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<br /> . :t ��- 30�� ..
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<br /> � , the geoss rent above the maximum ailowed under the Cade with respect to such low �.
<br /> s income uait. �;_
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<br /> � jr� (d) If the Project experlences financi�l trouble it ca�request a waiver of the _
<br /> ^ . applIcable rent restrlction stsited on the summary page(ii)mf tlus document.The right to -
<br /> " .•�•��� grant a rent restricdon waiver is vasted in the Executive Llireator of the Authoriry. A
<br /> ; �w� waiver will be based on the written evidence supplied by tbe�wt�Rr which is evaluated
<br /> � and certified by an independent third pariy CPA.The Authority mcty waive or adjust the
<br /> . . � specified rent restriction for a period not to exceed 3b mantbs. Af�$r 30 months a reviow _
<br /> :,.� of the current evidence wiU be conducted to deterraine if the waivet shauld be e��n�led.
<br /> * �
<br /> � ` Conditions justifying a waiver of the r�,mt restricrion finalud�but,are not limited to:
<br /> � �.
<br /> . . �� (i) Extraotdinary changes in operating expans�s.
<br /> `�� , . (2) Capital requirements necessary to maintain� a.safe� sanitary unit,
<br /> � suitable for accupancy. �
<br /> . � , (3) Lender orlginated chaages to �n,ancial conditions and debt
<br />_ , . . � anangement that substandally impacts debt service coverage ratios.
<br /> �:'= ��, �� Any disputc of the waiver decision by the Executive Dix�ata�of the Authoxity r,an
<br /> ;x;.,, ..::,:- be appealed and settled by arbitration.The arbitration boardl shall¢onsist of the following
<br />=-=;#.��. . mutualty acceptable representatives:
<br />�s`���'�..�� (1) A representative sele,cted by tha Ex,ecu�ave DirecWr of the
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<br />_=����� (2) A representative selected by tb.�Ownsr�of the Project;and
<br />---_�ae'.;i'�!,;�f . �
<br /> -—��nfti�5}'Cr'��`,•}
<br /> -�z Cy�,��,Y;i� (3) �A representative fi�m _th� Amaricaa Aa�nitcation Association
<br />--Y�,�:.,z°"rt�i ' (moderator oz voUn�memirer). . .
<br /> _.=��r°;^�T;'�.R1�9 -
<br />===�ri::� . Under no cireumstancea sha� the waierer.pt�ac.ess provide en opportunity for a
<br /> `��" �.��' . .pinject to deviate from the rent restrietion bscause of improved market conditions or for
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<br />-- --==�•yx -- any reason other tY�sa an increasa in th6 cert�ia�unty areamedian incom�without th�
<br />- --- - �,prior�pme�1 of th��xecutive D%i�¢cb�r AFth�a Au�raty.
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<br /> � =__-=-;,�,�;; . a�eca�a�6. �n�er���e��a�c�:ti�ae Nu�c��ei�x. Ia he sve�tt ihe Ar��it;r�is�Q��
<br /> ?�;�;:��:�'� any noncompliance of any.:�rarovisions hereof,the�,.aesdaority will immediately givo written notice
<br /> --�-..�:.:,�r�
<br />-----_���:i�s� to th�e,Owner. The Ouvner shall have 90 days froin the date of such aotioe (ihe "Comection
<br /> -��,-�� period'�w correct such aoncomplian�e. lFollowing the Coaecttan Period,the Authority wi1151e
<br /> ----��� with the IRS a copy of IRS Fonn 88�3,explaining the natiue of PD�e noncompliance and whether
<br /> ��� or not,such noncompliaace has been oosrected. Noncompliance includes,but is not limited to
<br /> — -=-v— (1).failure to receive or failw�to perniit�the Au+ihority to inspect tenant income certifications,
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