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<br /> WHEREAS,the Owner intcnds,declares and covenants that the rcgula�ory and restrict3ve _,
<br /> �, � covenunts set forth herein gaverning the use, �s��d herein and bindir�g upon al! subsequent °-
<br /> � are covenants running with the land for the t _
<br /> .. owners of the Project for such term and are.not merely personal covenants of the Owner. _
<br /> � '� NOW.THEREFORE, in considera`unn�e Ownetr andTthe�Authority ag ee as follows�r '.'
<br /> set forth, and of other valuable considera �
<br /> � :' Section 1. Definiliotts. Unless otherwise+�xpressly provided herein or uciless the context ,:�_�
<br /> clearly requires otherwise, the temns defit�ed above shall have the meanings set forth a6ove and ',.,;'_,
<br /> the following ternns shall have the respecdve meanings set forth below for the purposes hereof, �;,.,
<br /> and all words and phrases deflned in Secdon 42 of ths Code shall have the same meanings in
<br /> ����
<br /> � this Agreement: �`''..
<br /> "Applicable Income Percentage"means the percentage stated In the Summary Page hereof ;�;-,
<br /> �' as the percentage of area median gross ineome which may not be exceeded by individuals or
<br />- families qualifying as Qualified Tenants.
<br /> � �"�:
<br /> ����pp��cu�1e Set-Aside Percentage" means the percentage stated in the Summary Page _,_
<br /> hereof as the percentage of units in the Project to be leased to Qualiflecl Tenants. � _
<br /> � "Dwelling Un�ts" means the units of multifamily residential rental housing comprising � _�
<br /> � the Project.
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<br /> ,;_„�;a.�� "Functionally Related and Subordlnate" means and includes facilities for use y tenants,
<br />-.-�; ..�; .� • for example, laundry fac�lities� parking areas and recreational facilities, provlded that the same
<br /> ' '� �•.,; are of a character and size commensurate with the character ami slze of the Project.
<br /> ,.���k� .,. �.,
<br />- •, -���-� • "Occupancy Date means the�rst day on which the Project ls placed iu service, as set
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<br /> ��`"`�"�'` forth on the Summary Page hereof. -
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<br /> ' ' "Projert" means the Project Site and all buildings. structures, fixtures� equipment and __
<br /> .:w, , other tmprovements now or hereafter constructed or locnted upon the ProJect Site. �_:
<br />--- . "Project Sfte" means the real property described in Exhibit A attached hereto. .
<br /> :�t�'�r��.�. �� �-
<br /> - � "Qtcalified Project Period" means a period begintting on the Occupancy Date and ending - -
<br /> on the date which is the Required Number of Years after the Occupancy llate. _
<br /> � "Qualtfeed Tenants" means and includes individuals and families whose income is equal __
<br /> or less than the Applicable Income Percentage of area median gross income (inGluding
<br /> adjustments for family size) as electTdV a h re�in�e�occupantsnof a uni�hC�notabe � .
<br /> Regulations. Except as otlierw�se p o
<br /> considered to be of low income if any occupa�nt is a student(as defined in Section 151(c)(4) of
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