Legally Permissible Sample Clauses
The "Legally Permissible" clause establishes that all actions, obligations, or provisions within the agreement must comply with applicable laws and regulations. In practice, this means that if any part of the contract would require a party to act unlawfully or violate statutory requirements, that part is either modified or deemed unenforceable to the extent necessary. This clause ensures that the contract remains valid and enforceable without compelling any party to break the law, thereby protecting both parties from legal risk and ensuring the agreement operates within the bounds of legality.
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Legally Permissible. The subject site is currently zoned RMFA, Multiple Family Residential Alternate by the City of Temple Terrace. The subject property, as improved, appears to represent a legal use of the subject site based upon zoning regulations. In addition, the subject property reflects an MDR, Medium Density Residential classification under the Temple Terrace Comprehensive Land Use Plan. This land use classification provides for a maximum density of 18 dwelling units per acre. FINANCIALLY FEASIBLE: -------------------- The subject project was opened in the Spring of 1987 and has been successfully operating as a rental apartment project since that time. The 1990 overall average occupancy level for the subject property equaled 91.5%; the 1991 overall occupancy level for the subject equaled 86.6% and the subject's 1992 overall average occupancy level equaled 88.3%. During 1993 the subject property achieved an average occupancy level of 92.5%, the 1994 overall occupancy level for the subject property equaled 95.5%, the 1995 overall occupancy level for the subject property equaled 95.0%, the 1996 overall occupancy for the subject property equaled 91.8% and the 1997 overall occupancy for the subject property equaled 86.0%. The subject property reflects a current reported occupancy level of 89.5%, which appears to be substantially below current market norms. The subject property's occupancy levels appear to have been negatively impacted by the opening of Colonial Village At River Hills Phase III in August 1996. A total of 172 units have been leased in Phase III, with 210 units remaining vacant. Given this project's previous absorption levels, it appears that it should take less than one year before the new units in Phase III will be absorbed. During the last several years, the subject market area has reflected moderate rent levels with very moderate upward movement in rental rates. Between February 1993 and February 1994, the base rents for the subject one-bedroom/one-bath units increased 2.28% and the subject two-bedroom/two-bath units reflected no change in rental rates. During the period between February 1994 and February 1995, the base rent for the subject's one-bedroom units increased by 2.23% and the base rents for the two-bedroom units increased by 3.54% and between February 1995 and February 1996 the base rent for the subject's one bedroom units increased by 6.53% and the base rents for the two bedroom units increased by 5.13%. Between March 1996 and January 1997, the ...
Legally Permissible. Legally Permissible is defined in Section 5.10(a).
Legally Permissible. Legally Permissible" is defined in Subsection ------------------- 6.15(a)(iv).
Legally Permissible. The grove improvements conform to the property’s zoning limitations and requirements.
Legally Permissible. As shown in the zoning section of this report, the subject is zoned C-V, Civic District, under the jurisdiction of the City of Las Vegas. The zoning permits residential uses; however, this zoning is not considered a permanent zoning. Typically, parcels are zoned RE and then re-zoned when a specific use is identified. The subject parcel has been developed with the College of Southern Nevada and has been exempt from obtaining the required zoning changes. In summary, the legally permissible use of the site at this time is for residential development, child care facility or other File #07-377 LUBAWY & ASSOCIATES, INC. public uses, on the subject parcel. Assuming that a zone change would be granted, a likely use for the subject site would be office.