Common use of Post Construction Clause in Contracts

Post Construction. 7.1 The Proponent covenants and agrees: (a) to the registration on title to the Project Lands of a restriction providing for the use of the Project as Affordable Housing during the Term of this Agreement, notwithstanding any prepayment of the Regional Funding, and to prohibit the use of the Project other than for purposes of Affordable Housing; [NTD: TO BE DETERMINED BASED ON PROPOSED PROJECT.] (b) that should the Proponent register the Project Lands or the Project as a condominium, the entire residential portion of the Building must be or continue to be operated as rental housing for the duration of the Agreement, and the restriction set out in Section 7.1(a) shall be registered against each Affordable Housing Unit; (c) to adhere to the Affordability Period requirements of the Region (including, without limitation, one hundred percent (100%) of the Median Market Rent, or lower condition for Monthly Occupancy Costs for the overall Project) and to ensure the Project remains affordable during the Affordability Period; [NTD: TO BE REVISED TO INCLUDE ANY ADDITIONAL AFFORDABILITY PERIODS AND MAXIMUM PERCENTAGE OF MEDIAN MARKET RENT AGREED TO BY THE PARTIES PRIOR TO EXECUTION.] (d) to provide the Region with a Proponent’s First Occupancy Report, in the form of the report attached as Schedule “E”; or in a form designated by the Region, not later than sixty (60) calendar days prior to the Occupancy Date; (e) upon the Region’s request, to provide annually the names and terms of the officers and directors, of the Proponent; and (f) to be solely responsible, at its own cost and expense, to maintain and operate the Project in a good state of repair and fit for habitation to the standard of a prudent owner of similar premises.

Post Construction. 7.1 The Proponent covenants and agrees: (a) to the registration on title to the Project Lands of a restriction providing for the use of the Project as Affordable Housing during the Term of this Agreement, notwithstanding any prepayment of the Regional Funding, and to prohibit the use of the Project other than for purposes of Affordable Housing; [NTD: TO BE DETERMINED BASED ON PROPOSED PROJECT.] (b) that should the Proponent register the Project Lands or the Project as a condominium, the entire residential portion of the Building must be or continue to be operated as rental housing for the duration of the Agreement, and the restriction set out in Section 7.1(a) shall be registered against each Affordable Housing Unit; (c) to adhere to the Affordability Period requirements of the Region (including, without limitation, one hundred and thirty-five percent (100135%) of the Median Market Rent, or lower condition for Monthly Occupancy Costs for the overall Project) and to ensure the Project remains affordable during the Affordability Period; [NTD: TO BE REVISED TO INCLUDE ANY ADDITIONAL AFFORDABILITY PERIODS AND MAXIMUM PERCENTAGE OF MEDIAN MARKET RENT AGREED TO BY THE PARTIES PRIOR TO EXECUTION.] (d) to provide the Region with a Proponent’s First Occupancy Report, in the form of the report attached as Schedule “E”; or in a form designated by the Region, not later than sixty (60) calendar days prior to the Occupancy Date; (e) upon the Region’s request, to provide annually the names and terms of the officers and directors, of the Proponent; and (f) to be solely responsible, at its own cost and expense, to maintain and operate the Project in a good state of repair and fit for habitation to the standard of a prudent owner of similar premises.