Common use of Maximum Rents Clause in Contracts

Maximum Rents. Borrower, its successors and assigns shall not charge rents for any Unit in excess of the amounts set forth in Section 2.b., as adjusted on the basis of the revised schedules of area median incomes issued from time-to-time by HUD. Upon request, the Administrator shall notify Borrower in writing of the adjusted allowable maximum incomes and rents. Borrower may increase rents for the Units not more than once annually, subject to any applicable rent control ordinance then in effect, but in no event shall rent be greater than the applicable Affordable Rent.