Project Restrictions Clause Samples

Project Restrictions. The Applicant will not undertake any other projects or developments at the Property without the LTA's consent. If the Applicant is registered with HMRC for VAT, the Applicant must take all reasonable steps to recover VAT from HMRC in respect of any amount which had been funded by the LTA pursuant to this Loan Agreement. The Applicant must, on the tenth day of each calendar month after the first Drawdown Date, supply to the LTA: details of the amount of VAT paid by the Applicant in the previous month which had been funded by the LTA pursuant to this Loan Agreement; and details of the amount of VAT reclaimed by the Applicant from HMRC in the previous month, which had been funded by the LTA pursuant to this Loan Agreement. The Applicant shall pay to the LTA the full amount of any VAT reclaimed from HMRC which had been funded by the LTA and detailed to the LTA pursuant to paragraph 2.7.2(b) above on the earlier of: 10 Business Days after receipt of the reclaimed amount of VAT; or no later than six calendar months following: the date of Practical Completion; or the Longstop Date. [insert any other transaction specific Project undertakings that may be required] The Applicant must exercise their rights and comply in all respects with any covenant, stipulation or obligation (restrictive or otherwise) at any time affecting the Property. The Applicant may not agree to any amendment, supplement, waiver, surrender or release of any covenant, stipulation or obligation (restrictive or otherwise) at any time affecting the Property. [The Applicant must promptly take all such steps as may be necessary or desirable to enable the Security created by the Security Documents to be registered, where appropriate, at the Land Registry.]13 The Applicant must, within fourteen (14) days after the receipt by it of any application, requirement, order or notice served or given by any public or local or any other authority or any landlord with respect to the Property (or any part of it): deliver a copy to the LTA; and inform the LTA of the steps taken or proposed to be taken to comply with the relevant requirement, order or notice. The Applicant must grant the LTA or the LTA's lawyers on request all facilities within the Applicant's power to enable the LTA or the LTA's lawyers to: carry out investigations of title to the Property; and make such enquiries in relation to any part of the Property as a prudent mortgagee might carry out. If the Applicant fails to perform any obligations under...

Project Restrictions. (a) The Developer represents, warrants, and covenants that: (i) All leases of units to Qualifying Tenants (as defined in Section 3(a)(i) hereof) shall contain clauses, among others, wherein each individual lessee: (1) Certifies the accuracy of the statements made in its application and Eligibility Certification (as defined in Section 3(a)(ii) hereof); and (2) Agrees that the family income at the time the lease is executed shall be deemed a substantial and material obligation of the lessee’s tenancy, that the lessee will comply promptly with all requests for income and other information relevant to determining Qualifying Tenant status from the Developer or the Authority, and that the lessee’s failure or refusal to comply with a request for information with respect thereto shall be deemed a violation of a substantial obligation of the lessee’s tenancy. (ii) The Developer shall permit during normal business hours and upon reasonable notice, any duly authorized representative of the Authority to inspect the books and records of the Developer pertaining to the income of Qualifying Tenants residing in the Project.

Project Restrictions. (a) The Developer represents, warrants, and covenants that: (i) all leases of residential units to Qualifying Tenants (as defined in Section 3(a)(i) hereof) will contain clauses, among others, wherein each individual lessee: (1) certifies the accuracy of the statements made in its application and Eligibility Certification (as defined in Section 3(a)(ii) hereof); and (2) agrees that the family income at the time the lease is executed will be deemed a substantial and material obligation of the lessee’s tenancy; that the lessee will comply promptly with all requests for income and other information relevant to determining low or moderate income status from the Developer or the EDA, and that the lessee’s failure or refusal to comply with a request for information with respect thereto will be deemed a violation of a substantial obligation of the lessee’s tenancy. (ii) all leases of residential units will contain clauses, among others, wherein each individual lessee agrees that the age of at least one occupant at the time the lease is executed shall be deemed a substantial and material obligation of the lessee’s tenancy; that the lessee will comply promptly with all requests regarding the age of the occupants, and that the lessee’s failure or refusal to comply with a request for information with respect thereto shall be deemed a violation of a substantial obligation of the lessee’s tenancy. (b) In accordance with the Contract, during the Qualified Project Period the Project shall be operated by an entity that has a reasonable level of experience in managing similar facilities and satisfying Section 42 compliance requirements. For purposes of the foregoing, any manager or owner who is approved by HUD, ▇▇▇▇▇▇ ▇▇▇ or ▇▇▇▇▇▇▇ ▇▇▇ to manage multifamily rental housing projects financed by any one of such entities will automatically be deemed an acceptable manager of the Project. (c) During the Qualified Project Period the Developer and its permitted successors and assigns shall (i) deliver to the EDA notice of any proposed change in the owner or manager of the Project at least 30 days prior to the commencement of operations by such new owner or manager and

Project Restrictions. Permissible Dedicated Sales Surtax projects are restricted to the following categories: A. Stormwater and Water Quality B. Transportation Improvements C. Greenways and Parks and Recreation SECTION 8.

