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
If Borrower fails to sell a HOME-Assisted Unit by its Disposition Date, on or before the Disposition Date, Borrower must either (i) rent the HOME-Assisted Unit to an Eligible Tenant, or (ii) pay the County the Unit Allocation for the unsold HOME-Assisted Unit.
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 bona fide third-party lessee of a Property who satisfies each of the following criteria:
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 5.12hereto on the Closing Date is deemed acceptable).
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 of the Housing Complex whose total annual gross household income at the time the tenant enters into the lease does not exceed the income limit specified by MHRC. The initial income limit to be used is set out in subsection 8.05;