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<br /> the land for the term stated hereln and binding upon all subsequent owncrs of ttie Froject for such temn ancl
<br /> are not inerely persanal covenants of the Owner; �
<br /> NOW,THEREFORE, in cnnsideration of the mutual promises a�d c�vena�ts hercinafter sct forth, and
<br /> of other valuable considaration, the Owner and the Authorlty agree as followa:
<br /> Section 1. Dej�nit�ns. Unless otherwise expressly provlded hcrela or unless the context clearly
<br /> requires otherwise, the tcrms defined above shall bave the meanings sct forth above and the followiug terms
<br /> shall havc ttic respective meanings set forth below for the purposes hereof, and all:�►ords and phrases defined
<br /> in Section 42 of the Code shall have tbe same mcanings in this Agreement:
<br /> "Appltcabl� Income Percentage" raeans the percentage stated in tix Summary Page hereof as the -
<br /> percentage of area median gross income which may not be exceoded by indfviduals or families qualifying as
<br /> Q�alified Tenants.
<br /> "Appltcabie Set Aside Percentage" means the percentage stated in the Summary Page hereof as th�e
<br /> percentaga of units in the Project to be leased w Qualifed Tenants.
<br /> "Dwelling Units" means die units of multifamily residentlal rental hausing comprIsing the Projxt.
<br /> "Functia.-urUy R�lated and Subordinate" meaus and includes faciliaes for use by tenants, for example,
<br /> laundry facilities,parking areas and recreational facilities, providod that the aasne are of a character and slze
<br /> wuunensurate with the characur and size of ihe Frojcci.
<br /> "Occupancy Da1e" means the first day on which the Project is placed in servlce, as set forth on tl�ee
<br /> Summary Page hercof.
<br /> "ProJect" means the Project Site and all buildings, structures, fixtures, equipment and otUer
<br /> improvements now or hem.after constructed or located upon the Proje�t Sitc.
<br /> "Project SYte"means the real property described ia Exhibit A attached Izereto.
<br /> "Qual�ed Project Pcrla!" means a period beginning on the Occupaacy Date and ending on tbe date.
<br /> which is the Requirrd Number of Yaars after the Occupancy Date.
<br /> "Qual}�ed Tinants" means and includes indivlduals and families whose income is equal or less than the
<br /> Appllcable Income Percentage of area median gross income(including adjusunents for family siu)as elected
<br /> and determined in ac�:ordance with the Code and Reguladons. Except as otherwise provided herein, the
<br /> occupaats of a unit shall not be considered to be of low income if any occupant is a swde� (as defined in
<br /> Section 151(c}(4)of the Code). Notwithstanding the foro,going,a unit is not disqualified as a Qualified Unit
<br /> menly because it is occupiod(i)by a student receiving AFDC assistance under Title IV of the Social Securt�y
<br /> Act. (ii)by a student in a government-supported job training program, (iii) entirely by full-time students who
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