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 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.

  • In connection therewith, the land use entitlements require that Developer cause to be recorded the City Covenants in a senior, non-subordinate lien position with respect to each Project; and, in this regard, the City Covenants shall be ready for recording concurrently and in a first, senior lien position.

  • As a condition of the City issuing a temporary or permanent certificate of occupancy for the Hotel Project, the Developer shall (i) prepare and submit to the City Covenants, Conditions and Restrictions (“CC&Rs”) and (ii) the Developer shall have completed the construction of the Public Improvements and the City shall have accepted the Public Improvements.

  • 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.

  • As used herein, “Closing” refers to the close of Escrow for the conveyance of the Site pursuant to the Ground Lease, including the execution of the Authority Promissory Note and Ground Lease and the execution and recordation of the City Covenants, Authority Deed of Trust, Regulatory Agreement, Memorandum of Agreement, Memorandum of Ground Lease, Notice of Affordability Restrictions and Request for Notice of Default and the commencement of the Ground Lease Term.

  • Landlord shall reasonably approve such Resident Lease form upon finding that such lease form is consistent with the Affordable Housing Agreement, the City Covenants, the Regulatory Agreement, this Ground Lease, the Act, the HAL, AHP Regulations and Tax Credit Rules.

  • 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.

  • 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.

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

  • 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 a first right of refusal in referring eligible tenants to Housing Units, which Authority may exercise at any time within sixty (60) days after receiving written notice from Developer that one or more Housing Units have become vacant at the Manchester Project.


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. To acknowledge your agreement to and acceptance of the terms and conditions of this Agreement, please sign below in the space provided within five (5) days of the date of this Agreement and return a singed copy to my attention. If the Agreement is not signed and returned within (5) days, the terms and conditions of this Agreement will be deemed withdrawn. Sincerely, MEDQUIST INC. By: /s/ Xxxx Xxxxxxx Xxxx Xxxxxxx, President Accepted and Agreed: /s/ Xxxxx X. Xxxxxxx Xxxxx X. Xxxxxxx

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

  • Initial Bond Issue means the issuance of the Initial Bonds. "Initial Bonds" means the Bonds issued on the First Issue Date.

  • 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.

  • Tax Exempt Bond-Financed Development means a Development which has been financed by the issuance of tax-exempt bonds subject to applicable volume cap pursuant to Section 42(h)(4) of the IRC.

  • Credit Available for Virtual Transactions means the Market Participant’s Working Credit Limit for Virtual Transactions calculated on its credit provided in compliance with its Peak Market Activity requirement plus available credit submitted above that amount, less any unpaid billed and unbilled amounts owed to PJMSettlement, plus any unpaid unbilled amounts owed by PJMSettlement to the Market Participant, less any applicable credit required for Minimum Participation Requirements, FTRs, RPM activity, or other credit requirement determinants as defined in Tariff, Attachment Q.

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

  • Incurrence Covenant A covenant by any borrower to comply with one or more financial covenants only upon the occurrence of certain actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

  • Covenant Relief Period means the period commencing on the Amendment No. 3 Effective Date and ending on (but excluding) the Covenant Relief Period Termination Date.

  • Floor Area Ratio (FAR) means the quotient obtained by dividing the total covered area (plinth area) on all floors by the area of plot.

  • 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 set forth in Section 4.18.

  • Covenant Compliance Event means that Excess Availability at any time is less than the greater of (a) ten (10%) percent of the Line Cap or (b) $7,000,000. For purposes hereof, the occurrence of a Covenant Compliance Event shall be deemed continuing until Excess Availability has exceeded the amounts set forth above for thirty (30) consecutive days, in which case a Covenant Compliance Event shall no longer be deemed to be continuing for purposes of this Agreement. 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.

  • Internal lot restriction means a platted note, platted demarcation, or platted designation that:

  • 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.

  • Tax increment financing acts means 1975 PA 197, MCL 125.1651 to 125.1681, the tax increment finance authority act, 1980 PA 450, MCL 125.1801 to 125.1830, the local development financing act, 1986 PA 281, MCL 125.2151 to 125.2174, the brownfield redevelopment financing act, 1996 PA 381, MCL 125.2651 to 125.2672, or the corridor improvement authority act, 2005 PA 280, MCL 125.2871 to 125.2899.

  • Special Events means sports complex events, City of Philadelphia events, weather, and other events that have been or are identified as such by the RTMC.

  • Financial Performance Covenants means the covenants of the Borrower set forth in Sections 6.10 and 6.11.

  • Judgment Conversion Date as defined in subsection 10.8(a).

  • Initial compliance period means the first full three-year compliance period which begins at least 18 months after promulgation, except for the following contaminants: Dichloromethane; 1,2,4-Trichlorobenzene; 1,1,2- Trichloroethane; Benzo[a]pyrene; Dalapon; Di(2-ethylhexyl adipate; Di(2-ethylhexyl) phthalate; Dinoseb; Diquat; Endothall; Endrin; Glyphosate; Hexachlorobenzene; Hexachlorocyclopentadiene; Oxamyl (Vydate); Picloram; Simazine; 2,3,7,8-TCDD (Dioxin); Antimony; Beryllium; Cyanide; Nickel; and Thallium, initial compliance period means the first full three-year compliance period after promulgation for systems with 150 or more service connections (January 1993 -December 1995) and first full three-year compliance period after the effective date of regulation (January 1996 - December 1998) for systems having fewer than 150 service connections.