Restrictive declaration definition

Restrictive declaration means a legal instrument which:

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Restrictive declaration means a restrictive declaration relating to the 421-a Tax Benefits Program in form and substance acceptable to the Regulatory Agency to be entered into with respect to, and recorded against, the Property.

Restrictive declaration means that certain Restrictive Declaration dated as of June 27, 2013 and entered into by and between the City of New York and SSSLP.

Examples of Restrictive declaration in a sentence

Borrower shall not amend, modify, terminate, surrender or cancel the Restrictive Declaration or the 421-a Tax Benefits without the prior written consent of Lender in each case.
Seventy-two (72) of the Units at the Property are or will be income restricted housing units pursuant to the Restrictive Declaration (identified herein as the 421-a Affordable Units and inclusive of the Inclusionary Units), of which seventy-one (71) Units will be affordable to households earning up to eighty percent (80%) of the Area Median Income and one (1) Unit will be affordable to households earning up to one hundred thirty percent (130%) of the Area Median Income.
Borrower shall submit to Lender, on an annual basis, evidence reasonably satisfactory to Lender that each of the Property and Borrower is in ongoing compliance with all income, occupancy, rent restriction and other requirements (x) under the Restrictive Declaration, and (y) to maintain the 421-a Tax Benefits.
Borrower shall promptly provide Lender with a copy of any notice Borrower receives alleging that Borrower is in breach of the Restrictive Declaration and/or requirements to maintain the 421-a Tax Benefits.
Borrower shall provide Lender with notice in the event of a termination of the Restrictive Declaration or the 421-a Tax Benefits.

More Definitions of Restrictive declaration

Restrictive declaration means the document executed by all

Restrictive declaration is deleted in its entirety, and replaced with the following: ‘“Restrictive Declaration’ means that certain Restrictive Declaration dated as of June 27, 2013 and entered into by and between the City of New York and SSSLP, as amended and restated by that certain First Amended and Restated Declaration dated as of January 11, 2017, and as further amended from time to time.”