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200001390 are covenants running with the land for the term stated herein and binding upon all subsequent owners of the Project 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. Definitions. Unless otherwise expressly provided herein or unless the context clearly requires otherwise, the terms defined above shall have the meanings set forth above and the following terms shall have the respective meanings 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 as the percentage of area median gross income which may not be exceeded by individuals or families qualifying as Qualified Tenants. "Applicable Set -Aside Percentage" means the percentage stated in the Summary Page hereof as the percentage of units in the Project to be leased to Qualified Tenants. "Dwelling Units" means the units of multifamily residential rental housing comprising 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. "Occupancy Date" means the first day on which the Project is placed in service, as set forth on the Summary Page hereof. "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 property 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 median gross income (including adjustments for family 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 defined in Section 151(c)(4) of the Code). Notwithstanding the foregoing, a unit is not disqualified as a Qualified Unit merely because it is occupied (i) by a student receiving AFDC assistance under Title IV of the Social Security Act, (ii) by a student in a government- supported job training program, (iii) entirely by full -time students who are single parents and their children, provided such occupants are not dependents of another person or (iv) by full -time students who are married and file a joint return. The determination of whether an individual or family is a Qualified Tenant shall be made at least 01- 235377.02 2