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'.� • . . . . . a:.' � , ., ,y.,,� .. _- �...../ M�^ .. .. '- . • . �,. _ .. - ' .�. . � . . •��-�w��_-.. t ' , . . r .. - , ., .• .. . .. . , �ii��a__.-_ ' t.' . .. . .. . .. . ; t4i. f , • . . - , �,; ..at�_ t - '- - .. - � ' � .. �' ' _ a. �� . .. .:�:,,u .,:�•-a .....�__.. " ... _. .. . .,T�: .. . � . .)Y.� . i :� � ��'3� . .,�.� -�l.ia986 ! . ,_x� _ �� WHEREAS,the Owner intends,declares and covenants that the re latory and restrictive - ''""' covenants set forth herein governing the use, occupancy and transfer of the Project shall be and = . � are covenants running with the land for the term stated herein and binding upon all subsequent - ' �• owners of the Pcoject for such term and are not merely personal covenants of the Owner. • __ NOW,THEREFORE, in consideration of the mutual promises and covenants hereinafter set forth, and of other valuable consideration, the Owner and the Authority agree as follows: Section 1. De,f�nitions. Unless otherwise sxpressly provided herein or unless the context -_. clearly requires otherwise, the terms de�ned ahove shall have the meanings set forth ab�ve and - the following terms shall have the respective meunings set forth below for the purposes hereof, and all words and phrases defined in Section 42 of the Code shall have the same meanings in - _ . this Agreement: �.� "Applicable Income Percentage"means the percentage stated in the Summary Page hereof �:t' - as tlie percentage of area median gross income which may not be exceeded by individuals or , . families qualifying as Qualified Tenants. . "Applicable Set-Aslde Percentage" means the percentage stated in the Summary Page hereof as the percentage of units in the Project to be leased to Quali�ed Tenants. - "Dwelling Units" means the units of multifamily residential rental housing comprising �r: the Project. "Functionally Related and Subordinate" means and includes facilities for use by tenants, for example, laundry facilities, parking areas and recreational facilities,provided that the same !' � are of a character and size commensurate with the character and size of the Project. i=� �_ � • "Occupancy Date" means the first day on which the Project is placed in service, as set � - forth on the Summary Page hereof. �- ■,t�"- � "Project" means the Project Site and all buildings, structures, fixtures, equipment and ` _ other improvements now or hereafter constructed or located upon the Project Site. =- , "Project Site" means the real properry described in Exhibit A attached hereto. - � "Qualified Project Period" means a period beginning on the Occupancy Date and ending - _ � on the date which is the Required Number of Years after the Occupancy Date. �',,-. • .�;:� __ "Qualified Tenants" means and includes individuals and families whose income is equal ��.::- :,�___ or less than the Applicable Income Percentage of area rnedian gross income (including . ;�;�__:� adjustments for Pamily size) as elected and determined in accordance with the Code and • _ � Regulations. Except as otherwise provided herein, the occupants of a unit shall not be � considered to be of low income if any occupant is a student(as de�ned in Section 151(c)(4)of , . J OI/SWi11V 1 IFORMI Z .� ' ' .- '__. _ I 1 —�_ -- _ _