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<br /> � � Section 5. Ternt of Restrlcttons. (a; The term of the Occupancy Resiriction set forth ,���""
<br /> ,,,,.�«y� in Section 4 of this A�reement shall (i)commence on the Occupancy Date and (ii) snd on the ;�;�_i��.
<br /> �� -�-�'""'� date which is the Required Number of Years aft���•the Occupancy Date. �__�..--__,
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<br /> "�� (b) Notwithstanding subsectiun (a) above, the Owner shall comply with the ____�-
<br /> � � requirements of Section 42(h) relating to a 1S-year extended use period (30 years total); ��
<br /> " provided, however,that,with respect to any building that is part of the Project, this Agreement � �-
<br /> shall terminate:
<br /> (1) on the date such building is acquired by foreclosure or instrument in lieu ___
<br /> of foreclosure (including a deed of trust); or =--
<br /> (?.) if the Owner has properly requested in accordance with Code '��:,.-^_��
<br /> Section 42(h)(fi) that the Authority assist in procuring a quali�ed contract for the ._ --°-
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<br /> acquisition of the low-income portion of such building and the Authority is unable to r�_�.
<br /> � present a qualified contract,one year after the date the written request was submitted w ��'�°
<br /> ,, ' the Authority. Project Owner agrees that IRC section 42(h)(6)(E)(i)(II) shall not apply �r.�".�=
<br /> to, and shall not cause the termination of, the extended use period applicable to any ��;�
<br /> � building of the Project. �`----
<br /> (c) Notwithstanding subsection @) above, the Section 42 rent requircnieiii� sria11 �
<br /> continue for a period of three years following the termination of this Agreement. During such --
<br /> three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any `= �_---
<br /> low-income unit other than for good cause and shall not increase the gross rent above the
<br /> � maximum allowed under the Code with respect to such low income unit. _
<br /> (d) If the Project experiences Fnancial trouble it can request a waiver of the -�
<br /> applicable rent resuiction stated on the summary page (ii) of this document. The right to grant �=-
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<br /> a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be --
<br /> based on the written evidence supplied by the owner which is evaluated and certified by an �
<br /> independent third party CPA. The Authoriry may wai�ve or adjust the specified rent restriction ,�_
<br /> .. for a period not to exceed 36 months. After 30 months a review of the current evidence will be �:
<br /> conducted to determine if the waiver should be extended. — _
<br />- Conditiot�s justifying a waiver of the rent restriction include but are not limited to: �r,-�_x_ ---
<br /> _ � (1) Extraordinary changes in operating expenses. �r-
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<br /> (2) Capital requirements necessary to maintain a safe, sanitary unit, suitable
<br /> for occupancy. � ���-
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<br /> (3) Lender originated changes to financial conditions and debt arrangement �.;;;,.r
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<br /> that substantially impacts debt service coverage ratios. -_
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<br /> 01/586119.1 IFORM) 9
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