§ 8-05 Operation After Third Party Transfer Process.
RCNY § 8-05
(a)Regulatory Agreement. HPD may require that the Third Party selected for conveyance of property pursuant to the Third Party Transfer Process execute a Regulatory Agreement with HPD as a condition for such conveyance which shall be recorded and shall run with the land for the period set forth therein.
(b)Use Restrictions. Any conveyance of a property to a Third Party shall be for an existing use. HPD may impose additional restrictions upon the use of such property and may require a Third Party to agree to comply with such restrictions. Such use restrictions may be enforced by any means that HPD determines to be necessary or appropriate, including, but not limited to, provisions in any deed, land development agreement, regulatory agreement, note, mortgage, enforcement note, enforcement mortgage, security agreement, lien, restrictive declaration, or other legal document. HPD may require a Third Party to provide security for its compliance with use restrictions in such types and amounts as are determined by HPD to be necessary or desirable.
