Use and Affordability Restrictions Clause Samples

Use and Affordability Restrictions. Owner hereby covenants and agrees, for itself and its successors and assigns, that the Property shall be used solely for the operation of a multifamily rental housing development for households that include one or more members who have developmental disabilities, in compliance with the Loan Agreement, the Ground Lease, and the requirements set forth herein. Owner represents and warrants that it has not entered into any agreement that would restrict or compromise its ability to comply with the occupancy and affordability restrictions set forth in this Agreement, and Owner covenants that it shall not enter into any agreement that is inconsistent with such restrictions without the express written consent of City.

Use and Affordability Restrictions. Developer hereby covenants and agrees, for itself and its successors and assigns that, upon completion of construction of each of the Project’s residential buildings described in the Development Agreement, each shall be used - for the operation of a mixed-use, condominium or rental development in compliance with the DA and in compliance with this Agreement.

Use and Affordability Restrictions. Owner hereby covenants and agrees, for itself and its successors and assigns, that the Property shall be used solely for the construction and operation of a multi-phase mixed use residential and commercial development in compliance with the development approvals granted by the City of Milpitas, that certain Owner Participation Agreement by and between the Redevelopment Agency of the City of Milpitas and Integral Communities ▇▇▇▇▇▇▇▇▇▇, LLC, dated August 3, 2010 (the "Owner Participation Agreement"), and the requirements set forth herein. Owner represents and warrants that it has not entered into any agreement that would restrict or compromise its ability to comply with the occupancy and affordability restrictions set forth in this Agreement, and Owner covenants that it shall not enter into any agreement that is inconsistent with such restrictions without the express written consent of Agency. Notwithstanding the foregoing or anything to the contrary contained herein, if the terms of financing for the Project require greater affordability restrictions than those imposed hereby, the requirements of such other financing shall prevail for the term thereof.

Use and Affordability Restrictions. Owner hereby covenants and agrees, for itself and its successors and assigns, that throughout the Term of this Agreement (as defined in Section 4.1 below), the Property shall be used solely for residential occupancy by Eligible Households in compliance with the requirements set forth in this Agreement. Owner represents and warrants that it has not entered into any agreement that would restrict or compromise its ability to comply with the occupancy and affordability restrictions set forth in this Agreement, and Owner covenants that it shall not enter into any agreement that is inconsistent with such restrictions without the express written consent of City. Owner further covenants that it shall use best efforts to complete the qualification of Eligible Households and lease up of the Restricted Units as soon as reasonably possible following City’s issuance of certificates of occupancy for such units.

Use and Affordability Restrictions. Owner hereby covenants and agrees, for itself and its successors and assigns, that the Property shall be used solely for the development and operation of a multifamily senior housing development in compliance with the Loan Agreement and the requirements set forth herein. Owner represents and warrants that it has not entered into any agreement that would restrict or compromise its ability to comply with the occupancy and affordability restrictions set forth in this Agreement, and Owner covenants that it shall not enter into any agreement that is inconsistent with such restrictions without the express written consent of City.‌ Owner has elected to operate the Project as a senior housing development and as such to require all dwelling units in the Project except for the manager’s unit to be occupied or held available for occupancy by households that include “elderly” or “senior” residents in accordance with applicable law. To the extent applicable, the Project will be operated at all times in accordance with (a) the ▇▇▇▇▇ Act, including without limitation California Civil Code Sections 51.2, 51.3, and 51.4; (b) the federal Fair Housing Act, 42 U.S.C. Section 3607(b) and 24 CFR 100.304; (c) the California Fair Employment and Housing Act, Government Code Section 12900 et seq., and (d) all other applicable laws and regulations. Owner shall develop and implement appropriate age verification procedures to ensure compliance with this Section 2, and shall provide City with a copy of such verification procedures. Owner will indemnify, protect and hold the Indemnitees harmless from all Claims arising out of Owner’s failure to comply with applicable legal requirements related to housing for seniors. The indemnity provisions of this paragraph shall survive the expiration of the term of this Agreement or other termination of this Agreement.

