Residence; Term Sample Clauses

Residence; Term. Pursuant to the terms and conditions of this Agreement and of the other Residency Agreements (as defined below in Section 4(C) of this Agreement), Resident may occupy the Real Property, and reside within the Home (the Home and the Real Property are hereinafter called the “Residence”). Resident may commence occupying the Residence and residing in the Home on the Commencement Date (as defined below), and pursuant to the terms and conditions of this Agreement and of the other Residency Agreements, Resident may continue to occupy the Residence and reside in the Home until that certain calendar date that is three (3) years after the Commencement Date (“Termination Date”), unless this Agreement is sooner terminated pursuant to the provisions hereof. “Commencement Date” is defined in the Value Share Agreement that Resident and Acre Home Ownership Holdings LLC, a Delaware limited liability company (“Acre”), are entering into concurrent with the execution of this Agreement, and which Value Share Agreement establishes, pursuant to the terms and provisions thereof, the grant from Acre to Resident of the right and option to purchase the Residence (“Value Share Agreement”). The period of time from the Commencement Date until the Termination Date is hereinafter called the “Term.” All conditions precedent to the Commencement Date under the Value Share Agreement must, in Acre’s discretion, have been satisfied in order to trigger the Commencement Date under both this Agreement and under the Value Share Agreement.