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201608379
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Last modified
7/28/2017 1:06:12 PM
Creation date
12/14/2016 1:16:36 PM
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DEEDS
Inst Number
201608379
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2� 1 ��8379 <br /> transfer. This pro��sion shall not act t� waive any other restrict�on on such sale, transfer <br /> �r e�change; <br /> �o} that �he �wner �or its property manager �vith respect to the Project} sha�l <br /> attend in each year �f the Qualified Praject Periad at �east one of the property <br /> managem�nticompliance m�nitoring sessions spons�red by the Authortty; and <br /> �p� for each year of the Qua�ified Praj ect Period, the ��vner will submit to the <br /> Authority a copy af the Project's f�led IRS Form 1D65. <br /> Secti�n 4. �ccupancy Restri�tion5. For the purpose of satisfying the requirements Qf <br /> S�ction 42 �f the Code, at Ieast for the �ualified Project Period, the �wner hereby represents, <br /> covenants and agrees as foilows: <br /> (a} thr�ughaut the �ualified Project Period �e�c�uding I]welling Units no� <br /> previously occupi�d}, at �east the Applicable Set-Aside Percentage of the completed <br /> D�vel��ng Units in the Proje�t shall �e both a Rent Restricted Unit and occupied so�e�y�y <br /> Qualified Tenants, prinr to the satisfaction of�vhi�h no additional units shai� be rented or <br /> �eased to any other tenants after initia� rental occupancy of Dvvelling Units by Qualified <br /> Tenants, as required by 5ectian 4� of the �ode. For purpases of sa�isfying the <br /> requirement that not less than the Appl�cable Set-Aside Percentage of the Dwel�ing Uni�s <br /> be occu�ied by �ua�ified Tenants, no Qualified Tenant shall be denied continued <br /> accupancy because, after admissian, the Qualified Tenant's fam�ly income e�ceeds the <br /> applicab�e qualifying income Ievel set forth in the definition of "Qualified Tenant" <br /> herein. The ��vner sha11 at ail times during the �ualified Project Period maintain the <br /> percentage requirements �f th�s Agreement hy praviding the r�e�t available unit of <br /> comparable or sma�ier size ta �ualified Tenants as needed to achie�e compliance with <br /> the f�regoing requirements. If necessary, the �wner shall refrain fram renting Dwe�ling <br /> Un�ts in the Project to persons other than �ualified T�nants in order to avoid�iolating the <br /> requirement that at al� times during the �ualified Praject Per��d at least the Applicab�e <br /> S et-As�de Percentage of the comp�eted Dwel�ing Unit� in the Proj ect shall be both a Rent <br /> Restricted Unit and occupied by �ualified Tenants; <br /> �b} to obtain and mainta�n on file fram each �ualified Tenant res�ding in the <br /> Project (which shal� be obtained and updated each year during occupancy by such <br /> tenant}, a copy of such tenant's e�ecuted C�rtification of Tenant E�igibility and Income <br /> Verif�cation �a�tached hereto as E�hibit B �r in such other form and manner as may be <br /> required by the applicable rules, regulations or palic�es novv �r hereafter pr�mulgated �y <br /> the Authority, the Department of the Treasury ar the Internal Re�enue Serv�ce (the <br /> "IRS"}}, as weil as suppar�ing documentation, wh�ch �s subjec� to �nd�p�ndent <br /> invest�gation and verificat�on by �h� Author�Cy and wh�ch sha11 be submitted to the <br /> Authority as set forth�n �c� below; <br /> �c} the �wner vv�ll immed�ate�}� notify the Author�ty if at any �ime �he <br /> Dvv�l��ng Units in �he Proje�t are not occupi�d ar ava�Ia�le for o�cupancy as pravided <br /> abo�e, and the �wner w�I� prepare and submit to the Authority, not later �han �anuary 15 <br /> of each year f�l�owing the first year of the credit period, a ��rt�ficate of Continuing <br /> Program �omp�iance (the form of�vhich is attached hereto as Exhi�it C} and an Annual <br /> Ta� Credit S ummary Rep�rt �the form of vvhich �s attached hereto as E�hibit D}, bo�h <br />
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