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200109053 forth in Section 42(m)(i)(B)(111) of the Code and any Regulations or other interpretations thereof by the IRS or the courts. Pursuant to Section 42(m)(2)(D) of the Internal Revenue Code, as amended, and based on estimates of costs on the date the Bonds are issued, the Issuer has determined and hereby certifies that the housing credit dollar amount allocated to this Project does not exceed the amount determined by the Issuer to be necessary for the financial feasibility of the project and its viability as a qualified low- income housing project throughout the Qualified Project Period (LIHTC). In arriving at this conclusion, the Issuer has taken into consideration the factors set forth in Section 42(m)(2)(13)(1) through (iv), as required by the Code. In the event the Borrower shall fail to submit to the Issuer and the Trustee the Income Certifications, the Monthly Tenant Reports, the Certificates of Continuing Program Compliance (Bonds) or the Certificates of Program Compliance (LIHTC) at the times set forth in Section 4 and the Issuer or the Trustee shall determine to inspect the books and records of the Borrower to determine whether the Borrower is in compliance with the terms of this Regulatory Agreement, the Borrower shall, upon demand by the Issuer or the Trustee, pay all expenses and costs of the Issuer and the Trustee in determining whether or not the Borrower is in compliance with the terms of this Regulatory Agreement. Following the declaration of an Event of Default hereunder, the Trustee, unless otherwise directed in writing by the Issuer, shall, subject to the provisions of the Indenture, take any one or more of the following steps: (i) by mandamus or other suit, action or proceeding at law or in equity, including injunctive relief, require the Borrower to perform its obligations with respect to the covenants, reservations, restrictions, charges and easements contained herein and covenants hereunder or enjoin any acts or things which may be unlawful or in violation of the rights of the Issuer or the Trustee hereunder; (ii) have access to and inspect, examine and make copies of all of the books and records of the Borrower pertaining to the Project; and (iii) take such other action at law or in equity as may appear necessary or desirable to enforce the obligations, covenants and agreements of the Borrower hereunder, provided that neither the Issuer nor the Trustee shall seek to enforce any monetary claim against the Borrower if such action would cause the Borrower to file a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Borrower under any applicable liquidation, insolvency, bankruptcy, rehabilitation, composition, reorganization, conservation or other similar law now or hereafter in effect. The Trustee shall have the right, in accordance with this Section 16 and the provisions of the Indenture and the Loan Agreement to exercise any or all of the rights or remedies of the Issuer hereunder, provided that prior to taking any such act the Trustee shall give the Issuer written notice of its intended action. All fees, costs and expenses of the Issuer and the Trustee incurred in taking any action pursuant to this Section 16 shall be the sole responsibility of the Borrower and shall be subordinate in all respects to any amounts due with respect to the Bonds. In the event the Borrower shall fail to submit to the Issuer and the Trustee the Income Certifications, the Monthly Tenant Reports, the Certificates of Continuing Program Compliance (Bonds) or the Certificates of Program Compliance (LIHTC) at the times set forth in Section 4 and the Issuer or the Trustee shall determine to inspect the books and records of the Borrower to determine whether the Borrower is in compliance with the terms of this Regulatory Agreement, the Borrower shall, upon -23-