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� ^� , � � ..�,,,�� . ;.'��., . . � ��.��y�,�:,►� . ,�.,,,�._ . .;�r-�,..-j' �___._... . . ._ti.,.. _, � t *.... -�a�_� . . .. . - . . . . • . -irf�?=`-�rw� . ��j� ��C.��'- � " . - .. ' Y�1�f - . ... .. . �� . . • ,. . • •Y��.:_ I . . I ' •. .' 11• -�,�� � � • �. _ , -I 9? i�Q986 .:":'r�` --- � Any dispute of the waiver decision by the Executive Director of the Authority can be • appealed and settled by arbitration. The arbitration board shall consist of the following mutually ; -t ,;��-- ,�;...,... .,; �`',;' :�a...�.s: � acceptable representatives: � •�.r..-�---- ,.;. __- ., -�.:_ � (1) A representative selected by the Executive Uirector of the Authority; � _ --��r �- �A� _- (2) A representative selected by the Owner of the Project; and (3) A representative fr�m the American Arbitration Association (rnoderator ----- or voting member). `�---- :. ',.._ ._� Under no circumstances shall the waiver process provide an apportunity for a project to .�-T:M deviate from the rent restriction because of improved market conditions or for any reason other than an increase in the certain county area median income, without the prior approval of the �`�. � Executive Director of the Authority. �- , �:- � Section 6. Internal Revenue Service Nol�fication. In the event the Authority discovers R',� any noncompliance of any provisions hereof, the Authority will immediately give written notice �" to the Owner. The Owner shall have 90 days from the date of such notice (the "Correction � - � Pe_.rind") to crnvect cuch n�nc�mpliance. Followinv the C�rrecti�n Ne_ri�ci, thP A»Ihority will �` file with the IRS a copy of IRS Form 8823, explaining the nature of the noncompliance and whether or not such noncompliance has been corrected. Noncompliance includes, but is not �� = � lirnited to (1) failure to receive or failure to permit the Authority to inspect tenant income - �— _- � certifications, supporting documentation and rent records, (2) upon inspection, non-compliance `� ' =1� with provisions of Section 42,and(3)any change in the applicable fraction or elxgible basis that would result in a decrease in the Quali�ed Basis. The Authority is authorized and entitled to .,�. , " do all acts necessary to comply with the monitoring and noti�cation responsibilities set forth in �� _ Section 42(m)(1}(B)(iii)of the Code and any Regulations or other interpretations thereof by the �- - _ IRS ar the courts. _ Section 7. Covenants Run Wlth the Land. The Owner hereby declares its express intent � - that the covenants, restrictions, charges and easements set forth herein shall be deemed — , covenants running with the land and shall pass to and be binding upon the Owner's successors =.— in title including any purchaser, grantee, owner or lessee of any portion of the Project and any ��-