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201302385 <br />among other things, that: (i) the Loan shall be fully prepaid; and (ii) the Project shall be subject to <br />certain rental restrictions and other requirements, as set forth herein. <br />NOW, THEREFORE, in consideration of the foregoing premises, the sum of Ten Dollars <br />($10.00) in hand paid, and other good and valuable consideration, the receipt and sufficiency of <br />which are hereby acknowledged, the parties hereto, for themselves and for their respective successors <br />and assigns, hereby agree as follows: <br />1. INCORPORATION OF RECITALS. The foregoing recitals are hereby incorporated by <br />reference as if fully set forth herein. <br />2. DEFINITIONS. <br />(a) "Closing Date" shall mean the date upon which the Transaction is <br />consummated through the execution and recordation of binding legal instruments (the <br />"Closing "). <br />(b) "Code" shall mean Section 42 of the Internal Revenue Code of 1986, as <br />amended, and any Treasury regulations promulgated thereunder, as in effect as of the date <br />hereof. <br />(c) "Expiration Date" shall mean the thirtieth (30` anniversary of the Closing <br />Date of this Agreement. <br />(d) "Low Income Tenants" shall mean persons or families having an income <br />that is greater than fifty percent (50 %) but not more than sixty percent (60 %) of Median <br />Income (as hereinafter defined), with adjustments for smaller or larger families. <br />(e) "Median Income" shall mean the median gross income for a person or a <br />family, as applicable, in the area in which the Project is located, as established under Section <br />8 of the United States Housing Act of 1937, as amended ( "Section 8 "). <br />(f) "Rent- Restricted" shall mean a gross rent (as defined in the Code) that does <br />not exceed thirty percent (30 %) of the imputed income limitation (as defined in the Code) <br />for the applicable Units (as hereinafter defined). <br />(g) <br />? 2MLseAgrrtJevised for Green Initiative (October 2011) <br />"Units" shall mean all of the dwelling units in the Project. <br />(h) "Very Low Income Tenants" shall mean persons or families having an <br />income that is fifty percent (50 %) or less of Median Income, with adjustments for smaller <br />and larger families. <br />2 •Ia-I VILLAGE <br />