RES 16831 - Laserfiche WebLink

(xx) Tax Credit Eligible Household: A household that is eligible to rent and occupy a qualified low income dwelling unit under Section 42 of the Internal Revenue Code and applicable TCAC and State of California Legal Requirements relating to low income housing tax credits including but not limited to California Revenue and Taxation Code Sections 17057.5, 17058, 23610.4, and 23610.5 and California Health and Safety Code Section 50199, et seq. (yy) Tax Credit Restrictive Covenant: The agreement with TCAC to be executed by Lessee and properly recorded against the Lessee's Estate in the land records of the County, setting forth certain terms and conditions under which one-hundred thirty-one (131) of the residential units in the Improvements will be operated (zz) TCAC: means the California Tax Credit Allocation Committee. (aaa) Tenant(s): Any tenant, sublessee or licensee of Lessee under any Tenant Lease(s). (bbb) Tenant Lease(s): Any lease or license agreement entered into by Lessee with residents of the residential units to be developed on the Land. (ccc) Term: The period of time described in Section 2.2 hereof. (ddd) Transfer: Any sale, assignment, transfer, conveyance, lease, sublease, encumbrance, mortgage, or hypothecation, in any manner or form or any agreement to do any of the foregoing. Section 1.2 Exhibits. The Exhibits referred to in this Lease and attached hereto are: Exhibit A: Legal Description of the Land Exhibit B: Site Map of the Land Exhibit C: Memorandum of Lease Exhibit D: Financing Plan ARTICLE 2. LEASE OF THE LAND Section 2.1 Lease of Land. Subject to the terms hereof and in consideration of the covenants of payment and performance stipulated herein, Lessor leases the Land to Lessee, and in consideration thereof, Lessee takes, hires and leases the Land from the Lessor, pursuant to the terms of this Lease. Section 2.2 Term. Unless sooner terminated pursuant to the provisions hereof, this Lease shall continue in full force and effect for a term ("Term"), commencing on the Commencement Date and expiring on midnight the day immediately preceding the seventy-fifth (751h) anniversary thereof. Section 2.3 Use. Subject to the provisions hereof, Lessee shall use the Leased Premises for the construction and operation of the Project, which includes the construction, 7 191\52\1656915.8 OAK#4834-9609-1684 v8