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<br /> - . . � � 97— �io97� :�;;�:_
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<br /> as applicable, have nat violated any provision of any indenture, agreement, rnortgage, ',•,lY:i_
<br /> mortgage note or other instrument to which the Owner is a party or by which it or its -�-__
<br /> � property is bound and (iii)will not result in the creation or imposition of any prohibited '��_
<br /> lien, charge or encumbrance of any nature. -__
<br /> � (c) The Owner wiU,at the time of execution and delivery of this Agreement,
<br /> have good and marketable title to the premises constituting the Project free and clear of =____
<br /> any prior lien or encumbrance. . -
<br /> (d} Thcre is no action,suit or proceeding at law or in equity or by or before __ _
<br /> any governmental instrumentality or other agency now pending or, to the knowledge of
<br /> the Owner, threatened against or affecting it, or any of its properties or rights, which, .
<br />- if adversely determined, would materially impair its right to carry on business .
<br /> s substantially as now conducted (and as contemplated by this Agreement) or would •-
<br /> materially adversely affect its financial c�ndition.
<br /> Section 3. Residenttal Renta!ProJect. The Owner hereby agrees that the Prcoject is to -
<br /> be developed, owned, managed and operated for the Qualified Project Period as "residential
<br /> , .
<br /> _,____:_... .. rental property, as such phrase is used in Section 42(d) of the Code, on a continuous basis ��;,�
<br /> during the Qualified Project Period. To that end, the Uwner hereby repre�nis, �uv�-rants,
<br /> wanants and agrees as follows: �_'
<br />_ (a) the estimated cost (or final cost, if applicable) of the acquisition, = -��
<br /> construction and rehabilitation of the Project will be equal to or in excess of the amount
<br />:`.�•��' � � set forth on the Summary Page;
<br />�". :' (b) that the Projectconstitutes and will�onstitute"residential rental property."
<br /> _ . as defined in Section 42 of the Code and the Regulations, the rental units of which will
<br />_°���•�^�r- . � . be rented or available for rental on a continuous basis to members of the general public;
<br /> . ..o.:,
<br />__�.; .��., _..,�
<br /> �• • • � (c) if the Owner becomes aware of any situation, event or c�ndition which
<br />=- .. would result in noncompliance of a Dwelling Unit, the Project or the Owner with —��
<br /> ' Section 42 of the Code or the Regulations, the Owner shall promptly give written notice
<br /> -- � thereof to the Authority; =-
<br /> ��-.
<br />- (d) that all of the Dwelling Units will be similarly constnzcted and that each ��;�
<br />- Dwelling Unit in the Project shall contain separate and complete facilities for living, '�.,:=
<br /> ;�sA,_
<br /> sleeping, eating,cooking and sanitation for a single person or a family(unless the Project
<br /> qualifies as a single-room occupancy project oc as transitional housing for the h�meless
<br /> pursuant to Section 42(i)(3)of the Code); ~'-_�F
<br />� (e) that each building in the project will remain suitable for oGCUpancy taking ' - :
<br /> � into account local health, safety, and building codes; �_
<br /> - - - - --� „„�o��d, 4
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