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200109053 Section 4. Low Income Tenants; Qualified LIHTC Tenants; Moderate Income Tenants; Records and Reports. Pursuant to the requirements of the Code and the Act, the Borrower hereby represents, warrants and covenants as follows: (a) the Borrower shall execute and deliver to the Issuer and the Trustee a certificate identifying the beginning date and earliest ending date of the Qualified Project Period (Bonds) and the Qualified Project Period (LIHTC), in substantially the form attached as Exhibit E or such other form as may be required by the Issuer; (b) throughout the Qualified Project Period (Bonds) at least the Applicable Set -Aside Percentage (Bonds) of the Dwelling Units shall be occupied by Low Income Tenants before any additional units are occupied by persons who are not Low Income Tenants; and for the Qualified Project Period (Bonds) no less than the Applicable Set -Aside Percentage (Bonds) of the total number of completed Dwelling Units of the Project shall at all times be rented to and occupied by Low Income Tenants. For the purposes of this paragraph (b), a vacant unit which was most recently occupied by a Low Income Tenant is treated as rented and occupied by a Low Income Tenant until reoccupied, other than for a temporary period of not more than 31 days, at which time the character of such unit shall be redetermined. In determining whether the requirements of this subsection (b) have been met, fractions of units shall be treated as entire units; (c) no tenant qualifying as a Low Income Tenant shall be denied continued occupancy of a unit in the Project because, after admission, such tenant's Adjusted Income increases to exceed the qualifying limit for Low Income Tenants; provided, however, that if, as a result of an increase in income or decrease in family size, a Low Income Tenant's Adjusted Income, as of the most recent determination thereof, exceeds 140% of the then applicable income limit for a Low Income Tenant of the same family size, the next available Dwelling Unit of comparable or smaller size must be rented to (or held vacant and available for immediate occupancy by) a Low Income Tenant; and provided further that, until such next available unit is rented to a tenant who is a Low Income Tenant, the former Low Income Tenant who has ceased to qualify as such shall be deemed to continue to be a Low Income Tenant for purposes of the Applicable Set -Aside Percentage (Bonds) requirement of paragraph (b) of this Section 4; (d) throughout the Qualified Project Period (LIHTC), at least the Applicable Set -Aside Percentage (LIHTC) of the completed Dwelling Units in the Project shall be both (1) Rent Restricted Units and (2) occupied by Qualified LIHTC Tenants, and, unless the requirements of clauses (1) and (2) are satisfied, no additional units shall be rented or leased to any other tenants after initial rental occupancy of Dwelling Units by Qualified LIHTC Tenants, as required by Section 42 of the Code. For purposes of satisfying the requirement that not less than the Applicable Set -Aside Percentage (LIHTC) of the Dwelling Units be occupied by Qualified LIHTC Tenants, no Qualified LIHTC Tenant shall be denied continued occupancy because, after admission, the Qualified LIHTC Tenant's family income exceeds the applicable qualifying income level set forth in the definition of "Qualified LIHTC Tenant" herein. The Borrower shall at all times during the Qualified Project Period (LIHTC) maintain the percentage requirements of this Regulatory Agreement by providing the next available units of comparable or smaller size to Qualified LIHTC Tenants as needed to achieve compliance with the foregoing requirements. If necessary, the Borrower shall refrain from renting Dwelling Units in the Project to persons other than Qualified LIHTC Tenants in order to avoid violating the requirement that at all times during the Qualified Project Period (LIHTC) at least the Applicable Set -Aside Percentage (LIHTC) of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified LIHTC Tenants; -11-