Common use of Regulatory Period Clause in Contracts

Regulatory Period. The Owner, for a period of five (5) years from project completion (“Regulatory Period”), shall take all necessary steps to ensure that the property improved under the Program is maintained in good condition. It is essential that Owners ensure that their properties remain free of lead hazards after compliance has been documented. The Owner agrees to maintain paint in all residential spaces using lead-safe work practices for the five year Regulatory Period. The Owner or a representative should visually assess the property on a routine basis, and whenever the occupant reports loose, peeling or damaged paint. The property owner may elect to hire a lead inspector to perform this assessment. The Owner of a property improved under the Program (“Assisted Property”) will be required to execute a Declaration, in the form attached as Attachment D, which shall be filed in the County Clerk’s Office for the county in which the Assisted Property is located. The Owner agrees to maintain the Assisted Property in compliance with the terms of this Grant Agreement, throughout the Regulatory Period. The Owner shall further declare that in the event of any non-compliance or sale of the property, the amount of grant funds distributed shall be subject to repayment, the amount of which shall be calculated and determined in accordance with an annual declining balance method based upon the five (5) year enforcement period, as shown on the Declaration. The Owner further acknowledges and agrees that the LPA shall have the right, pursuant to its agreement with the HTFC, to inspect the Assisted Property to monitor the Owner’s compliance with this requirement.

Regulatory Period. The Owner, for a period of five (5) years from project completion (“Regulatory Period”), shall take all necessary steps to ensure that the property improved under the Program is maintained in good condition. Residential units improved under the Program that become vacant during the Regulatory Period must be marketed, and made affordable, to persons of low income, which is defined as persons and families whose incomes do not exceed ninety percent (90%) of the median income for the metropolitan statistical area in which the properties are located. This requirement is met through a rent limit imposed on the assisted units during the Regulatory Period. Annual Rent Limit tables are prepared by NYS Homes and Community Renewal (“HCR”). It is essential that Owners ensure that their properties remain free of lead hazards after compliance has been documented. The Owner agrees to maintain paint in all residential spaces using lead-safe work practices for the five year Regulatory Period. The Owner or a representative should visually assess the property on a routine basis, and whenever the occupant reports loose, peeling or damaged paint. The property owner may elect to hire a lead inspector to perform this assessment. The Owner of a property improved under the Program (“Assisted Property”) will be required to execute a Declaration, in the form attached as Attachment D, which shall be filed in the County Clerk’s Office for the county in which the Assisted Property is located. The Owner agrees to maintain the Assisted Property in compliance with the terms of this Grant Agreement, throughout the Regulatory Period. The Owner shall further declare that in the event of any non-compliance or sale of the property, the amount of grant funds distributed shall be subject to repayment, the amount of which shall be calculated and determined in accordance with an annual declining balance method based upon the five (5) year enforcement period, as shown on the Declaration. The Owner further acknowledges and agrees that the LPA shall have the right, pursuant to its agreement with the HTFC, to inspect the Assisted Property to monitor the Owner’s compliance with this requirement.

Regulatory Period. The OwnerOwner(s), for a period of five ten (510) years from project completion (“Regulatory Period”), shall take all necessary steps to ensure that the property improved under the Program Assisted Property is maintained in good conditioncondition and repair. It is essential that Owners The Owner(s) shall take all necessary steps to ensure that their properties remain free of lead hazards after compliance has been documented. The Owner agrees to maintain paint in all residential spaces using leadthe Assisted Property is occupied by a year-safe work practices round or long-term tenant for the five year duration of the Regulatory Period. The Owner or Short-term rentals, including vacation and seasonal rentals, are not permitted and would constitute a representative should visually assess violation of the property on a routine basis, and whenever regulatory terms. Owner(s) of Assisted Properties are not obligated to collect rent from the occupant reports looseof the ADU on the Assisted Property if the occupant is a family-member or for other reasons at their discretion. Owner(s) of Assisted Property that becomes vacant during the Regulatory Period must make good faith efforts to market the Assisted Property to potential long-term tenants. If the Owner(s) of an Assisted Property sells or otherwise conveys the Assisted Property during the Regulatory Period, peeling the Assisted Property must either be sold or damaged paint. The property owner may elect otherwise conveyed to hire a lead inspector to perform this assessment. The Owner an individual(s) with an adjusted household income of a property improved no more than 100% of area median income (“AMI”) or the grant funds provided under the Program (“will be subject to repayment in accordance with a simple declining balance based on the ten year regulatory term, and as detailed in a Restrictive Covenant. In the event that the Assisted Property”Property is sold or otherwise conveyed in accordance with these terms and those of the Restrictive Covenant, the new Owner(s) of the Assisted Property must execute an Affirmation assuming the regulatory requirements and responsibilities found herein and found in the Restrictive Covenant. Failure to execute such Affirmation may result in a recapture of Program funds in accordance with a simple declining balance based on the ten-year regulatory term. The Owner(s) of the Assisted Property will be required to execute a DeclarationRestrictive Covenant, in the form attached as Attachment D, which shall be filed recorded in the County Clerk’s Office for the county in which the Assisted Property is located. The Owner Owner(s) agrees to maintain the Assisted Property in compliance with the terms of this Grant Agreement, throughout the Regulatory Period. The Owner shall further declare that in the event of any non-compliance or sale of the property, the amount of grant funds distributed shall be subject to repayment, the amount of which shall be calculated and determined in accordance with an annual declining balance method based upon the five (5Owner(s) year enforcement period, as shown on the Declaration. The Owner further acknowledges and agrees that the LPA shall have the right, pursuant to its agreement with the HTFC, to inspect the Assisted Property to monitor the Owner’s compliance with this requirement. The provisions of this section 7 shall survive the termination or expiration of this Agreement.