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� , - , ,.�.�,:J ... _. "� � . ;. - -:°iz��_ n •v-r�w�✓.� . . �� M•��n4.�_ - . - ' . :l�-...r -- . .. -- � � . - , ...t'"I-:::��_'-`- _._��- 3 .. .. .. �:l,an�,,,.— e ,. . .. .�:�:-•-=_�. . .�,�_ . - .x .�;.:�-,-: . . .. . KJ ..,f'.:�_.._. .. ., � � - .� , iYlfi°_ .. � .��.�.P�...94.tr.�:••]r1�v�..1��. .'l�. . . . - .� _ . � 97-- �iQ9'�8 '�_�:�. .�.-� . a i�"+' _ �, I 'a .i�1T�'..-'_ � �....� �� ;,,,,,� Section �. Term of ResbicHons. (a) The term of the Occupancy Restrictton set forth .�_._ in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the ,F�_'- date which is the Required Number of Years after the Occupancy Date. .�.ti�,_ . ..�,�-- (b) Notwithstanding subsection (a) abovr�ext nd�d use periodc(30 years�ttotal); : requirements of Section 42(h) relating to a 15-yea ��_° I'. provlded,however, that, with respect to any building that is part of the Project, this Agreement shall terminate: '''� K� (1) on the c3ate sucli truilding is acquired by fareclosure or Instrument in lieu ��,;�f- � of foreclosure (including a deed of trust); or _�"� - � . �-,'� �2) if the Owner hns pr�perly requested in accarcisnce with Cocie Section 42(h)(6? that the Authority assist in procuring a quali�eci cantract for ti�e �� � acquisition of the low-income portion of such building and the Authority is unable to _ .� resent a yuelifled contract� onc year after thc data thc written request was euUmitted to r t� nd ahall notrcau eOth nterminationaof�the extt nded(use6perl(od(app icable top ny to, _ =_- btt'slding Qf the pra,�ect. (c) Notwithstanding subsection (b) above, the Section 42 rent requirements shall ` �� continue for a period of three years following the termination of this Agreement. Durin�such _� three-year perial, the Owner shall not evict or tnd shall not�increase the gross�ent above the - low-income unit other than for good cause a rnaximum allowed under the Code with respect to such low income unit. '. (d) If the Project experiences financial trouble it can request a waiver of the �_ � applicable rent restriction stated on the summary page(il) of this document. The right to grant y�� ° a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be '° °' � based on the written evidence supplied by the owner which is evaluated and certi�ed by an ' � � independent thtr opexce d 36 monthsuAfter 30 onths a reviewuoftthe c�urrent evidencetwlil be __ - for a period not t _ � � conducted to determine If the walver should be extended. '"'� - - Conditions justifying a waiver of the rent restriction include but are not limited to: �-- � � � . (1) Extraordinary changes in operating expenses. ______ � • � �_;__ � (2) Capital requirements necessary to maintain a safe. sanitary unit, suitable M _ � for occupancy. ��GT _ � ��-- 7 ,�.,w�••� �3) Lender originated changes to financial conditions and debt arrangement I that substantially impacts debt service coverage ratios. . - - - fl , � 011595924.1 ' I �. i . - � __ 4 � _ _ _