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200109053 (e) either (i) evidence satisfactory to the Issuer that the purchaser or assignee has at least three years' experience in the ownership, operation and management of rental housing projects, without any record of material violations of discrimination restrictions or other state or federal laws or regulations applicable to such projects is delivered to the Issuer and the Trustee, or (ii) the purchaser or assignee agrees to retain a property management firm which the Issuer determines has the experience and record described in subclause (i) above, or (iii) the Issuer shall not have any reason to believe that the purchaser or assignee is incapable of complying with, or may be unwilling to comply with, the terms of all agreements binding on such purchaser or assignee relating to the Project; (f) the Issuer and the Trustee shall have received (1) reasonable evidence satisfactory to the Issuer and the Trustee that the Borrower's purchaser or transferee has assumed in writing and in full, the Borrower's duties and obligations under this Regulatory Agreement, (ii) an opinion of counsel to the transferee that the transferee has duly assumed the obligations of the Borrower under this Regulatory Agreement and that such obligations and this Regulatory Agreement are binding on the transferee, (iii) an Opinion of Bond Counsel that the transfer will not adversely affect the exclusion of interest on the Series 2001A Bonds from gross income for federal income tax purposes, and (iv) a Certificate of Continuing Program Compliance (Bonds) and a Certificate of Continuing Program Compliance (LMTC) (and a "bring- down" certificate, if necessary) current as of the date of transfer; (g) the Borrower shall pay all costs of the transfer of title, including, but not limited to, the costs of the Issuer and the Trustee (including the fees and expenses of the Issuer and the Trustee and their respective counsel) of meeting the conditions specified in this Section 11; and (h) such other conditions are met as the Issuer and the Trustee may reasonably impose to assure compliance by the Project with the requirements of this Regulatory Agreement. Any voluntary sale, transfer or other disposition of the Project or any general partner interest in the Borrower to any person or entity, whether or not affiliated with the Borrower, shall be subject to the provisions of this Section 11. Except as provided in Section 12, it is hereby expressly stipulated and agreed that (a) any voluntary sale, transfer or other disposition of the Project or any general partner interest in the Borrower in violation of this Section 11 shall be null, void and without effect, shall cause a reversion of title to the Borrower, and shall be ineffective to relieve the Borrower of its obligations under this Regulatory Agreement, and (b) neither a transfer of the Projector or any general partner interest in the Borrower in foreclosure nor a transfer of the Project by deed in lieu of foreclosure shall constitute a voluntary sale, -19-