Common use of All Units Clause in Contracts

All Units. For the initial lease term of the first household to occupy a unit in the Development, rent may not exceed 105% of the rents approved in the Authority’s Staff Mortgage Loan Report dated ***. In addition, for any continuously-occupied unit the total rent may not be increased more than five percent (5%) during any twelve month period. Exceptions to these limitations may be approved by the Director of Asset Management, but only for the specific purpose of paying for extraordinary increases in Development operating expenses (exclusive of limited dividend payments under Section 6). The rental rate for a unit may be increased to the maximum permitted by subsections 3.a. and 3.b. above, at the time a new tenant takes occupancy of that unit.

All Units. For the initial lease term of the first household to occupy a unit in the Development, rent may not exceed 105% of the rents approved in the Authority’s Staff Mortgage Loan Report dated ***. In addition, for any continuously-occupied unit the total rent may not be increased more than five percent (5%) during any twelve month period. Exceptions to these limitations may be approved by the Director of Asset Management, but only for the specific purpose of paying for extraordinary increases in Development operating expenses (exclusive of limited dividend payments under Section 65). The rental rate for a unit may be increased to the maximum permitted by subsections 3.a. and 3.b. above, at the time a new tenant takes occupancy of that unit.subsections