Affordable Lots Sample Clauses

Affordable Lots. The CDA agrees to convey the twenty (20) lots comprising the affordable housing project to the Row as provided in this Section 3.07 for the actual infrastructure cost estimated to be Fifteen Thousand and No/100 Dollars ($15,000.00) per lot and subject to the Subdivision Improvement Cost Adjustment. The CDA shall contribute the value of the land for the affordable lots, valued at One Hundred Ten Thousand and No/100 Dollars ($110,000.00) for the Project Site for its contribution to the Project to further encourage the development of affordable housing opportunities in the City of Lexington.
Sample 1
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Affordable Lots. As part of the Governmental Approvals, Seller is obligated to construct seventeen (17) Affordable Lots either on-site or off-site. Seller has entered into an Agreement dated November 29, 2000 (“B’Nai B’Rith Agreement”) with B’Nai B’Rith Elmwood House, Inc. (“B’Nai B’Rith”) to facilitate the construction of 15 low income homes on property owned by B’Nai B’Rith. Seller shall provide evidence satisfactory to Buyer that the construction of 15 Affordable Lots on property owned by B’Nai B’rith completely satisfies the Governmental Approvals. If B’Nai B’rith fails to complete construction of the homes or if Seller otherwise fails to satisfy its obligations with respect to the Affordable Lots (such as by entering into a Regional Contribution Agreement) by the earlier of (i) Buyer’s prepayment of the entire amount due under the Note or (ii) the maturity date of the Note, then Buyer shall have the automatic right to set off against the amounts due under the Note, such set-off be equal to the amount of $57,000 x the number of Affordable Lots required to be constructed on the Real Property. In the event Buyer exercises its set-off rights hereunder and Seller subsequently satisfies its obligations with respect to the Affordable Lots, then in that event, Buyer shall reimburse Seller the sum of $57,000 x the number of Affordable Lots not required to be constructed on the Real Property(but in no event more than amount set-off) less any expenses incurred by Buyer as result of Seller’s delay in satisfying this obligation.
Sample 1
Affordable Lots. As part of the Governmental Approvals, Seller is obligated to construct thirty-nine (39) Affordable Lots on the Entire Tract, and seventeen (17) Affordable Lots have been constructed and conveyed by Seller. At Closing Buyer shall assume Seller’s obligation to construct and develop the Affordable Lots pursuant to the Governmental Approvals. Has Seller conveyed any of the Affordable Lots?
Sample 1

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