Examples of Covenant in a sentence
Because one hundred percent (100%) of moneys for site acquisition and renovation are being provided by the City, it is not contemplated that mortgages or deeds of trust, excepting for those for the City as beneficiary under this Agreement, shall be recorded as to the City during the Required Covenant Period; any additional or other mortgages, deeds of trusts or liens securing repayment shall require the prior written approval of the City Manager.
The Required Affordable Units shall be available to and occupied by Very Low Income Households and Low Income Households at Affordable Rent, as more particularly set forth herein, throughout the Required Covenant Period.
All tenants residing in the Affordable Units during the last two (2) years of the Required Covenant Period shall be given notice by the Participant at least once every six (6) months prior to the expiration date of this requirement, that the rent payable on the Affordable Unit may be raised to a market rate rent at the end of the Required Covenant Period.
The City’s willingness to enter into this Agreement and devote the level of funding as prescribed under this Agreement is based upon assurance that all Units on the Site will be maintained available at Affordable Rent at Prescribed Rent Levels as Qualifying Rentals throughout the Required Covenant Period.
The Site shall be used, maintained and operated in accordance with the AHA and this Regulatory Agreement for the Required Covenant Period.