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<br /> as applicable, have not violated any pxovision of any indenture, agreement. mortgage� _
<br /> _� mortgage note or other instrumcnt to which the Owner is a party or by which it or its j
<br /> property is bound and (iii)will not result in the creation�r imposition of any prohibited � ,�_
<br /> �"rt lien, charge or encumbrance of any nature. _�
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<br /> � (c) The Owner will,at the time of executian 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) There 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 agaiast or affeating it, or any of its properties or rights, which� =
<br /> � �� , if adversely determined, would materially impair its right to carry on business
<br /> substantially as now conducted (and as contemplated by �his Agreement) or would _
<br /> materially adversely affect its financial condition.
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<br /> Section 3. Res�clential Rental Project. The Owner hereby agrees that the Project is to �_
<br /> . ' be developed, owned, managed and operated for the Qualified Project Period as "residential
<br /> �� rental property," as such phrase is used in Section 42(d) of the Code, on a continuous basis _
<br /> "� during the Qualified Proj�ct Period. Ta that end, the Uwner hereby represents, covenants, -
<br /> , warrants and a$rees as follows: -
<br /> (a) the estimated cost (or �nal 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 Project constitutes and will constitute"residential rental property,"
<br />� - as defined in Section 42 of the Code and the Regulations, the rental units of which will
<br /> be rented or available for rental on a continuous basis to members of the general public;
<br /> (c) if the Owner becomes aware of any situation, event or condition whieh
<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 /> �.
<br />� ' thereof to the Authority; H;_
<br /> i (d) that all of the Dwelling Units will be similarly constructed and that each �"=
<br /> J Dwelling Unit en the Project shall contain separate and c�mplete facilities for living, ��
<br /> �. . _
<br />=- sleeping, eating,cooking and sanitation for a single person or a family(unless the Project ��=_
<br />: qualifies as a single-roorn occupancy project or as transitional housing for the homeless ��
<br />_- pursuant to Section 42(i)(3) of the Cocie); �:
<br /> x-
<br /> (e) that each building in the project will remain suitable for occupancy taking -
<br /> into account local health,safety, and building codes; _
<br />- Ol/tg6119.t►FORM� 4
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