Eligible Tenant definition

Eligible Tenant means, as of any date of determination, a bona fide third party lessee of a Property who satisfies each of the following criteria:

Eligible Tenant means a tenant that:

Eligible Tenant means persons whose Annualized Gross Income (as computed at the time of application of such person or family for residence in such Unit) from whatever sources derived and before taxes and withholdings utilizing the Section 8 definition of income, does not exceed 60% of the HUD-specified Area Median Family Income.

Examples of Eligible Tenant in a sentence

• For purposes of this Section, a rental unit occupied by a person or family that at the time of application of such person or family for residence in such unit is an Eligible Tenant shall be counted as occupied by an Eligible Tenant during such person's or family's tenancy in such unit, even though such person or family ceases to be an Eligible Tenant.

• In the event that all or any portion of the Premises is sold, transferred, assigned, conveyed or otherwise disposed of, whether voluntarily or involuntarily, other than the lease by the Grantor of a "Dwelling Unit" (a term defined in the Loan Agreement) to an "Eligible Tenant" (a term defined in the Loan Agreement), then the principal sum of the Deed of Trust Note secured hereby shall immediately become due and payable in full.

• An Eligible Tenant is a Family whose annual income does not exceed eighty percent (80%) of the Area median income adjusted for family size as determined by the U.S. Department of Housing and Urban Development (“HUD”).

• Owners must notify TDHCA if the Eligible Tenant requests an Assisted Unit transfer.

• If the Owner determines that, because of a change in household size, an Assisted Unit is smaller than appropriate for the Eligible Tenant to which it is leased or that the Assisted Unit is larger than appropriate, the Owner shall refer to TDHCA's written policies regarding family size, unit transfers, and waitlist management.

More Definitions of Eligible Tenant

Eligible Tenant means the current tenant of the unit, so long as that tenant is eligible to occupy the unit under the requirements of Section 42 of the Internal Revenue Code. This expressly includes a tenant whose income would not currently qualify under Section 42, but who was qualified at the time of the tenant’s original occupancy of the unit.

Eligible Tenant means a Tenant which (a) is not in arrears on any required rental payment, principal or interest payment, payments of real property taxes or payments of premiums on insurance policies with respect to its lease beyond the later of (i) the applicable grace period with respect thereto, if any, and (ii) forty five (45) days; (b) is not subject to a then-continuing Bankruptcy Event; and (c) is reasonably acceptable in all material respects to the Administrative Agent and the Required Lenders (it being understood that for purposes of this clause (c), each Tenant set forth on Schedule 5.12 hereto on the Closing Date is deemed acceptable).

Eligible Tenant means a bona fide third-party lessee of a Property who satisfies each of the following criteria:

Eligible Tenant means a Tenant who meets all the qualifications set out in Schedule B;

Eligible Tenant means, at as any date of determination, a bona fide third party lessee of a Property who satisfies each of the following criteria, as certified by the Borrowers in the most recent Compliance Certificate delivered prior to such date of determination:

Eligible Tenant means a Tenant that, as of any date of determination, (A) (i) is not a debtor in any state or federal bankruptcy or insolvency proceeding, and (ii) conforms to Borrowers’ internal tenant underwriting criteria existing as of the date such Tenant entered into the related Lease Agreement, a copy of such criteria (effective as of the date of this Agreement) are set forth on Schedule 3 to the Property Management Agreement, which schedule may be updated from time to time, subject to Lender’s approval, or (B) is otherwise approved by Lender as an Eligible Tenant.

Eligible Tenant means a Tenant that, as of any date of determination, (i) is not a debtor in any state or federal bankruptcy or insolvency proceeding, and (ii) conforms to the SFR Subsidiary’s internal tenant underwriting criteria delivered to Buyer on or before the date hereof, as such underwriting criteria may be amended from time to time as agreed to by the parties.