Additional Covenants Relating to Project Sample Clauses

Additional Covenants Relating to Project. At all times during the Loan term (which duration shall extend until the maturity of the Loan as set forth in Section 3 unless Lender agrees to an earlier termination in accordance to the terms of the Loan Documents), the Project shall also be operated in compliance with the following additional restrictions and conditions: (a) Borrower agrees that it will consider as prospective tenants clients of Lender’s Section 8 housing assistance program who otherwise meet, in Borrower's sole discretion, Borrower’s applicable tenant qualification and selection standards and procedures and to the extent that a vacant available unit exists for the family size of the applicable Section 8 client. Borrower will accept as prospective tenants, on the same basis as all other prospective tenants, persons who receive assistance through a Section 8 rental certificate or voucher or other housing program subsidy. Borrower shall not apply selection criteria to Section 8 clients that are more burdensome than criteria applied to all other prospective tenants. Rents and fees charged for units occupied by Section 8 clients will not be materially higher than for other units in the Project which are similar in size, location, and amenities. (b) Borrower agrees that it will maintain the Project in such a manner as to be in continuing compliance with the Lender’s rental dwelling licensing ordinance and housing maintenance code. If at any time the Project is in material violation of the Lender’s rental dwelling licensing ordinance or housing maintenance code, Lender may require that such violation or condition be remedied by repairing or replacing a portion of the Project. If a dispute should arise between Borrower and Lender regarding whether any such violation exists and/or the manner by which such violation or condition should be remedied, Borrower shall, at Borrower’s expense, retain an independent engineer or other independent person or firm knowledgeable in construction or property maintenance as deemed appropriate by Lender, selected by Borrower and reasonably acceptable to Lender, to determine what maintenance or capital improvements are required, if any, for the Project to comply with the provisions of this paragraph and whether those improvements should be made by repairing or replacing portions of the Project, taking into account the nature of the condition or violation and life of the particular component of the Project in question. If any such improvements are required in the ...