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.

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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.

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.

Examples of City Covenants in a sentence

• 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.

• 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.

• 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.

• Authority hereby finds that an economically feasible method of financing the construction and operation of Phase A of the Project, without the subordination of the affordable housing covenants in the Original Agreement, the Phase A Ground Lease, and the Phase A Regulatory Agreement (but expressly and specifically excluding the REA and the City Covenants), is not reasonably available.

• The purpose of this Ground Lease is to provide for the construction, maintenance, management, and operation of the Project as a seventy-two (72) unit affordable multifamily Apartment Complex to be made available for the Affordability Period at an Affordable Rent pursuant to the Affordable Housing Agreement, the City Covenants, and the Regulatory Agreement.

• Further, subject to applicable Fair Housing Laws and in compliance with the City Covenants and the Anaheim Municipal Code, in particular Section 18.52.160 thereof, Authority shall be afforded an exclusive marketing period for sixty (60) days after receiving written notice from Developer that one or more Housing Units have become vacant at the Project.

• The purpose of this Ground Lease is to provide for the construction, maintenance, management, and operation of the Project as a seventy-four (74) unit affordable multifamily Apartment Complex to be made available for the Affordability Period at an Affordable Rent pursuant to the Affordable Housing Agreement, the City Covenants, and the Regulatory Agreement.

• If the Due Date falls on a Day other than a Business Day, payment is due the next Business Day.

• The commitment also shall state the specific terms and requirements, if any, by the Lender relating to subordination of the Regulatory Agreement and the Authority Subordinate Loan (but in no event the Ground Lease, City Covenants, or REA).

More Definitions of City Covenants

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.

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.

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.