200001390 - Laserfiche WebLink

Browse

200001390 (e) that the Authority shall have the right to perform an on -site inspection of the Project throughout the Qualified Project Period, in addition to the requirement that the Owner submit to the Authority each year information on tenant income, supporting documentation and rent for each low income unit as designated above; (f) the form of lease to be used by the Owner in renting any units in the Project to Qualified Tenants shall provide for termination of the lease and consent by such person to immediate eviction proceedings in accordance with state law for failure to qualify as a Qualified Tenant, as applicable, as a result of any material misrepresentation made by such person with respect to his or her income, the failure to provide supporting income verification or failure by such person to annually update the Certification of Tenant Eligibility and Income Verification; (g) to permit any duly authorized representative of the Authority, the Department of the Treasury or the Internal Revenue Service to inspect the books and records of the Owner pertaining to the incomes of the Qualified Tenants residing in the Project; and (h) throughout the Qualified Project Period, to target rents, to comply with targeted rent levels, and to comply all other conditions of targeting as set forth on the Summary Page hereof. Section 5. Term of Restrictions. (a) The term of the Occupancy Restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date which is the Required Number of Years after the Occupancy Date. (b) Notwithstanding subsection (a) above, the Owner shall comply with the requirements of Section 42(h) relating to a 15 -year extended use period (30 years total); provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (1) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust); or (2) if the Owner has properly requested in accordance with Code Section 42(h)(6) that the Authority assist in procuring a qualified contract for the acquisition of the low- income portion of such building and the Authority is unable to present a qualified contract, one year after the date the written request was submitted to the Authority. Project Owner agrees that IRC section 42(h)(6)(E)(i)(II) shall not apply to, and shall not cause the termination of, the extended use period applicable to any building of the Project. In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure no less than 15 days prior to such foreclosure. 01- 235377.02 8