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<br /> •-�•^"'" Any dispute of the waiver decisIon by the Executive Director of the Authority can be •a:�4��
<br /> ��` ' appealed and settled by arbitration. The arbitration board shall consist of the following mutually _
<br /> acceptable representatives: . .�:�,`
<br /> .,.: �
<br /> , ' (1� A representative selected by the F.xecutive Director of the Authority; •.',�`_-=-----
<br /> (2) A representative selected by the Owner of the Project; and __
<br /> ' (3) A representative from the Americac� Arbitratlon Association (moderator =
<br /> or voting member). -
<br /> � Under na circumStances shaU the waiver pracess provide an opportuniry for a project to
<br /> � deviate from the rent restrlction because eaimedian incomet w'►thout the priar approvalnof tthe - ,_
<br /> t h a n a n i n c r e a s e i n t h e c e r t a�n c o u n t y a _
<br /> � Executive Director of the Authority. -___
<br /> �_��,
<br /> � Section 6. Irtterna!Revenue Servlce No�callon. In the event the Authority discovers _,
<br /> ' '�, any noncompliance of any provisions hereof, the Authority will immediately give written notice _
<br /> � •'•` to the Owner. The Owner shall have 90 days from the date of such notice (the "Correction _
<br /> _.,. . �
<br /> � Period") to correct such noncompiiance. Fviluwing tnc Carreci�an PBSI°`.�• �hP Authority will = — _ -_—
<br /> � �le with the IRS a copy of IRS Form 8823, explaining the nature of the nancornpliance and
<br /> whether or not such noncomplfance has been corrected. Noncompliance includes, but is nat ����--_
<br /> ���
<br /> �' limited to (1) failure to receive or failure to permit the Authority to lnspect tenant income
<br /> f certlfications, supporting documentation and rent records, (2) upon inspection, non-compliance
<br /> � with provisions of 5ection 42, and(3) any change in the applicable fractlon or eiigible basts that r�,'
<br /> would result in a decrease in the Qualified Basis. The Authority is authorized and entitled to
<br /> do all acts necessary to comply wlth the monitoring und nottfication responsibilities set forth in -
<br /> Section 42(m)(1)(B)(iii)of the Code and any Regulations or other interpretatlons thereof by the
<br /> � IRS or the courts.
<br /> * �
<br /> Section 7. Covenants Run W�th the Land. The Owner hereby ds6lares its express intent _
<br /> � that the covenants. restrictions, charges and easements set forth herein shall be deemed - -
<br /> covenants running with the land and shall pass to and be binding upon the Owner's successors j
<br /> �` ' ludin an urchaser. grantee, owner or lessee of any portion of the Pro}ect and any ��F�_
<br /> in title mc g y p
<br /> i �, other person or entiry having any right, title or interest therein and upon the respecdve heirs. ;:_---
<br /> executors, administrators,devisees, successors and assigns of any purchaser, grantee,owner or _
<br />" - lessee of any portion of the Project and any other person or entity having any right, tide or :n� _
<br /> : Interest therein. Each and every contract,deed or other inswment hereafter executed covering _ '
<br /> � or conveying the Project or any portion thereof or interest therein shall contain an express ;.;_,_�__��'�,
<br /> provision making such conveyance suUject to the covenants,restrictions, charges and easements °.�'`F;�r_;;,;
<br /> I �, ,,1''c,_ �
<br /> contained herein; prov�ded, however, tbat any such contract, deed or other Instrument shall _ ���`s:�.:
<br /> cvnclusively be held to have been executed, delivered and acce ted sub'ect to such covenants. � ��: J -��
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<br /> - regardless of whether or not such covenants are set forth or incorporated by reference in such ,
<br /> contract, deed or other instrument. At the time of executing th[s Agreement, the Owner shall
<br /> ... .� �,�,�oto�d� 10 �
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