Project Restrictions. No portion of the Project may be used for any of the following purposes, without the prior written consent of the Consenting Owners (as defined in Section 2.3): (a) a cemetery, mortuary, crematorium, or funeral home; (b) a land fill, garbage dump, junk yard, or stockyard; (c) a mobile home park or trailer court; (d) the selling, renting, or displaying of pornographic, sexual, lewd, or obscene materials (including, without limitation, sex toys) or illicit drug-related paraphernalia or as a strip club; (e) an off-track betting parlor or gambling establishment (provided, however, that the foregoing shall not prohibit a first-class gambling and entertainment establishment or first- class operation, including without limitation a restaurant, to which off-track betting is an ancillary business); (f) a fire sale, going out of business sale, bankruptcy sale (unless pursuant to a court order or conducted on a temporary basis in the normal course) or auction house operation (provided, however, the foregoing shall not prohibit a first-class or high-end auction house operation); (g) a flea market, surplus store, or pawn shop (provided, however, that the foregoing shall not prohibit, by way of example, a Dollar Store, Dollar Tree or Dollar General); or (h) any assembling, manufacturing, refining, smelting, agricultural or mining operation or other use which emits an obnoxious or unusual dust, vapor, odor, noise, or sound which can be seen, heard or smelled outside any building in the Project (provided, however, that the foregoing shall not prohibit the operations of Great Railing, Inc., or any other business of ▇▇▇▇▇ ▇▇▇▇▇▇ or The ▇▇▇▇▇▇ Family Limited Partnership, or each of their affiliates, subsidiaries, successors, or assigns).

Project Restrictions. The following projections developed by Brilliant are based on several assumptions, including but not limited to, projected demand, sale price, other real estate factors, and exchange rate between the Malaysian currency (“MYR”) and United States Dollars (“USD”), among several other factors. Project Revenue 2,049 $499 Million Project Cost 1,074 $262 Million Project Earnings 974 $237 Million IGC Share (10.0%) 97 $24 Million Based on Brilliant’ Projections, IGC is expected to receive a return of approximately 97 Million MYR over the five-year projected life of the project. (a) In the event the project proceeds as anticipated: (i) Brilliant shall pay to IGC, within 90 days of the end of the Financial Year, commencing in the Financial Year Ended (FYE) as shown in the table below, the greater of 10% (ten percent) of any post tax earnings in that Financial Year or the amount set forth as follows: Amount due to IGC (MYR) 0.00 3 Million 4 Million 4 Million 4 Million 4 Million (ii) In the event Brilliant fails to pay the amounts, as set forth in subsection (i), above, Brilliant shall transfer sole ownership of units in the development of IGC’s choosing, with an aggregate market value equal to the greater of 10% (ten percent) of any post tax earnings in that financial year, or the amount set forth in the table above, free and clear of any Encumbrance, to IGC. Brilliant shall be responsible for payment of any taxes and/or fees, including stamp duty if any, incurred by either party related to the transfer. For the purposes of this provision, the market value of the transferred units shall be established by an independent appraiser appointed by IGC. (iii) IGC’s share, i.e., 10%, of the cumulative earnings, at the completion or substantial completion of the project, will then be compared to the amounts paid out to IGC as set forth herein, inclusive of the transfer value of units or other real estate. IGC’s portion of the cumulative earnings shall be deducted from the amounts, and the transfer value of the units and other real estate paid out as above. The difference shall be paid out to IGC. In the event that some portion of the project is not sold but leased to produce an income stream, IGC shall be entitled to 10.0% of the ongoing cash stream. (iv) In the event that Brilliant does not pay the amounts, or does not transfer the Units as set out in Clause 7 (a) then IGC shall be entitled to receive 10 % ownership in the land and any other assets associated therewith or the...

Project Restrictions. 4.1 The owner agrees to operate a Highway Advisory Radio System transmitter and associated signs in the following manner. Only traffic advisory or directional messages shall be broadcast over the radio station. No message of a commercial or promotional nature may be broadcast at any time. Messages concerning disruptions of normal traffic flow or road conditions due to highway construction or maintenance activities shall be broadcast when requested by the Ohio Department of Transportation. The Highway Advisory Radio System shall be operated at all times in accordance with applicable Federal Communications Commission Rules and Regulations. The Highway Advisory Radio System shall be operated on a permanent year-round basis 24 hours a day unless otherwise approved by the Director. The location(s) of the broadcast reception zone(s), as described in this Agreement, shall not be altered subsequent to placement of the signs referred to herein. The owner shall immediately notify the Ohio Department of Transportation of any event or condition which may significantly affect its ability to perform in accordance with the provisions of this Agreement.

Project Restrictions. All improvements shall be used for retail businesses, for restaurants, or for service businesses of the type generally found in a first-class retail shopping center in Central Florida including, without limitation, financial institutions, medical or veterinary offices and other service oriented uses.

Project Restrictions. An approved project must not: (a) conflict with, or require the modification of ComEd’s rates, terms, conditions, or standards of utility service; interfere with ComEd’s provision of utility service under its tariffs; or establish or maintain any unreasonable difference in such rates, terms, conditions, or standards of utility service either as between localities or as between classes of service; (b) involve lobbying for any legislative or administrative action of any kind (aside from technical discussions ancillary to implementation of a project) or any expenditures in support of candidates for elected or appointed governmental office or positions; or (c) involve expenditures related to the purchase or sale of the electrical system serving residents in Chicago, including studies related to ComEd’s performance under the Franchise Agreement.