Resident Occupancy definition
Examples of Resident Occupancy in a sentence
Resident may occupy the Home on a co-resident basis with another single resident, who has signed a separate Resident Occupancy Agreement (the “Co-Resident”).
It is acknowledged and understood that at different times during the term of this Agreement, Resident or Co-Resident may be permitted to cease occupancy for one or more reasons, and in such event, Owner shall have the right to enter into a Resident Occupancy Agreement with another single resident, who shall then have all of the same rights and responsibilities with respect to the Home on a co-resident basis with the resident remaining.
Failure to comply with these requirements may constitute default under the Resident Occupancy Agreement.
The term “Resident Occupancy Rate” with respect to the Facility means the Resident Occupancy, divided by the maximum number of residents capable of being housed by such Facility, as of the date hereof, as adjusted from time to time by Owner and Manager in the context of the Approved Budget, expressed as a percentage.
A minimum Resident Occupancy of at least 24 residents by the end of its first six Operating Months plus an average of a net additional four (4) residents per month thereafter (measured quarterly) until 85% Resident Occupancy is first reached; provided that 85% Resident Occupancy is achieved within 24 Operating Months for Eligible Projects of 100 units or more.
As of the end of each fiscal quarter, the Resident Occupancy Rate for each property comprising the Residual Payment Collateral shall be not less than 85%.
It is acknowledged and understood that at different times during the term of this Agreement, a resident may be permitted to cease occupancy for permissible reasons as provided in Sections 7, 8, or 9 herein, and in such event, Owner shall have the right to enter into a separate Resident Occupancy Agreement with another single/unaccompanied individual, who shall have all of the same rights and responsibilities with respect to the Home on a co-resident basis with the resident remaining.
It is acknowledged and understood that at different times during the term of this Agreement, a resident may be permitted to cease occupancy for permissible reasons as provided in Sections 7, 8, or 9 herein, and in such event, Owner shall have the right to enter into a separate Resident Occupancy Agreement with another single/unaccompanied individual, who shall have all of the same rights and responsibilities with respect to the Apartment on a co-resident basis with the resident remaining.
A minimum Resident Occupancy of at least 24 residents by the end of its first six Operating Months plus an average of a net additional four (4) residents per month thereafter (measured quarterly and averaged for all three-month periods) until 85% Resident Occupancy is first reached; provided that 85% Resident Occupancy is achieved within 24 Operating Months for Eligible Projects of 100 units or more.
It is acknowledged and understood that at different times during the term of this Agreement, Resident or Co-Resident may be permitted to cease occupancy for permissible reasons as provided herein, and in such event, Owner shall have the right to enter into a separate Resident Occupancy Agreement with another single/unaccompanied individual, who shall have all of the same rights and responsibilities with respect to the Apartment on a co-resident basis with the resident remaining.