HAP Contract Clause Samples

The HAP Contract, or Housing Assistance Payments Contract, is a legal agreement between a public housing agency and a property owner that governs the terms under which rental assistance is provided to eligible tenants, typically under programs like Section 8. This contract outlines the responsibilities of both the landlord and the agency, including payment procedures, property standards, and tenant eligibility requirements. By clearly defining these obligations, the HAP Contract ensures that rental assistance is administered fairly and consistently, protecting the interests of both tenants and property owners while ensuring compliance with federal housing regulations.
HAP Contract. Concurrently with Initial Closing, the Partnership shall obtain the HAP Contracts covering all 226 units in the Apartment Complex for 20 years and on other terms and conditions as AHF Consents. If there are Operating Deficits due to a termination, amendment or modification of the HAP Contract or loss in rental assistance under the HAP Contract for any reason, then, whether or not the Initial Period has expired, Wichita GP shall provide Operating Deficit Loans until the expiration of the Compliance Period and no ODG Cap shall apply.
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HAP Contract. Disbursements pursuant to the HAP Contract shall be made according to the terms of the HAP Contract during the term thereof and this Agreement. Annually during the term of the HAP Contract, not later than thirty (30) days prior to the commencement of Developer’s fiscal year, Developer shall submit to Authority a Certification of Continuing Program Compliance in a form provided by Authority and Agency certifying that Developer is in compliance with all requirements set forth in this Agreement and the Regulatory Agreement.
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HAP Contract. Project Based Section 8 Housing Assistance Payment Contract, if applicable, which shall be executed at Closing, in the form of Attachment F. (Any reference to “HAP Contract” in the singular may be in the Plural.)
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HAP Contract. Borrower hereby agrees to notify Bondowner Representative as soon as possible after Borrower commences communication with the United States Department of Housing and Urban Development or any agent thereof (“HUD”) in connection with any housing assistance payment contract relating to the Project, including without limitation, contracts for project based housing assistance payments made pursuant to Section 8 of the United States Housing Act of 1937, as amended (each a “HAP Contract”). Borrower further agrees that (i) Bondowner Representative (and its counsel) shall be given a reasonable opportunity to review and provide comments on any draft HAP Contract prior to its execution and delivery by the parties thereto, and (ii) concurrently with the execution and delivery of any HAP Contract, Borrower shall execute and deliver to Bondowner Representative, in form and substance satisfactory to Bondowner Representative, an absolute, unconditional and irrevocable assignment of Borrower’s right, title and interest in, to, and under such HAP Contract, together with the right and power to enforce the same. Borrower shall not modify, terminate or surrender any HAP Contract without the prior, written consent of Bondowner Representative, which consent shall not be unreasonably withheld.
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HAP Contract. (a) The occurrence of a default by Borrower under the AHAP Contract or the HAP Contract that is not cured within the cure period set forth in such document, or the failure of satisfaction by Borrower of all conditions precedent to the availability of Section 8 Payments for the Project as set forth in the AHAP Contract or the HAP Contract, (b) the withdrawal of consent by the Contract Administrator to the assignment of the AHAP Contract, the HAP Contract or the Section 8 Payments in favor of Bondowner Representative which is not cured within thirty (30) days thereafter, or (c) the amendment, reduction, modification, termination, rescission or cancellation of the AHAP Contract, the HAP Contract or the Section 8 Payments without the prior written consent of Bondowner Representative.
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HAP Contract. This lease has been signed by the parties on the expectation that the PHA will promptly execute a HAP contract with the Landlord. This lease shall not become effective unless the PHA has executed a HAP contract with the Landlord effective the first day of the term of the lease.
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HAP Contract. The housing assistance payments contract between the PHA and the owner. The PHA pays housing assistance payments to the owner in accordance with the HAP contract.
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Related to HAP Contract

  • Securities Contract; Swap Agreement The parties hereto intend for (i) the Transaction to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code.

