Contract Rents definition

Contract Rents is defined in Section 2(b) of the Assignment of Lease and Rent.
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Contract Rents means the total Contract Rents (as defined by HUD in regulations promulgated pursuant to Section 8 of the U.S. Housing Act of 1937, as amended) received in connection with the operation of the Housing Development governed by this section during an agreed annual period, exclusive of Utilities.
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Contract Rents shall have the meaning assigned to such term in Section 2(c) of each Assignment of Leases.
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Examples of Contract Rents in a sentence

  • This Contract consists of Part I, Part II and the following Exhibits: Exhibit 1: The schedule showing the number of units by size (Assisted Units) and their applicable rents (Contract Rents).

  • Schedule of Assisted Units and Contract Rents Exhibit 2: iREMS Data Record Exhibit 3: Grantee Affirmative Fair Housing Marketing Plan, HUD-92243-PRA Exhibit 4: Use Agreement, HUD-92238-PRA Exhibit 5: Lease, HUD-92236-PRA Exhibit 6: Definitions Exhibit 7: Program Guidelines Additional exhibits (Specify additional exhibits, if any, such as Special Conditions for Acceptance.

  • The Grantee may reduce the amount identified in section 1.1(c) where there is a reduction in the number of Assisted Units, in the Contract Rents or pursuant to any other provision of this Contract.

  • Any adjustment in Contract Rents shall be incorporated into a Rental Schedule (form HUD-92458) establishing the effective date of the adjustment.

  • HUD may condition its approval of such changes on a reduction of the Contract Rents.

  • As of the beginning of the First Full Year, and unless the Contract Rents are revised in accordance with section 1.5(b), the Contract Rent for each bedroom size (i.e., number of bedrooms) shall be the initial Contract Rent as reflected in Exhibit 1A.

  • Contract Rents shall equal such subsidy amounts plus any portions payable by Families in accordance with HUD regulations.

  • Initial Contract Rents do not take effect until the First Full Year (as defined in Section 1.1(c)).

  • Although extensions of time may be granted by HUD upon a written request from the owner stating the grounds for the extension, no in- creases in Contract Rents shall be granted for delays.

  • HUD action shall in- clude but is not limited to reducing the Contract Rents, requiring the owner to remedy the deficiency, or rescission of the Contract of Sale with reimburse- ment to the owner for the HUD deter- mined reasonable cost of work items completed by the Owner and acceptable to HUD.


More Definitions of Contract Rents

Contract Rents is defined in Section 2(c) of the Assignment of Lease and Rents. APPENDIX A TO THE PARTICIPATION AGREEMENT (HGSI)
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