Uses of the Property. The Borrower covenant and agree for itself, its successors, its assigns, and every successor in interest to the Property or any part thereof, that upon the acquisition and rehabilitation and thereafter, the Borrower, its successors and assignees, shall use, maintain, and operate the Property as specified in this Agreement throughout the Term. All uses conducted on the Property including, without limitation, all activities undertaken by the Borrower pursuant to this Agreement shall conform to all applicable provisions of local, state and federal laws and regulations. None of the dwelling units on the Property shall at any time be utilized on a transient basis nor shall the Property or any portion thereof ever be used as a hotel, motel, dormitory, fraternity or sorority house, rooming house, hospital, nursing home, sanitarium, rest home or assisted living facility. All HOME units are designated as Floating Units. Floating Units are changed to maintain conformity with the requirements of this section during the Affordability Period so that the total number of housing units meeting the requirements of this section remains the same, and substituted unit is comparable in terms of size, features, and number of bedrooms to the originally designated HOME-assisted unit.
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Uses of the Property. The Borrower covenant and agree for itself, its successors, its assigns, and every successor in interest to the Property or any part thereof, that upon the acquisition and rehabilitation and thereafter, the Borrower, its successors and assignees, shall use, maintain, and operate the Property as specified in this Agreement throughout the Term. All uses conducted on the Property including, without limitation, all activities undertaken by the Borrower pursuant to this Agreement shall conform to all applicable provisions of local, state and federal laws and regulations. None of the dwelling units on the Property shall at any time be utilized on a transient basis nor shall the Property or any portion thereof ever be used as a hotel, motel, dormitory, fraternity or sorority house, rooming house, hospital, nursing home, sanitarium, rest home or assisted living facility. All HOME NSP units are designated as Floating Units. Floating Units are changed to maintain conformity with the requirements of this section during the Affordability Period so that the total number of housing units meeting the requirements of this section remains the same, and substituted unit is comparable in terms of size, features, and number of bedrooms to the originally designated HOMENSP-assisted unit.
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