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200109053 (g) If the Mortgage Loan is insufficient to pay the costs of the Project in full, the Issuer shall be under no obligation to provide for payment of any costs of completing the Project. (h) The Borrower further agrees to spend additional moneys for payment of any costs of the Project sufficient to ensure that the portion of Bond Proceeds (1) spent on land is no more than 25% of the amount spent for all purposes and (ii) spent on Qualified Project Costs is at least 97% of the amount spent for all purposes, except that, upon receipt by the Borrower, the Trustee and the Issuer of an approving opinion of Bond Counsel, the percentage of such amounts so used may be 95 %. Section 3. Residential Rental Property. The Borrower hereby acknowledges and agrees that the Project is to be owned, managed and operated as a "qualified residential rental project," as such phrase is used in Section 42(d) of the Code, on a continuous basis during the Qualified Project Period ( LIHTC), and as such phrase is used in Section 142(d) of the Code, on a continuous basis during the Qualified Project Period (Bonds). For the term of this Regulatory Agreement, the Borrower hereby represents, covenants, warrants and agrees as follows: (a) the Project will be developed and operated for the purpose of providing multifamily residential rental property, and the Borrower will own, manage and operate the Project as a project to provide multifamily residential rental property comprising a building or structure or several interrelated buildings or structures, together with any Functionally Related and Subordinate facilities, and no other facilities in accordance with Section 142(d) of the Code and Section 1.103 -8(b) of the Regulations and the Act, as the same shall be amended from time to time, and in accordance with such requirements as may be imposed thereby on the Project from time to time; (b) all of the Dwelling Units in the Project will be similarly constructed units, and each Dwelling Unit in the Project will contain complete separate and distinct facilities for living, sleeping, eating, cooking and sanitation for a single person or a family, including a sleeping area, bathing and sanitation facilities and cooking facilities equipped with a cooking range, a sink and a refrigerator; (c) none of the Dwelling Units in the Project will at any time be utilized on a transient basis, none of the Dwelling Units in the Project shall be leased or rented for a period of less than six months and neither the Project nor any portion thereof shall be used as a hotel, motel, dormitory, fraternity house, sorority house, rooming house, hospital, sanitarium, nursing home, rest home or other facility treated as a health care facility pursuant to Nebraska state law or regulation, trailer park, trailer court, mobile home park, or recreational vehicle park or by a cooperative housing corporation (as defined in section 216(b)(1) of the Code); (d) no part of the Project will at any time be owned or used by a cooperative housing corporation or be converted to condominium ownership, nor shall the Borrower take any steps in connection with a conversion to such ownership or uses; (e) once available for occupancy, each Dwelling Unit will be available for rental on a continuous basis to members of the general public on a nontransient basis, and the Borrower will not give preference to any particular class or group in renting the Dwelling Units in the Project, except to the extent that Dwelling Units are required to be leased or rented to Qualified LIHTC Tenants, Low Income Tenants or Moderate Income Tenants; In