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<br /> �. �` �-�` ;�.K,.,.:
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<br /> � 97- /D 95�.5"3 _-
<br /> the owner which Is evalusted and certi�ed by an indepcncient third party LYA. '1'he �uthority may waive or —
<br /> ad,�ust the specified rent restriction for a pedad not to exceed 36 months. After 30 months a review of the
<br /> current cvldence will be conducted to determine if the waiver should be extef�ded.
<br /> Conditlons justifying a waiver of the rent restrictton include but are not limited to:
<br /> (1) Extraordinary changes in operating expenses.
<br /> (2) Capital requirements necessary to maintain a safe, sanitary unit,suitable for occupancy.
<br /> (3) Lender originated chang�:s to financial conditioi�s and debt arrangexnent that substantially
<br /> impacts debt service coverage radc►s,
<br /> Any dispute of the waiver decision by thee Executive Director of the Authority can be api�ealecl and -
<br /> settled by arbitration. '�he arbitration board shall consist of the following mutually acceptable representatives:
<br /> (1) A representadve selected by the Executive Director of the Authority;
<br /> (2) A representadve selected by the Owner of the Project; and
<br /> (3) A represer.tadve from tt�e Amerlcaa Arbitration Associadon (moderator or vo�tiing
<br /> member).
<br /> Under no circumstances shall the waiver pracess pmv ide an opportuniry for a project to deviate from the rent
<br /> restriction because of unproved mazket condidons or for any reason other thaa an i�crease in the e;ertain county
<br /> area mediaa income,without the prlor appmval af the Executive Dire�tor of tbe Authority.
<br /> Section 6. Irtternal Reveau� Service Noti,f�catton. In the event the Authodry discovers any
<br /> noncompliance of any provisions hereof,ttie Authority will immediately give wrltten notice w the Owner. The
<br /> Ovvner shall have 60 days from the date of such notice (the "Correction Period"} to comect such
<br /> noncomplisince. Following the Correcdon Period,the Authoriry will file with the IRS a copy of IRS Form
<br /> $823, explaining the nawre of the noncompliance and whether or not such noncompliance l�as been cornctal.
<br /> Noncompliance includes� but is not limited to (a) failure to receive or nonallowance to inspect tenaat income.
<br /> certificadons,supporting documentation and rern records, (b)upon inspection,non-compllance with prov�sions
<br /> of Sxtion 42� and (c) any change in the applicable fraction ar eligible basis that woutd result in a decmase in
<br /> the Qualified Basis. The Authority is authorlaed and enritled to do all acts necessary w comply wlih the
<br /> monitaring and notificatioa responsibilides set forth in Section 42(m)(1)(H)(iu)of the Code and aay Regulations
<br /> or other interpretations thereof by the IRS or tliee courts.
<br /> Section 7. Covenan�s Run With the land. The Owner hereby declares its express intent that the
<br /> covenants, restrictions,charges and easements set forth herein shall be deemed covenants running wlth the land
<br /> and shall pass to and be binding upon the Owner's successors in title including any purchaser. grantee,owner
<br /> 01/S7Y/q.2
<br /> 9
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