  • Swap Contracts The Company shall not and shall not permit any of its Subsidiaries to enter into any Swap Contracts, other than Swap Contracts entered into by the Company or its Subsidiaries pursuant to which the Company or such Subsidiary has hedged its reasonably estimated interest rate, foreign currency or commodity exposure, and which are non-speculative in nature.

  • Swap Agreement The Depositor hereby directs the Securities Administrator to execute and deliver on behalf of the Trust the Swap Agreement and authorizes the Securities Administrator to perform its obligations thereunder on behalf of the Supplemental Interest Trust in accordance with the terms of the Swap Agreement. The Depositor hereby authorizes and directs the Securities Administrator to ratify on behalf of the Supplemental Interest Trust, as the Supplemental Interest Trust’s own actions, the terms agreed to by the Depositor in relation to the Swap Agreement, as reflected in the Swap Agreement, and the Securities Administrator hereby so ratifies the Swap Agreement. If based upon a notice from the valuation agent pursuant to section 4(c) of the credit support annex, the Securities Administrator determines that a delivery amount exists, then the Securities Administrator shall demand such amount pursuant to section 3(a) of the credit support annex. The Securities Administrator shall amend the Swap Agreement in accordance with its terms and as requested in writing by a party to the Swap Agreement to cure any ambiguity in or correct or supplement any provision of, the Swap Agreement; provided, however, that any such amendment will not have a material adverse effect to a Certificateholder as evidenced by a written confirmation from each Rating Agency that such amendment would not result in the reduction or withdrawal of the then current ratings of any outstanding Class of Certificates. The Swap Agreement shall not part of any REMIC. The Swap Provider is the calculation agent under the Swap Agreement and shall calculate all amounts pursuant to the Swap Agreement and notify the Securities Administrator of all such amounts. The Depositor hereby directs the Securities Administrator to execute, deliver and perform its obligations under the Swap Agreement on the Closing Date and thereafter on behalf of the Holders of the Offered Certificates and the Class M-10 and Class M-11 Certificates. The Seller, the Depositor, the Servicer and the Holders of the Offered Certificates and the Class M-10 and Class M-11 Certificates by their acceptance of such Certificates acknowledge and agree that the Securities Administrator shall execute, deliver and perform its obligations under the Swap Agreement and shall do so solely in its capacity as Securities Administrator of the Supplemental Interest Trust and not in its individual capacity. The Depositor hereby instructs the Securities Administrator to make any and all demands for Eligible Collateral (as defined in the ISDA Master Agreement) under the Swap Agreement from the Swap Provider in satisfaction of the Delivery Amount (as defined in the ISDA Master Agreement) requirement. The Depositor hereby instructs the Securities Administrator to deliver notice to the Swap Provider upon any failure of the Swap Provider to transfer the Delivery Amount (as defined in the ISDA Master Agreement) pursuant to an Approved Credit Support Document (as defined in the Swap Agreement).

  • Swap Agreements The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any of its Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary.

  • Interest Rate Risk Management Instruments (a) All interest rate swaps, caps, floors and option agreements and other interest rate risk management arrangements to which the Parent or any of its Subsidiaries is a party or by which any of their properties or assets may be bound were entered into in the Ordinary Course of Business and in accordance with prudent banking practice and applicable rules, regulations and policies of Parent Regulatory Agencies and with counterparties believed to be financially responsible at the time, and are legal, valid and binding obligations enforceable in accordance with their terms (except as may be limited by general principles of equity, whether applied in a court of law or a court of equity, and by bankruptcy, insolvency and similar Laws affecting creditors’ rights and remedies generally), and are in full force and effect. The Parent and each of its Subsidiaries has duly performed in all material respects all of its obligations thereunder to the extent that such obligations to perform have accrued; and, to the Knowledge of the Parent, there are no breaches, violations or defaults or allegations or assertions of such by any party thereunder.