Common use of Covenants to Run With the Land Clause in Contracts

Covenants to Run With the Land. Subject to the Restrictive Covenants and the Subordination Agreements, the County Board and the Borrower hereby declare their express intent that the covenants and restrictions set forth in this Article IV shall run with the land, and shall bind all successors in title to the Property during the AHIF Affordability Compliance Period, provided however, that upon the expiration of the AHIF Affordability Compliance Period, said covenants and restrictions shall automatically expire. Each and every contract, deed or other instrument hereafter executed covering or conveying the Property or any portion thereof during the AHIF Affordability Compliance Period, shall be held conclusively to have been executed, delivered and accepted subject to such covenants and restrictions, regardless of whether such covenants or restrictions are set forth in such contract, deed or other instrument, unless the County Board expressly releases such conveyed portion of the Property from the requirements of this Agreement or such contract, deed or other instrument is executed after the expiration of the AHIF Affordability Compliance Period. Subject to Arlington County U-3426-15-1 Use Permit, Condition No. 39, set forth in the document entitled “3507 Columbia Pike U-3426-15-1 Neighborhoods Form Based Code Use Permit Conditions”, as approved by the County Board on December 12, 2015, in the event of foreclosure or deed in lieu of foreclosure pursuant to the deed of trust securing the VHDA Senior Loan, the covenants, terms and restrictions set forth in this Article 4 for eighty-three (83) of the Income-Restricted Units shall automatically terminate. End of Article IV

Covenants to Run With the Land. Subject to the Restrictive Covenants and the Subordination AgreementsAgreement, the County Board and the Borrower hereby declare their express intent that the covenants and restrictions set forth in this Article IV shall run with the land, and shall bind all successors in title to the Property during the AHIF Affordability Compliance Period, provided however, that upon the expiration of the AHIF Affordability Compliance Period, said covenants and restrictions shall automatically expire. Each and every contract, deed or other instrument hereafter executed covering or conveying the Property or any portion thereof during the AHIF Affordability Compliance Period, shall be held conclusively to have been executed, delivered and accepted subject to such covenants and restrictions, regardless of whether such covenants or restrictions are set forth in such contract, deed or other instrument, unless the County Board expressly releases such conveyed portion of the Property from the requirements of this Agreement or such contract, deed or other instrument is executed after the expiration of the AHIF Affordability Compliance Period. Subject to Arlington County U-3426U-3401-15-1 Use Permit, Condition No. 39, set forth in the document entitled “3507 Columbia Pike U-3426Hills U-3401-15-1 Neighborhoods Form Based Code Use Permit Conditions”, as approved by the County Board on December 12February 24, 2015, in the event of foreclosure or deed in lieu of foreclosure pursuant to the deed of trust securing the VHDA Permanent Senior Loan, the covenants, terms and restrictions set forth in this Article 4 for eighty-three one hundred four (83104) of the Income-Restricted Units shall automatically terminate. Of the twenty-eight (28) remaining Income-Restricted Units in Columbia Hills West Apartments complex, all shall be solely rented to and occupied by or, if vacant, available for occupancy by Low-Income Households with incomes at or below sixty percent (60%) of Area Median Income. The distribution of the remaining Income-Restricted Units in Columbia Hills West Apartments shall be as follows: ` 60% of AMI Efficiency 10 One-bedroom 05 Two-bedroom 11 Three-bedroom 02 TOTAL 28 End of Article IV

Covenants to Run With the Land. Subject to the Amended and Restated County Restrictive Covenants and the Subordination AgreementsAgreement, the County Board and the Borrower hereby declare their express intent that the covenants and restrictions set forth in this Article IV shall run with the land, and shall bind all successors in title to the Property during the AHIF Affordability Compliance Period, provided however, that upon the expiration of the AHIF Affordability Compliance Period, said covenants and restrictions shall automatically expire. Each and every contract, deed or other instrument hereafter executed covering or conveying the Property or any portion thereof during the AHIF Affordability Compliance Period, shall be held conclusively to have been executed, delivered and accepted subject to such covenants and restrictions, regardless of whether such covenants or restrictions are set forth in such contract, deed or other instrument, unless the County Board expressly releases such conveyed portion of the Property from the requirements of this Agreement or such contract, deed or other instrument is executed after the expiration of the AHIF Affordability Compliance Period. Subject to Arlington County U-3426-15-1 Use PermitSite Plan #369, Condition No. 39, set forth in the document entitled “3507 Columbia Pike U-3426-15-1 Neighborhoods Form Based Code Use Permit Conditions”#62, as approved by the County Board on December 12July 10, 20152004, in the event of foreclosure or deed in lieu of foreclosure pursuant to the deed of trust securing the VHDA Senior Loan, the covenants, terms and restrictions set forth in this Article 4 for eighty-three six (836) of the Income-Restricted Units shall automatically terminate. End of Article IV

Covenants to Run With the Land. Subject to the AHIF Restrictive Covenants and the Subordination AgreementsAgreement, the County Board and the Borrower hereby declare their express intent that the covenants and restrictions set forth in this Article IV shall run with the land, and shall bind all successors in title to the Property during the AHIF Affordability Compliance Period, provided however, that upon the expiration of the AHIF Affordability Compliance Period, said covenants and restrictions shall automatically expire. Each and every contract, deed or other instrument hereafter executed covering or conveying the Property or any portion thereof during the AHIF Affordability Compliance Period, shall be held conclusively to have been executed, delivered and accepted subject to such covenants and restrictions, regardless of whether such covenants or restrictions are set forth in such contract, deed or other instrument, unless the County Board expressly releases such conveyed portion of the Property from the requirements of this Agreement or such contract, deed or other instrument is executed after the expiration of the AHIF Affordability Compliance Period. Subject to Arlington County U-3426-15-1 Use Permit, Condition No. 39, set forth in the document entitled “3507 Columbia Pike U-3426-15-1 Neighborhoods Form Based Code Use Permit Conditions”, as approved by the County Board on December 12, 2015, in In the event of foreclosure or deed in lieu of foreclosure pursuant to the deed of trust securing the VHDA Senior LoanDebt, the covenants, terms and restrictions set forth in this Article 4 for eighty-three (83) all of the Income-Restricted Units shall automatically terminate. End of Article IV

Covenants to Run With the Land. Subject to the Restrictive Covenants and the Subordination AgreementsAgreement, the County Board and the Borrower hereby declare their express intent that the covenants and restrictions set forth in this Article IV shall run with the land, and shall bind all successors in title to the Property during the AHIF Affordability Compliance Period, provided however, that upon the expiration of the AHIF Affordability Compliance Period, said covenants and restrictions shall automatically expire. Each and every contract, deed or other instrument hereafter executed covering or conveying the Property or any portion thereof during the AHIF Affordability Compliance Period, shall be held conclusively to have been executed, delivered and accepted subject to such covenants and restrictions, regardless of whether such covenants or restrictions are set forth in such contract, deed or other instrument, unless the County Board expressly releases such conveyed portion of the Property from the requirements of this Agreement or such contract, deed or other instrument is executed after the expiration of the AHIF Affordability Compliance Period. Subject to Arlington County U-3426-15-1 Use Permit, Condition No. 39, set forth in the document entitled “3507 Columbia Pike U-3426-15-1 Neighborhoods Form Based Code Use Permit Conditions”, as approved by the County Board on December 12, 2015, in the event of foreclosure or deed in lieu of foreclosure pursuant to the deed deeds of trust securing the VHDA Senior LoanDebt, the covenants, terms and restrictions set forth in this Article 4 for eighty-three ninety (8390) of the Income-Restricted Units shall automatically terminate. End of Article IV