CCP 07-20-1993 - Laserfiche WebLink

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annual certification, any unit of comparable or smaller size in the Facility is occupied by a . new tenant who is not a Lower Income Tenant. (5) The Declarant will pennit, upon not less than 24 hours' notice and during regular business hours, any duly authorized representative of the City or the Commissioner of Revenue to inspect the books and records of the Declarant pertaining to the occupancy and incomes of Lower Income Tenants residing in the Facility. Section 4, Nevative Covenants. In addition to those affinnative covenants and agreements set forth in Sections 2 and 3 hereof, the Declarant does hereby agree that the Property and the Facility to be constructed thereon shall at all times during the Qualified Project Period, subject to the provisions of Section 10 below, be restricted as to the use and occupancy thereof by the Declarant arid any other person or entity having an interest therein so that on a continuous basis, during the Qualified Project Period. (a) the Facility, and each of the units therein, will be available for no other purpose than rental and (b) at least forty percent (40%) of the units in the Facility will be occupied by or available for occupancy by Lower Income Tenants in full accordance with Section l42(d) of the Code so that no more than sixty percent (60%) of the units in the Facility as originally constructed shall be used or occupied for all other purposes. Section 5. Covenants Runninl! With the Land. The Declarant hereby agrees that it is its . express intent that each of the affirmative and negative covenants and restrictions set forth in Sections 2, 3 and 4 hereof shall be construed to be, deemed, and is hereby declared to be a covenant running with the Property and that the benefit and burden of such covenants and restrictions shall pass to, and be binding upon the Declarant's successors in title, unless terminated or deleted as hereinafter provided. Except as provided in Section 10 hereof, each and every contract, lease (other than leases of units in the Facility), conveyance, agreement or other instrument hereafter executed covering or conveying the Property or the Facility or any part or . portion thereof shall conclusively be held to have acquired such interest in the Property or the Facility or any portion thereof subject to the obligations of such covenants, whether or not such covenants and restrictions are set forth or referred to, or specifically agreed to be performed by any such transferee, in any such contract, lease, conveyance, agreement or other such instrument Section 6. Common Plan. The covenants and restrictions in Sections 2, 3 and 4 hereof are intended to establish a uniform and common plan for the use, development and improvement of the Property and the Facility for the common burden and benefit of the Declarant and all subsequent owners and occupants thereof. Section 7. Covenants Touch and Concern. The Declarant hereby agrees that the covenants and restrictions in Sections 2, 3 and 4 hereof in fact touch and concern the Property and the Facility in the following respects: (i) The Declarant's legal title to the Property and the Facility has been burdened with a use limitation as well as affinnative covenants running with the property providing for the management of the Facility consistent with Section l42(d) of the Code, to the end that the District will not be decertified under Section 469,1761 of the Act before December 31, 2009. (ii) The Declarant, and through the Declarant, the City, residents of the City and the Slate of Minnesota and, particularly, the Lower Income Tenants. will be assured that the Property and Facility will afford them safe, sanitary and adequate housing during the effective term of the covenants and restrictions. . -4- ..