Default Defined: Penalties Sample Clauses
Default Defined: Penalties. If Owner sells an affordable unit for an amount in excess of the affordable housing Maximum Sales Price, Owner shall pay to the County twice the difference between the affordable maximum sales price and actual sales price. If Owner sells an affordable unit to a buyer whose income exceeds the allowable maximum, defined in Section 1.1, Owner shall pay County $5,000 for each and every such violation. County shall allocate any money collected pursuant to this Section for the provision of additional affordable housing, including the administration and enforcement of the HIP program.
Default Defined: Penalties. If Owner violates restrictions or provisions contained in this HIP Rental Agreement, Owner shall pay to County five thousand dollars ($5,000.00) for each and every such violation. "Violation" means the rental of an Affordable Unit at a rate in excess of that permitted hereunder and/or to a household having an income in excess of that permitted hereunder, provided that not more than one (1) violation shall be cited with regard to any individual non-qualifying rent level or tenant household, as to any particular Affordable Unit, in any one- (1) year period. County shall allocate any money collected pursuant to this Section for the provision of additional affordable housing including the administration and enforcement of the HIP program.