BMR Units definition
Examples of BMR Units in a sentence
The City and Developer would not be willing to enter into this Agreement without the understanding and agreement that ▇▇▇▇▇-▇▇▇▇▇▇▇ Act provisions set forth in California Civil Code section 1954.52(a) do not apply to the BMR Units as a result of the exemption set forth in California Civil Code section 1954.52(b) for the reasons set forth in this Section 5.11.
The Parties agree that the ▇▇▇▇▇-▇▇▇▇▇▇▇ Act does not and in no way shall limit or otherwise affect the restriction of rental charges for the BMR Units.
Developer, on behalf of itself and all of its successors and assigns of all or any portion of the Project Site, agrees not to challenge and expressly waives, now and forever, any and all rights to challenge the requirements of this Agreement related to the establishment of the BMR Units under the ▇▇▇▇▇-▇▇▇▇▇▇▇ Act (as the ▇▇▇▇▇-▇▇▇▇▇▇▇ Act may be amended or supplanted from time to time).
Developer shall include the provisions of this Section 5.11 in any and all assignment and assumption agreements, and any and all recorded restrictions, for any portion of the Project Site that includes or will include BMR Units.
If Developer constructs or pays an in lieu fee equivalent to a greater number of BMR Units than is required within a Development Phase to meet the BMR Requirement, then such additional BMR Units shall be counted against the total number of BMR Units required in the next Development Phase Approval.
The BMR Units shall be leased by the Owner of the Hotel Unit to a non-profit entity for rental to qualified occupants pursuant to the City “below-market” rate residences program subject to a lease between the Hotel Unit Owner and the non-profit entity (“BMR Lease”).
The average sale prices of BMR Units within a single building (or, if applicable, the average sales prices of BMR Units within a Principal Project and its Affiliate Project) shall be affordable to a Median Income Household.
At such time as the BMR Units are no longer subject to the BMR Lease, as set forth in Section 9.15, the BMR Units may be used by the Hotel Unit Owner as additional hotel rooms, or as rental residences.
The Hotel Unit Owner shall establish procedures to limit pedestrian access to Ray Avenue solely to occupants of the BMR Units.
The Parties acknowledge that the Project involves the demolition of dwelling units but that the Project would replace all demolished dwelling units with the Replacement Units and increase the City’s overall supply of housing, including the supply of BMR Units.