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2� 1 ��8379 LAND U5E RESTRI�TI�N A�REEMENT F�R LUW-INC�ME H�USIN� TA� �REDITS THIS LAND USE RESTRICTI�N A�REEMENT (this "Agreement"� is entered into as of the date set for�h on the Summary Page hereof among the NESRASI�A INVESTMENT FINANCE AUTH�RITY �the "Authori�y"}, a body pa�itic and corporate, nnt a state agency, �ut an indep�ndent instrumentality exercising essential public functiions under the constitutian and laws af the 5tate of Ne�raska, the �WNER IDENTIFIED �N THE SUMMARY PAGE HERE�F (the "�wner") and the Lender or Lenders identified an the Summary Page hereof(the "Lender"}. WITNES SETH : �VHEREAS, the Authority has been designated b� the governor of the 5tate of Nebraska as the housing tax credit en�ity f�r the State of Nebraska f�r the allacation of �avv�income housing ta�.cr�d�t dollars; and WHEREAS, the �wner is or sha11 be the owner af the renta� housing development located and as described on the 5ummary Page hereof and in E�hibit A hereto (the "Praject"}; and WHEREAS, the �wner has applied t� the Authority far an allocation of lovv-income housing tax credit do�lars to the Proj ect �n an amount n�t ta e�ceed the amaunt set forth on the S ummary Page hereof; and WHEREAS, the �wner and the Praject must continuously c�mp�� vith S�ct�on 42 and ather app��cable sectians af the Interna� Revenue Code of 1985, as amended (�he "Code"}, and the Treasury Regulations promu�gated thereunder (the "Regu�at�ons"); and WHEREAS, compliance by the Dwner and the Project with Sectian 42 of the �ode �s in large part within the control of the �vvn�r; and �HEREAS, the Authority is unwilling to allocate �ow-income hous�ng ta� credit dal�ars to the Project unless the �wner shall, by entering into this Agreemer�t, �ons�nt to be regulated by the Authority in order that the Autharity may enforce the occupancy res�rictions and ather cov�nan�s, terms and condit�ons of this Agreement in accordance w�th the �ode and the Regulations; and �HEREAS, the �wner has represented t� the Auth�rity in the �wner's Lovv Income H�using Tax Credi� App�ica�ion (the "Application"} �hat the �wner sha�l lease at least the App��cable Set-Asid� Perc�ntage of the D�velling Units in the Project �o �ndiv�dua�s �r families whose incom� is the Applicable Incom� Percentage or less of area median gross inc�me tincluding adj ustm�n�s for family size} as determined �n accordance vvith the �ode �"�ua�zfied Tenants"�; and WHEREAS, the �wn�r intends, declares and co�enan�s that the regula�ory and restrictive covenants set forth herein governing the use, o�cupancy and transfer of the Praject shall be and are covenants running with the land for the term s�ated herein and binding upon all subs�quent owners af the Proj�c� for such t�rm and are not merely personal covenan�s of the �wn�r.