Covenants, the Regulatory Agreement, this Ground Lease, the Act, the HAL, AHP Regulations, MHP Regulations, Tax Credit Rules, and other applicable federal and state regulations.

  • Judicial enforcement of the City’s obligation to make payments into the Fund, of the obligation to retain money in the Fund, of the rights of holders of bonds and notes of the City to money in the Fund, of the obligations of the City under the City Covenants and of the State under the State Pledge and Agreement (in each case, as defined in ‘‘—Certain Covenants and Agreements’’) may be within the discretion of a court.


More Definitions of City Covenants

City Covenants means the affordable housing, density bonus and related land use/zoning covenants expressly provided in that certain “Decision of the Planning Director Approving a Density Bonus Application with Tier One Incentives” (MIS2009-00301) dated July 30, 2009, and that certain Density Bonus Housing Agreement (Miscellaneous Permit No. 2009- 00301; Manchester Park) between Developer and the City of Anaheim dated January 1, 2010 and recorded against the Manchester Site. Pursuant to the requirements of the land use entitlements for the Project, the City Covenants are and shall remain a senior, non-subordinate lien and encumbrance against Developer's leasehold interest in the Manchester Site, and shall not be subordinated to the Primary Loan or any other lien or encumbrance except the REA.
Sample 1
City Covenants means these Covenants, Restrictions and Option to Purchase executed by and between the City and the Owner, of even date herewith, as amended, modified or supplemented from time to time.
Sample 1
City Covenants and “Affordable Housing Covenants Benefiting City” mean covenants in the form of Exhibit H. The City Covenants have been prepared by the City Attorney as the affordable housing, density bonus and related land use/zoning covenants expressly provided in that certain Density Bonus Memorandum with Community Development Affordable Rental Housing Development dated , 2010, that certain Decision of the Planning Director Approving a Density Bonus Application ([ ]) dated [ ], and that certain Density Bonus Housing Agreement between Developer and the City of Anaheim dated [January 1, 2010] and recorded against the Site. Pursuant to the requirements of the Entitlement, the City Covenants are and shall remain a senior, non-subordinate lien and encumbrance against Developer's leasehold interest in the Site, and shall not in any event be subordinated to the First Mortgages or any other lien or encumbrance.
Sample 1

Related to City Covenants

  • Maintenance Covenant A covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, that exists regardless of whether or not such borrower has taken any specified action and includes a covenant that applies only when the related loan is funded.

  • Affirmative Covenants The following affirmative covenants, among others, if any, to be negotiated in the Senior Facilities Documentation, will apply (to be applicable to the Borrower and its restricted subsidiaries), subject to customary (consistent with the Documentation Precedent) and other baskets, exceptions and qualifications to be agreed upon: maintenance of corporate existence and rights; performance and payment of obligations; delivery of annual and quarterly consolidated financial statements (accompanied by customary management discussion and analysis and (annually) by an audit opinion from nationally recognized auditors that is not subject to any qualification as to scope of such audit or going concern) (other than solely with respect to, or resulting solely from an upcoming maturity date under any series of indebtedness occurring within one year from the time such opinion is delivered) (with extended time periods to be agreed for delivery of the first annual and certain quarterly financial statements to be delivered after the Closing Date) and an annual budget (it being understood that the public REIT reporting that includes the Borrower shall satisfy the Borrower’s reporting obligations so long as it includes a consolidating income statement and balance sheet for the Borrower); delivery of notices of default and material adverse litigation, ERISA events and material adverse change; maintenance of properties in good working order; maintenance of books and records; maintenance of customary insurance; commercially reasonable efforts to maintain ratings (but not a specific rating); compliance with laws; inspection of books and properties; environmental; additional guarantors and additional collateral (subject to limitations set forth under the captions “Guarantees” and “Security”); further assurances in respect of collateral matters; use of proceeds; and payment of taxes.

  • Negative Covenants The Postpetition Financing Documents shall contain negative covenants of the Borrower acceptable to the Lender.

  • Covenants means the covenants set forth in Section 4 of this Agreement.

  • Previously Absent Financial Maintenance Covenant means, at any time, any financial maintenance covenant that is not included in the Loan Documents at such time.

