Project Premises definition
Examples of Project Premises in a sentence
During the Project Operational Phase the Sponsor shall use the Project Premises to house people who would otherwise be homeless, as described in Appendix B, the Internal Review Package and the Management and Operating Plan approved by the Corporation.
The Note shall be secured by a Mortgage covering the Project Premises, the Project improvements, and any other property and rights of the Sponsor described in the Mortgage (hereinafter the "Mortgage").
The initial rental rate for the residential units at the Project Premises shall not exceed the rental rate stated in the management and operating plan approved by the Corporation.
The Sponsor will, at all times after the completion of the Project Establishment Phase, maintain the Project Premises in good operating order and condition and will promptly make all necessary or desirable repairs, renewals, and replacements, and will not make any change in the Project Premises, after the completion of any Improvement, which would in any way increase any fire or other hazard or which would materially depreciate the value or utility of the property.
This phase shall commence upon the written approval by the Corporation of the Project Premises for occupancy as a Homeless Project and shall conclude upon the satisfactory completion of a period of no less than twenty-five (25) years from the date of such approval (hereinafter the "Project Operational Phase").