Use and Construction of Lands and Dwelling Units. 2.1 Use of the Lands – The Lands must only be used and built upon in accordance with this Agreement and: (a) the Lands must not be developed and no building or structure will be constructed or used on the Lands unless as part of the development, construction, or use of any such building or structure, the Owner also designs and constructs to completion, in accordance with a building permit issued by the City of New Westminster, any development permit issued by the City of New Westminster and, if applicable, any rezoning consideration applicable to development on the Lands, no fewer than ten (10) Dwelling Units which will be available at any given time for use as Below-Market Rental Units; (b) no fewer then ten (10) Dwelling Units must be occupied, or available for occupancy, at any given time, as Below-Market Rental Units (however, the exact location of the Below- Market Rental Units will not be prescribed but can be moved around as needed as Eligible Tenants and other Tenants move in and out of the Dwelling Units); (c) a Dwelling Unit must only be used as a permanent residence for a Tenant; and (d) no fewer than one hundred-twenty (120) Dwelling Units in the building must have two or more bedrooms, of which no fewer than twenty-eight (28) must have three or more bedrooms. 2.2 Tenure of Dwelling Units – Dwelling Units must only have a form of tenure that is residential rental.
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Sources: Housing Agreement, Housing Agreement