City Option definition

City Option. Section 10A
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City Option means the City’s option to purchase Residence as defined in Section 15.A.
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City Option means the City’s option to purchase Residence as defined in Section 14.A.
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Examples of City Option in a sentence

  • The City acknowledges and agrees that the City Option shall only be exercised by the City or a City Designated Purchaser for the purpose of retaining the Home as an affordable housing unit and that the Home may only be resold by the City or a City Designated Purchaser as an affordable housing unit in compliance with the City's Inclusionary Housing Program and/or other City affordable housing programs.

  • The City Option may be exercised by the City or by a City Designated Purchaser in the City Response Notice.

  • The City Response Notice may notify the Owner that the City or a City Designated Purchaser elects to exercise the City Option to purchase the Home.

  • Any Transfer of the Home will be subject to the provisions of this Agreement including, without limitation, exercise of the City Option pursuant to Section 10 below.

  • The City may assign the City Option to another public agency, a nonprofit corporation, or an Eligible Purchaser selected by the City (any of which shall be referred to herein as a "City Designated Purchaser").

  • If the City assigns the City Option to a City Designated Purchaser, the City Response Notice shall be executed by the City Designated Purchaser and shall notify the Owner that a City Designated Purchaser is exercising the City Option in lieu of the City.

  • Alternatively, the City Response Notice may notify the Owner that the City or a City Designated Purchaser will not exercise the City Option to purchase the Home.

  • If the City Response Notice notifies the Owner that the City or a City Designated Purchaser will exercise the City Option, the City or the City Designated Purchaser shall purchase the Home within ninety (90) days of the date of the City Response Notice and title shall be delivered by the Owner to the City by ▇▇▇▇▇ deed, free and clear of any mortgage or other liens, unless approved in writing by the City.

  • Notwithstanding, and in addition to, the remedies provided the City in Section 14B, and the City Option provided in Section 10A, the Owner hereby grants to the City or the Designee the option to purchase the Home effective upon the declaration of a default by the City pursuant to Section 14A above, and subject to notice and cure rights set forth in Section 15.

  • If the City (or a City Designated Purchaser) exercises the City Option, or if Owner sells to an Eligible Purchaser, the Maximum Restricted Resale Price (the "Maximum Restricted Resale Price") that the Owner shall receive from the City, City Designated Purchaser or Eligible Purchaser (or from any other sale or transfer by the Owner of the Home) shall be the lesser of (i) the Indexed Price of the Home; or (ii) the Fair Market Value of the Home.


More Definitions of City Option

City Option means the City's options to purchase pursuant to Sections 10 and 17 of the Resale Agreement.
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City Option means the City's options to purchase pursuant to Section 6 of the Resale Restriction Agreement.
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City Option. As defined in the preamble hereto.
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Related to City Option

  • 3(i) Option means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.

  • Call Option means an exchange traded option with respect to Securities other than Stock Index Options, Futures Contracts, and Futures Contract Options entitling the holder, upon timely exercise and payment of the exercise price, as specified therein, to purchase from the writer thereof the specified underlying Securities.

  • Nonqualified Option means any Option that is not an Incentive Stock Option.

  • Option Right means the right to purchase Common Shares upon exercise of an option granted pursuant to Section 4 of this Plan.

  • Shoe Option means the Initial Purchasers’ option to purchase up to seventy five million dollars ($75,000,000) aggregate principal amount of additional Notes as provided for in the Purchase Agreement.