Initial Occupancy Period definition

Initial Occupancy Period means one calendar year after First Occupancy; (r)“Lands” has the meaning set out in Recital A;
Sample 1Sample 2Sample 3
Initial Occupancy Period means the period of time that a rental unit is occupied by the initial low-income resident, or the period of time that a homeownership unit is owned by the initial third-party, low-income purchaser. There is no set requirement for the length of this occupancy period.
Sample 1Sample 2

Examples of Initial Occupancy Period in a sentence

  • Budgets are required for all occupied developments even if not yet financially closed into "management." This period of occupancy, prior to the closing from development into management, is called Initial Occupancy Period (IOP).

  • Authorities frequently need assistance in formulating IOP (Initial Occupancy Period) budgets and often ask what level of non-utility costs is typical for c.667, c.

  • Initial Occupancy Period is the period of time that a rental unit is occupied by the initial low- income resident, or the period of time that a homeownership unit is owned by the initial third-party low-income purchaser.

  • Authorities frequently need assistance in formulating IOP (Initial Occupancy Period) budgets and often ask what level of non-utility costs is typical for c.667, c.200 and c.705 developments.

  • Initial Occupancy Period is the period of time that a rental unit is occupied by the initial low-income resident, or the period of time that a homeownership unit is owned by the initial third-party low-income purchaser.

  • Authorities frequently need assistance in formulating IOP (Initial Occupancy Period) budgets and often ask what level of non-utility costs is typical for 667 and 705 developments.

  • The Premises shall consist of (a) from and after the Initial Delivery Date through the remainder of the Initial Occupancy Period (defined below), the Initial Premises (defined below); and (b) from and after the Final Delivery Date, the Initial Premises and the Additional Premises (defined below).

  • See "Initial Occupancy Period Requirements (Use Restrictions) Affecting Eligibility" at Section III.F.6 of this NOFO.

  • Notwithstanding the foregoing, the Tenant’s pro rata share of the Building total square footage during the Initial Occupancy Period is 48.19% of the 106,046 square feet, which results in the monthly amount of $10,816.80 for Basic Operating Expenses during the Initial Occupancy Period.

  • Initial Occupancy Period Requirements (Use Restrictions).Project units must be maintained as affordable housing only for the period of initial rental occupancy of the unit or the initial resident’s ownership.

Related to Initial Occupancy Period

  • Occupancy Date means the date on which occupancy of all Units in a Project is permitted;

  • Prior Occupancy means Owner’s use of all or parts of the Project before Substantial Completion, as more fully set forth in Section 6.08 A.

  • Ready for Occupancy means the date upon which (i) the Leased Premises are available for Tenant's occupancy in a broom clean condition and (ii) the improvements, if any, to be made to the Leased Premises by Landlord as a condition to Tenant's obligation to accept possession of the Leased Premises have been substantially completed and the appropriate governmental building department (i.e., the City building department, if the Property is located within a City, or otherwise the County building department) shall have approved the construction of such improvements as substantially complete or is willing to so approve the construction of the improvements as substantially complete subject only to compliance with specified conditions which are the responsibility of Tenant to satisfy or is willing to allow Tenant to occupy subject to its receiving assurances that specified work will be completed.

  • Single Room Occupancy or “SRO” means housing consisting of single room dwelling units that is the primary residence of its occupant or occupants. An SRO does not include facilities for students.

  • Transient occupancy means occupancy in transient lodging that has all of the following

  • Child-occupied facility means a building or portion of a building constructed prior to 1978, visited regularly by the same child, age six years or younger on at least two different days within any week (Sunday through Saturday period), provided that each day’s visit lasts at least three hours and the combined weekly visit lasts at least six hours, and the combined annual visits last at least 60 hours. Child-occupied facilities may include, but are not limited to, day-care centers, preschools and kindergarten classrooms.

  • Expansion Space means any space in the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of the availability of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed to be amended to include Tenant’s Expansion Space as part of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except that (i) the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect to Tenant’s Expansion Space will be the earlier of sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease the Expansion Space), or the date on which the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Expansion Space contains a rentable area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will be extended to include three (3) full years from the Term Commencement Date with respect to Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Rent for each year of the remaining Lease Term (as it may be extended) will be the greater of (a) the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.

  • Substantial Completion Date means the date on which Substantial Completion occurs.

  • Owner-occupied means property that is the principal

  • bicycle parking space – occupant means an area that is equipped with a bicycle rack or locker for the purpose of parking and securing bicycles, and:

  • Commencement Date means the date of this Agreement.

  • Certificate of Occupancy means a certificate of occupancy, governmental sign-off or other document, permit or approval (whether conditional, unconditional, temporary or permanent) which must be obtained by Landlord from the appropriate governmental authority as a condition to the lawful initial occupancy by Tenant of the Expansion Space that is the subject of the Work.

  • project completion period means the period of sixty (60) months commencing from and expiring on for the construction and obtaining of Temporary Occupation Permit or Permits for the whole of the Development as provided in clause 3.3;

  • Substantial Completion means the stage in the progress of the work as determined and certified by the Contracting Officer in writing to the Contractor, on which the work (or a portion designated by the Government) is sufficiently complete and satisfactory. Substantial completion means that the property may be occupied or used for the purpose for which it is intended, and only minor items such as touch-up, adjustments, and minor replacements or installations remain to be completed or corrected which:

  • Loan Commencement Date means, with respect to each Loan, the first Business Day of the calendar month following the Funding Date of such Loan.

  • Lease Commencement Date has the meaning specified in Section 3.2 of the Master Lease.

  • Landlord Work means the work, if any, that Landlord is obligated to perform in the Premises pursuant to a separate agreement (the “Work Letter”), if any, attached to this Lease as Exhibit C.

  • Outside Completion Date shall have the meaning assigned to such term in Section 6.3(d).

  • Landlord’s Work means the work of constructing the Tenant Improvements.

  • Project Completion Date means the date on which the Completion Certificate is issued;

  • Completion Period means the period starting from the date of issue of "Order" and required to complete the work in all respect.

  • Final Completion Date means the date on which Final Completion occurs.

  • On-premises sign means a sign advertising activities conducted or maintained on the property on which it is located. The boundary of the property shall be as determined by tax rolls, deed registrations, and apparent land use delineations. If a sign consists principally of brand name or trade name advertising and the product or service advertised is only incidental to the principal activity conducted or maintained on the property, or if the sign brings rental income to the property owner or sign owner, it shall be considered the business of outdoor advertising and not an on-premises sign. On-premises sign does not include a sign on a narrow strip of land contiguous to the advertised activity, or a sign on an easement on adjacent property, when the purpose is clearly to circumvent the intent of this act.

  • Storage Space means a space where goods of non-hazardous nature are stored and includes cold storage and banking safe vaults;

  • Date of occurrence in these Regulations means the date of contract signing, date of payment, dates of boards of directors resolutions, or other date that can confirm the counterparty and monetary amount of the transaction, whichever date is earlier.

  • Collocation Space means an area of space located in a Building to be used by CLEC to house telecommunications equipment. Additionally, roof or wall space used for wireless interconnection shall be included in the definition where applicable.