Deed restriction clause samples

10.8.4. Reverter and Deed Restriction. The Agency will quitclaim its interest in the Early Transfer Property to Developer subject to a deed restriction limiting use of the Early Transfer Property to park, open space, and the Approved Uses (the “Deed Restriction”) and, consistent with Section16.5, upon Developer’s execution and delivery of a Reversionary Quitclaim Deed in favor of the Agency.

nEnvironmental Matters. The Phase I environmental reports dated September 2015 to January 2016 recommended (i) the development of an in-place asbestos operations and maintenance plan for certain OZRE Leased Fee Portfolio Properties, (ii) the establishment of a reserve account (as described below under “—Escrows”) related to the environmental insurance policy (the “PLL Policy”) (as described below) and (iii) with respect to the 2277 Dabney Road Property (which is subject to a voluntary remediation program), the borrower’s obtaining closure and recording a deed restriction. See “Description of the Mortgage Pool – Environmental Considerations” in the Preliminary Prospectus.

13) Cape Horn Abstracting. This company provides all-land title examination services for all entities to insure against any pre -closing and post-closing claims of ownership or deed restriction. The Company interfaces with the entity in three separate stages: Stage 1 interface - as consultant for a fee, Stage 2 interface –as consultant for construction services for a fee and Stage 3 interface –as a 25% non-controlling interest shareholder, sharing in post construction operations revenue.

Loan). In the event the New Building provides the required affordable housing units, the City is required to release the deed restriction. In the event the loan sponsors have not made affordable housing units available at the New Building, the City may require that the borrower lease 19 units at the Mortgaged Property identified on Annex A-1 as Luxe at 1548 to low income tenants as units become vacant. See “—Assessment of Property Value and Condition” for additional information.

Environmental Matters. According to the Phase I environmental reports dated from September 2015 to January 2016, there are no recognized environmental conditions or recommendations for further action at the OZRE Leased Fee Portfolio Properties other than the recommendations for (i) the development of an in-place asbestos operations and maintenance plan for certain OZRE Leased Fee Portfolio Properties, (ii) the establishment of a reserve account (as described below under “Ongoing Reserves”) related to the environmental insurance policy (the “PLL Policy”) (as described below) and (iii) with respect to the 2277 Dabney Road Property (which is subject to a voluntary remediation program), the report recommended that the borrower obtain closure and record a deed restriction. See “Description of the Mortgage Loan Pool – Environmental Considerations” in the Prospectus.

(the “Springing Deed Restriction”) by the City of Santa Monica (the “City”) to provide 19 units of affordable housing. The loan sponsors agreed with the City to build a multifamily building at a nearby location (the “New Building”) and provide the affordable housing units at that property (which property will not be collateral for the NMS Los Angeles Multifamily Portfolio Mortgage Loan). In the event the New Building provides the required affordable housing units, the City is required to release the deed restriction. In the event the loan sponsors have not made affordable housing units available at the New Building, the City may require that the borrower lease 19 units at the Mortgaged Property identified on Annex A-1 as Luxe at 1548 to low income tenants as units become vacant. See “—Assessment of Property Value and Condition” for additional information.