Occupancy Restrictions. For the purpose of satisfying the requirements of Section 42 of the Code, at least for the Qualified Project Period, the Owner hereby represents, covenants and agrees as follows:
Occupancy Restrictions a. At least one Qualified Resident shall continuously occupy the Property as his or her principal place of residence.
Occupancy Restrictions. Occupancy may be limited at the Manager’s discretion and in accordance with all applicable fire codes. Fee Agreement and Damages Member agrees to pay all suggested fees identified in the rental agreement. Member further agrees and understands that they are responsible for repair and/or replacement of furniture, fixtures, landscaping, or other property damaged on the premises resulting from the use of the facility.
Occupancy Restrictions. Single occupancy dormitory rooms may be occupied only by the student who signed the license agreement . There are two-bedroom shared units in 272 Elm, Xxxxx Xxxx, 68 Xxxxxxxxx, Divinity Quadrangle, Esplanade, Mansfield, and Whitehall. These room types may only be occupied by the two students who signed the license agreement. No other occupants (including family members) are permitted to live in these unit types at any time. Violation of this clause may result in fines up to and including termination of the license agreement.
Occupancy Restrictions. PREMISES TO BE USED SOLELY AS A PRIVATE DWELLING FOR THE OCCUPANCY OF TENANT AND TENANT'S FAMILY. During the term of this lease, Tenant is responsible for the property and action of guests. Occupancy limits are based on septic permits for each property, which is generally 2 per bedroom. Bedding DOES NOT necessarily represent the legal house occupancy. Children are counted towards occupancy limit unless under two and on diapers. Possession by fraud or misrepresentation or material breach of the terms of the vacation rental agreement results in termination of this tenancy. Breach of this lease agreement is grounds for expedited eviction without refund. (North Carolina General Statute’s 42A-23.) Campers and motor homes are not permitted on the premises.
Occupancy Restrictions. (a) The Owner covenants that it will not knowingly take or permit any action that would result in a violation of the requirements of Section 42 and applicable regulations of this Agreement. The Owner covenants to take any lawful action (including amendment of this Agreement as may be necessary, in the opinion of the BOARD) to comply fully with the Code and with all applicable rules, rulings, policies, procedures, regulations or other official statements promulgated or proposed by the United States Department of the Treasury, or the Internal Revenue Service, or the Department of Housing and Urban Development from time to time pertaining to the Owner’s obligations under Section 42 and affecting the Project.
Occupancy Restrictions. Project shall be operated in accordance with affordability requirements and occupancy restrictions set forth in Attachment II, Occupancy Restrictions and Project Unit Characteristics, which is incorporated and made part of this Agreement.
Occupancy Restrictions. The Owner covenants that it will not knowingly take or permit any action that would result in a violation of the requirements of Section 42 and applicable regulations of this Agreement. The Owner covenants to take any lawful action (including amendment of this Agreement as may be necessary, in the opinion of the BOARD) to comply fully with the Code and with all applicable rules, rulings, policies, procedures, regulations or other official statements promulgated or proposed by the United States Department of the Treasury, or the Internal Revenue Service, or the Department of Housing and Urban Development from time to time pertaining to the Owner’s obligations under Section 42 and affecting the Project. The Owner acknowledges that the primary purpose for requiring compliance by the Owner with the restrictions provided in this Agreement is to assure compliance of the Project and the Owner with Section 42 and the applicable regulations, AND BY REASON THEREOF, THE OWNER IN CONSIDERATION FOR RECEIVING LOW-INCOME HOUSING CREDITS FOR THIS PROJECT HEREBY AGREES AND CONSENTS THAT THE BOARD AND ANY INDIVIDUAL WHO MEETS THE INCOME LIMITATION APPLICABLE UNDER SECTION 42 (WHETHER PROSPECTIVE, PRESENT OR FORMER OCCUPANT) SHALL BE ENTITLED, FOR ANY BREACH OF THE PROVISIONS HEREOF, AND IN ADDITION TO ALL OTHER REMEDIES PROVIDED BY LAW OR IN EQUITY, TO ENFORCE SPECIFIC PERFORMANCE BY THE OWNER OF ITS OBLIGATIONS UNDER THIS AGREEMENT IN A STATE COURT OF COMPETENT JURISDICTION. The Owner hereby further specifically acknowledges that the beneficiaries of the Owner’s obligations hereunder cannot be adequately compensated by monetary damages in the event of any default hereunder. The Owner hereby agrees that the representations and covenants set forth herein may be relied upon by the BOARD and all persons interested in Project compliance under Section 42 and the applicable regulations. The Owner acknowledges that the BOARD is required, pursuant to Section 42(m)(1)(B)(iii) of the Code and Section 1.42-5 of the Regulations, to establish a procedure to monitor the Owner’s and the Project’s compliance with the requirements of Section 42, which procedure includes the monitoring of the Owner’s compliance with the Additional Restrictions, if any, set forth in Exhibit C hereof. In addition, BOARD may be required to notify the Internal Revenue Service of any noncompliance. The Owner shall submit any other information, documents or certifications requested by the BOARD, which the BOARD sh...
Occupancy Restrictions. (a) For the purpose of Section 42(g)(1) of the Code, the Owner elects the following (select one): At least twenty percent (20%) of the residential rental units in the Project shall be maintained as both rent-restricted and occupied by individuals or families whose income is fifty percent (50%) or less of AMI. At least forty percent (40%) of the residential rental units in the Project shall be maintained as both rent-restricted and occupied by individuals or families whose income is sixty percent (60%) or less of AMI. At least forty percent (40%) of the residential rental units in the Project shall be maintained as both rent-restricted and occupied by individuals or families whose average income does not exceed the imputed income limitation designated by the Owner with respect to the Tax Credit Units provided that: (i) the Owner shall designate the imputed income limitation of each Tax Credit Unit taking into account; (ii) the average of the imputed income limitations shall not exceed sixty percent (60%) of AMI, and (iii) the designated imputed income limitations shall be either twenty percent (20%), 30 percent (30%), 40 percent (40%), 50 percent (50%), 60 percent (60%), seventy percent (70%) or 80 percent (80%) of AMI. Any changes to these initial designations may be made only with the Authority’s expressed written consent and in accordance with the Authority’s [Income Averaging Policy] in place at the time of the request.
Occupancy Restrictions. The Developer represents, warrants, and covenants that:
