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2� 1 ��8379 In the ev�nt forec�osure proceedings are initiat�d, the Auth�rity shal� recei�e notice of su�h foreclosure no less than 15 days prior to such foreclosure. . �� Natwithstanding subsections �a} and �b} above, the �ode Sect�an 4Z r�nt requirements sha�l �ontinue for a peri�d of �hree year� follovv�ng the termina�ion ar expiration of this Agreement. I]uring such three-y�ar period, the ��vner shal� not evict or terminate the tenancy af an existing tenant of any I3w�lling Unit other than for good cause and sha�i n�t increase the gross rent a�ove the ma�imum allawed under 5ection 42 of the Code vv�th respect to such Dwell�ng Unit (the "Vacancy Decontro�Ru��"}. (d} If the Praject experiences financial trouble it can request a waiv�r of the applicable r�nt restriction stated on the summary page �ii} af th�s document. The right to grant a rent restriction waiver �s v�sted �n the Execu�ive Director of the Authority. A waiver wi�l be based �n the written evidenc� supplied by the o�vner vvhich is �va�uated and certified by an independent third-party CPA. The Auth�rity may wa�ve or adjust the specified rent restrictian for a period not to exce�d 3d mon�hs. After 3� mon�hs, a r�view of the current ev�dence�vi��be conduct�d to determine if the waiver shou�d be e�tended. �anditions justiifying a waiver of the ren� restriction include, but are not ��m�ted to: �1� Extraordinary chang�s in operatxng e�pens�s; �2} �apital requirements necessary to maintain a safe, 5anitary un�t, suitabl� for occupancy; and �3� Lender ariginated changes t� financia� conditians and debt arrangement that subs�antial�y impacts debt service coverage ratios. Any dispute of the waiver decxsian by the Executive Direct�r of the Author�ty can be appea�ed and settl�d by arbitration. The arbitrat�on board shall c�nsist of the fallowing mutual�y acceptal�le repr�sentati�es: � (1}. A representative selected �y the Ex�cutive Director of the Authority; (2} A representatii�e se�ec�ed by the �vvner af the Project; and . (3} A representative from the Amer�can Arb�tration Association � �moderator or va�ing member}. Under no circums�ances sha�l the waiver proc�s s provide an oppartunity for a projec� t� deviate from the rent restricti�n because of improved market conditi�ns or for any reas�n oth�r than an increase in �he certain county area median inc�m�, �v�thou� the pri�r apprn�al of the Execu�ive Director of the Authority. Section 6. Internal Re�enu� Ser�ice Notificatian. In the e�ent the Au�hority discavers any noncompliance af any pro�isions hereaf, the Author�ty �vi�I immediate�y g��e written no�ic� t� the �wner. The �wner shall have 6� da�s from the da�e of such notx�e (th� "Corr�c�ion Period"} to �arrect such nonc�mpliance. Fa�lowing the �orrec�ion Period, the Authority vvill file