Occupancy and Rent Limitation Sample Clauses

Occupancy and Rent Limitation. Subject to termination in the event of foreclosure or transfer in lieu of foreclosure as provided in Section 92.252(a)(5) of the Regulations, the occupancy and rent limitation provisions of this Section 7 shall remain in effect for a period of ten (10) years from the date of "project completion" (as such term is defined in the Regulations), such period to be incorporated in the Mortgage on the Property, or in other documents, to be recorded as the City may approve, in its sole discretion, as restrictive covenants running with, binding, and burdening the Project. At the City's request Homestead shall execute a written memorandum, prepared by the City, which memorandum shall memorialize said date of project completion and the foregoing Affordability Period, provided that any waiver by the City of its right to prepare or record any such memorandum and any failure by Homestead to execute and deliver the same shall not affect the validity or enforceability of the occupancy and rent restriction provisions of this Section
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Occupancy and Rent Limitation. Subject to termination in the event of foreclosure or transfer in lieu of foreclosure as provided in Section 92.252(a)(5) of the Regulations, the occupancy and rent limitation provisions of this Section 7 shall remain in effect for a period of ten (10) years from the date of "project completion" (as such term is defined in the Regulations), such period to be incorporated in the Mortgage on the Property, or in other documents, to be recorded as the City may approve, in its sole discretion, as restrictive covenants running with, binding, and burdening the Project. At the City's request Homestead shall execute a written memorandum, prepared by the City, which memorandum shall memorialize said date of project completion and the foregoing Affordability Period, provided that any waiver by the City of its right to prepare or record any such memorandum and any failure by Homestead to execute and deliver the same shall not affect the validity or enforceability of the occupancy and rent restriction provisions of this Section 9. Homestead acknowledges and agrees that the Affordability Period shall apply notwithstanding any contrary affordability period set forth in the Regulations, unless the affordability period set forth in the Regulations is longer. In the event of a foreclosure or deed in lieu of foreclosure relating to any other loan encumbering the Project, the City shall have the right, but not the obligation, to acquire the Project prior to such foreclosure or deed in lieu of foreclosure to preserve the foregoing affordability provisions as provided in Section 92.252 of the Regulations.

Related to Occupancy and Rent Limitation

  • Initial Lease Term The Initial Lease Term is for a minimum of ten (10) years; however, the State will consider a longer lease term if economic benefits are deemed to be in the State’s best interest. Please propose a fixed, or flat, rental rate for a Gross Lease: including all expenses – taxes, insurance, janitorial services, maintenance, etc. The State may elect to pay for utilities separately so please include a cost per square foot to reduce the rental rate if such occurs.

  • Monthly Rent The rent amount for the initial period shall be: _ Dollars ($_ ) paid on the _ (#) day of every month and: (check one) ☐ - Shall remain the same during the Initial Term. ☐ - Shall increase during the Initial Term as follows: 1st Period: • From _ _ (mm/dd/yyyy), to _ (mm/dd/yyyy). • Monthly Rent: _ _ Dollars ($ ) 2nd Period: • From _ _ (mm/dd/yyyy), to _ (mm/dd/yyyy). • Monthly Rent: _ _ Dollars ($ )

  • TERM AND RENT Lessor demises the above premises for a term of twenty years, commencing January 1, 1993, and terminating o December 31, 2012, or sooner as provided herein at the annual rent of Twenty Four Thousand Dollars ($24,000.00), payable in equal installments in advance on the first day of each month for that month's rental, during the term of this lease. All rental payments shall be made to Lessor, at the address specified above.

  • Base Rent Lessee shall pay Base Rent and other rent or charges, as the same may be adjusted from time to time, to Lessor in lawful money of the United States, without offset or deduction, on or before the day on which it is due under the terms of this Lease. Base Rent and all other rent and charges for any period during the term hereof which is for less than one full month shall be prorated based upon the actual number of days of the month involved. Payment of Base Rent and other charges shall be made to Lessor at its address stated herein or to such other persons or at such other addresses as Lessor may from time to time designate in writing to Lessee.

