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2� 1 ��8379 (d} There is no action, suit or proceeding at la�v or in equity or by or before any goverr�mental �nstrum�nta��ty or o�her agency now pending ar, t� the kno�vledge of the �wner, thr�atened against or affecting it, or any of its properti�s or rights, which, if ad�ersely determined, would materially irnpair its right to carry on business substantially as now canducted �and as cont�mp�ated �y th�s Agr�ement} or vvould materially adverseiy affect its financial condition. (e} The ��vner �vill take any la�vful action �including �he amendm�nt of this Agreement as ma�be necessary, in the apinion of the Autharity} to comply fully with the �ode and al� appX�cab�e rules, rul�ngs, palicies, pr�cedur�s, regulations or �ther affic�al statements promulgated or proposed by the Department of the Treasury, the IRS, or the United 5ta�es Department of Housing and Urban Development. Secti�n 3. Resid�nt�al Renta� Project. The �wner here�y agrees that the Proje�� is to be de�eloped, awned, managed and operated for the Qua�ified Pr�ject Period as "residenfiial . rental property," as such phrase is used in Section 42�d} of the Code, on a continuous basis during the �ualified Project P�r�od. To that end, the ��vner hereby represents, covenants, vvarrants and agrees as foll�vvs: �a} the estimated cost ��r final c�st, �f applicable� of the acquisition, construction and rehabi�itation of the Pr�ject will be equa� t� or in e�cess of the amount s�t forth on the Summary Pag�; (�} that �h� Projec� c�nstitutes or wi1� constitute "residential rental pro�erty," as defined in Section 42 of the �od� and the Regulations, the Dwelling Units of vvhich wi�� be rented or available for renta� on a continuous basis to members of the general pu��ic; (c� �f th� �wner becomes aware of any situation, �vent or canditian which wauld result in nonc�mpliance of a Dwel�ing Un�t, the Project or the �wner wi�h Sectian 42 of the Code or the Regulati�ns, the �wner sha11 promptly give written noti�e thereaf t� the Authority; �d) that all of the Dvvelling Units wil� �e similarly c�nstru�ted and that each Dwe��ing Unit in the Proj ect shall �ontain separate and complete facilities for living, sleep�ng, ea�ing, c�oking and sanitatian f�r a s�ng�e person or a fami�y �un�ess the Project qua�ifies as a s�ng�e�room �c�upancy pr�j�ct or as transitional housing for the homeless pursuant t� 5ecti�n 42(i}�3} of the �ode}; (e} that each bu�lding in the Project will remain suitable for occupancy taking into account a11 federal, state and local heal�h, safety and building codes (ar other habitability standards}; �f� that none af the I3vvelling Llni�s in the Project shal� at any time be ut�lized on a transient basis �unless the Proje�� qualifies as a single-room �ccupancy project ar transitzonal housir�g f�r the homeless pursuant to Section 42(i}(3} of the C�de}; that none of the Dvvelling Units in the projec� shall be leased ar rented for a peri�d of less than si� months �unless the Pr�je�t qualif�es as a s�ng�e-roam �ccupancy pr�ject or transitional h�using f�r the homeless pursuant ta 5ection 42(i��3� �f the �ode}; and that neither the Projec� nor any portion thereaf sha�l �e us�d as a hotel, mote�, dormitory, fratern�ty