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

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.