  • Basic Rent The periodic rent payable for the Aircraft throughout the Basic Term pursuant to Section 3.02 of the Lease, adjusted pursuant to Article 3 of the Lease. Basic Term. The period commencing at the beginning of the day on the Delivery Date and ending at the end of the day on July 15, 2023, or such earlier date on which the Lease shall be terminated as provided therein.

  • Annual Rent LESSEE covenants and agrees to pay as rent to LESSOR the sum of ($ ) for the first year of this lease which shall be due at the time of approval by the Board of Education. Subsequent payment of annual rent shall be due on or before the anniversary date of this Lease Agreement. The obligation of LESSEE to pay rent under this Lease Agreement is unconditional, and the rent shall not be subject to set off for any reason or cause. LESSOR and LESSEE agree that in the event of termination or cancellation, any rental payment made during the term of this Lease Agreement is not refundable, and LESSEE waives any right or claim it may have to refund of rent paid. Rents shall be adjusted annually pursuant to the rent adjustment clause contained in Paragraph 3 of this Lease Agreement. In the event LESSEE is delinquent in the payment of rent, LESSEE shall pay a late charge equal to fifteen percent (15%) of the amount of rent past due for more than 30 days and thereafter shall pay interest on any rent past due at an annual rate (the "Default Rate") equal to the maximum rate then allowed by law or, if there is no maximum rate, then a rate equal to five percent per annum above the discount rate, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve Bank in the Federal Reserve district in which LESSOR is located, calculated according to the actuarial method.

  • Storage Space Effective as of the Second Floor Commencement Date, Landlord hereby leases to Tenant certain additional space containing approximately 1,000 rentable square feet in such areas as more particularly designated on Schedule X- 0 xxxxxxxx hereto. In addition, Landlord hereby grants to Tenant the right to lease certain additional storage space in such areas of the Project as are designated for storage by Landlord on a first-come, first-served basis (the initial storage space and additional storage space leased to Tenant by Landlord, if any, are collectively the "Storage Space"). Tenant may exercise its option to lease additional Storage Space from time to time throughout the term of the Lease by giving written notice to Landlord of its desire to lease the same, which notice shall be conditioned upon the availability of the desired space. Tenant shall pay Landlord an annual rental for the Storage Space (the "Storage Rent") equal to $10.25 per rentable square foot of GLA of the Storage Space, adjusted annually at the rate of 2 1/2% per annum. The Lease Years for Storage Space shall be concurrent with the Lease Years for the Premises. No janitorial or trash removal services shall be provided to the Storage Space. No other charges shall be applied, as Additional Rent or otherwise, to the Storage Space, except for charges incurred by Landlord in enforcing its rights relating to the Storage Space under this Lease, in accordance with the terms of this Lease. The Tenant shall have the option, exercisable at any time during the Term, to cancel its lease of the Storage Space, upon thirty (30) days' prior written notice to the Landlord. Except as provided in this Section 2.1(b), the terms and conditions of Tenant's occupancy of the Storage Space shall be as set forth in this Lease. The Storage Space shall be leased in its absolute "AS IS" condition. There shall also be no core factor for the Storage Space (i.e., the usable areas shall be equal to the rentable area).

  • Parking Space The address required to find and physically park the Lessee’s vehicle is mandatory for this agreement to be valid. Section II. Term (7)

  • B7 Licence to Occupy Premises B7.1 Any land or Premises made available from time to time to the Contractor by the Authority in connection with the Contract shall be on a non-exclusive licence basis free of charge and shall be used by the Contractor solely for the purpose of performing its obligations under the Contract. The Contractor shall have the use of such land or Premises as licensee and shall vacate the same on completion, termination or abandonment of the Contract.

  • Parking Spaces All fees, taxes, costs, charges and expenses for operating cleaning, painting, managing maintaining, up-keeping, repair, replacement, renovation, overhaul, in respect of the Parking Spaces and also on deployment of personnel and agency for its operation, security, protection and other purposes etc.

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