  • Transfer fee covenant means a declaration or covenant purporting to affect real property which requires or purports to require the payment of a transfer fee to the declarant or other person specified in the covenant or declaration, or to their successors or assigns, upon a subsequent transfer of an interest in the real property.

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Incurrence Covenant means a covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) only upon the occurrence of certain actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

  • Discharge of Obligations subject to Section 10.8, the satisfaction of the Obligations (including all such Obligations relating to Cash Management Services) by the payment in full, in cash (or, as applicable, Cash Collateralization in accordance with the terms hereof) of the principal of and interest on or other liabilities relating to each Loan and any previously provided Cash Management Services, all fees and all other expenses or amounts payable under any Loan Document (other than inchoate indemnification obligations and any other obligations which pursuant to the terms of any Loan Document specifically survive repayment of the Loans for which no claim has been made), and other Obligations under or in respect of Specified Swap Agreements and Cash Management Services, to the extent (a) no default or termination event shall have occurred and be continuing thereunder, (b) any such Obligations in respect of Specified Swap Agreements have, if required by any applicable Qualified Counterparties, been Cash Collateralized, (c) no Letter of Credit shall be outstanding (or, as applicable, each outstanding and undrawn Letter of Credit has been Cash Collateralized in accordance with the terms hereof), (d) no Obligations in respect of any Cash Management Services are outstanding (or, as applicable, all such outstanding Obligations in respect of Cash Management Services have been Cash Collateralized in accordance with the terms hereof), and (e) the aggregate Commitments of the Lenders are terminated.

  • Covenant Relief Period means the period commencing on the Amendment No. 1 Effective Date and ending on and including December 31, 2022.

  • Conversion condominium means a condominium containing structures which before the recording of the declaration, were wholly or partially occupied by persons other than those who have contracted for the purchase of condominium units and those who occupy with the consent of such purchasers.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Warrants means this Warrant and other Common Stock purchase warrants issued by the Company pursuant to the Registration Statement.

  • Covenant Suspension Event has the meaning assigned to it in Section 3.22(b).

  • Covenant Compliance Event means, at any time, Availability is less than the greater of (i) ten percent (10%) of the Loan Cap and (ii) $15,000,000. The termination of a Covenant Compliance Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Compliance Event in the event that the conditions set forth in this definition again arise.

  • Covenant Trigger Period means the period (a) commencing on the day that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $20,000,000 and (b) continuing until, at all times thereafter for a period of 30 consecutive days during which, (i) no Event of Default exists and (ii) Availability shall have been not less than the greater of (x) 10% of Available Credit and (y) $20,000,000.

  • Financial Performance Covenants means the covenants of the Borrower set forth in Section 10.11.

  • Initial compliance period means the three-year compliance period that begins January 1, 1993, except for the MCLs for dichloromethane, 1,2,4-trichlorobenzene, 1,1,2-trichloroethane, benzo(a)pyrene, dalapon, di(2-ethylhexyl)adipate, di(2-ethyl- hexyl)phthalate, dinoseb, diquat, endothall, endrin, glyphosate, hexachlorobenzene, hexachlorocyclopentadiene, oxamyl, picloram, simazine, 2,3,7,8-TCDD, antimony, beryllium, cyanide, nickel, and thallium, as they apply to a supplier whose system has fewer than 150 service connections, for which it means the three-year compliance period that began on January 1, 1996.

  • Financial Covenant has the meaning specified in Section 7.08.

  • Compliance Date means, in each case, the date by which compliance is required under the referenced provision of ARRA’s or HIPAA’s implementing regulations, as applicable.

  • Public Float means the total number of unrestricted shares not held directly or indirectly by an officer, director, any person who is the beneficial owner of more than 10 percent of the total shares outstanding (a “control person”), or any affiliates thereof, or any immediate family members of officers, directors and control persons.

  • Financial Covenants means the covenants set forth in Section 6.2.

  • Default Conversion Price shall have the meaning set forth in Section 4(b).

  • (2) In this subsection, the term fundraising’ means

  • Default Horizon Ratio means, as of any Cut-Off Date, the ratio (expressed as a decimal) computed by dividing (i) the aggregate sales generated by the Originators during the period ending on such Cut-Off Date and consisting of three (3) Calculation Periods plus the related Specified Period, by (ii) the Net Pool Balance as of such Cut-off Date.

  • Suspended Covenants has the meaning assigned to such term in Section 4.19.