Use and Affordability Restrictions. Developer hereby covenants and agrees, for itself and its successors and assigns, that the Affordable Units shall be used solely in compliance with the Project Approvals, including the Development Agreement, and the requirements set forth herein. Developer represents and warrants that it has not entered into any agreement that would restrict or compromise its ability to comply with the occupancy and affordability restrictions set forth in this Agreement, and Developer covenants that it shall not enter into any agreement that is inconsistent with such restrictions without the express written consent of City.

Use and Affordability Restrictions. Owner agrees that, at all times during the Term of this Agreement, the Property will be used solely for the operation of a multifamily rental housing development in compliance with the Applicable Requirements and this Agreement. Throughout the Term, a minimum of seventy-five (75) residential units in the Project shall be occupied, or if vacant, available for occupancy by Qualifying Households at Affordable Rents. Notwithstanding any contrary provision of this Agreement, if other Project lenders, Project investors, or regulatory agencies require stricter household income eligibility or affordability requirements than those imposed hereby, the stricter requirements pertaining to rent limitations, income limits, and occupancy requirements applicable pursuant to the TCAC Requirements and/or the Bond Regulatory Agreement, shall prevail during such time that such requirements apply to the Project. In addition to the foregoing, Owner and Authority agree to make best good faith efforts (including without limitation, seeking funds from the City, the County, other public agencies, and private sources) to secure rent subsidies and social services funding sufficient to enable Owner to set aside of eight (8) residential units for formerly unhoused residents with the tenant-paid portion of the rent payable for such units not greater than 30% of the tenant’s monthly household Gross Income.

Use and Affordability Restrictions. Subject to the provisions hereof, Lessee shall use the Leased Premises for the development, operation and maintenance of the Improvements in accordance with the restrictions and requirements set forth in Article 5 hereof, and throughout the Term, shall continuously use and operate the Development only for the following uses, and such other uses as are reasonably and customarily attendant to such uses: development, marketing for lease, and leasing of the Units in a manner that strictly satisfies the requirements of this Lease, and throughout their respective terms, the Use Agreement and the Regulatory Agreement. Further, ▇▇▇▇▇▇ agrees: (a) Not to use the Leased Premises or the Improvements for any disorderly or unlawful purpose; (b) To use reasonable efforts to prevent, ▇▇▇▇▇, or terminate any actions by Tenants that constitute a nuisance or unlawful conduct in, on, or about, the Leased Premises or Improvements; (c) To use reasonable efforts to prevent, ▇▇▇▇▇, or terminate any action by any Tenant that would cause Lessee to violate any of the covenants and conditions of this Lease with respect to the Improvements; (d) Upon notice from Lessor, to take reasonable action, as necessary to ▇▇▇▇▇ any action by any Tenant that would cause Lessee to violate this Lease; and (e) Subject to the rights of Tenants, to permit Lessor and its agents upon not less than forty-eight (48) hours' written notice to inspect the Leased Premises and the Improvements or any part thereof at any reasonable time during the Term. (f) To use the Leased Premises and Improvements only as affordable rental multi-family housing and approved ancillary uses with occupancy and rents restricted as follows: (i) The Restricted Units shall be restricted for occupancy by households whose gross household income at initial occupancy is not greater than sixty percent (60%) of area median income adjusted for household size as determined by TCAC; and (ii) The monthly rent for the Restricted Units minus a utility allowance as published by HACCC shall be limited to one-twelfth (1/12th) of thirty percent (30%) of the household income limit established pursuant to the preceding clause (f)(i), adjusted for household size appropriate for the Unit, or if greater, the rent established pursuant to TCAC Requirements. (iii) The monthly rent for Restricted Units that are reserved for occupancy by formerly homeless households will be restricted as set forth in the Regulatory Agreement. Notwithstanding any contrary pr...

Use and Affordability Restrictions. Owner hereby covenants and agrees, for itself and its successors and assigns, that the Property shall be used solely for the construction and operation of a 62-unit multifamily rental housing development in compliance with the OPGA, the development approvals granted by the City, and the requirements set forth herein. Owner represents and warrants that it has not entered into any agreement that would restrict or compromise its ability to comply with the occupancy and affordability restrictions set forth in this Agreement, and Owner covenants that it shall not enter into any agreement that is inconsistent with such restrictions without the express written consent of Agency. Notwithstanding the foregoing or anything to the contrary contained herein, if the terms of financing for the Project require greater affordability restrictions than those imposed hereby, the requirements of such other financing shall prevail for the term of such financing.