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<br /> LAND USE RESTRICTION A�REEMENT
<br /> FOR LOW INCOME �YOUSING TAX CItEDITS
<br /> T'HIS LAND USB RESTRICTION AGREEMENT(this"Agreement") is entered inw as of the date set
<br /> forth on tme Summary Page hereof between the NEHRASKA INVESTMENT FINANCE AUTHORITY (the
<br /> "Authodty"). abody politic and carporate, not a stau agency�but an independent instrumentality exercising
<br /> essential public fu�actions under the�onstiwtion and laws of the State of Nebraska, and We Owner identified
<br /> on thc Summary Page hereof(the "Gwner")and the Lender or Lendcrs idendfied on the Swnnaary Page hereof
<br /> (the "Lender").
<br /> WITNESSET�T :
<br /> WHERBAS,the Authority bas been designated by the Ciovernor of the State of Nebraska as the housing
<br /> tax credit entity for the State of Nebraska for the allocation af low income housing tax credit dollars; aad
<br /> WHEREAS, the Owner is or shall be the owner of tbe ren�al housing development located and as
<br /> descrabed on tUe Summary Page hereof and in Exhibit A hereto (the "Project"); and
<br /> WHEREAS,the Owner has applied to the Authority for an allocation of low income housing tax credit
<br /> dollars w the Project in an amount not to exceed the amount set forth oa the Summary Page hereof; and
<br /> WHEREAS,the Owner and the Project must continuously coinply with Secdon 42 and other applicable
<br /> sxt{c� of:u�Iater�l Fs��a� �� Qf log�, �c amPnct�i (the "Code"), and the Treasury Re�tularions
<br /> promulgsted theerewider (the "Regulations"); and
<br /> WHEREAS, compliance by tbe Owner and the Project with Section 42 of thc Code i.c in lazge part
<br /> within the control of the Owner; and
<br /> WI�RBAS, the Authodty is unwllling to aUocate low income housing tax credit dollars to the Project
<br /> unless the Owner shall.by entering into this Agreement, consent to be ngulated by the Authorlty in o�er that
<br /> the Authority may enforce the occupancy restrictions a�d otb,er covenants� terms and conditions of this
<br /> Agreement in acco�ance with ihe Code and the Regulations; and
<br /> WHEREAS, the Uwner has represented to the Authority in the Owner's �.ow Income Housing Tax
<br /> Crrdit Applicaaon(the "Applicarion")that the Ow�ner shall lease at least the Applicable Set-Aslde Fercentage
<br /> of the uaits in tlie Project to Individuals or families whose income is the Applicable Income Percentage or less
<br /> of arca median gross income(including adjustments for family size)as determinad In accordance with the Code
<br /> ("Quali�ied Tenants"). and
<br /> WHEREA5,the Owner intends,declares and covenants that che regulatory and r�strletive covenants set
<br /> forth herein goveraing the use. occupancy and transfer of the Project shall be and are covenants numing with
<br /> o„s,v,.�.:
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