§ 30-08 Project Operation After Disposition.
RCNY § 30-08
(a)Regulatory Agreement. A Sponsor may be required to execute a regulatory agreement with HPD as a condition for the Project. The regulatory agreement shall be recorded and shall run with the land for the period set forth therein. The regulatory agreement shall require the Sponsor and all of Sponsor's successors and assigns to comply with Project requirements.
(b)Use Restrictions. HPD may impose restrictions upon the use of a Building and may require Sponsor to agree to comply with such restrictions as a condition for Disposition or Subsidy. Such use restrictions may be enforced by any means which HPD determines to be necessary or appropriate, including, but not limited to, provisions in any deed, land disposition agreement, regulatory agreement, note, mortgage, security agreement, lien, restrictive declaration, or other legal document. HPD may require a Sponsor to provide security for its compliance with use restrictions in such types and amounts as are determined by HPD to be necessary or desirable. Such types of security may include, but shall not be limited to, surety bonds, letters of credit, or cash.
