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200109053 completion of the Project and in order to ensure that the Project will be used and operated in accordance with the Code, the Act and the additional requirements of the Issuer. 6. All things necessary to make the Bonds when issued as provided in the Indenture, the valid, binding and legal special obligations of the Issuer according to the import thereof and to constitute the Indenture a valid assignment of the amounts pledged to the payment of the principal and premium, if any, and interest on the Bonds have been done and performed, and the creation, execution and delivery of the Indenture and the execution and issuance of the Bonds, subject to the terms thereof, in all respects have been duly authorized. AGREEMENT: In consideration of the mutual covenants and undertakings set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Issuer, the Trustee and the Borrower hereby agree as follows: Section 1. Definitions and Interpretation. The following terms shall have the respective meanings assigned to them in this Section 1 unless the context in which they are used clearly requires otherwise. Capitalized terms used in this Regulatory Agreement and not defined herein shall have the meanings ascribed to such terms in Article I of the Indenture: "Adjusted Income" means the adjusted income of a person (together with the adjusted income of all persons who intend to reside with such person in one residential unit) as calculated in the manner prescribed in Sections 142 and 42 of the Code as they shall be in effect on the Closing Date. "Affiliated Party" means a person whose relationship with the Borrower would result in a disallowance of losses under section 267 or 707(b) of the Code or a person who, together with the Borrower, is a member of the same controlled group of corporations (as defined in section 1563(a) of the Code, except that "more than 50 percent" shall be substituted for "at least 80 percent" each place it appears therein). "Applicable Income Percentage" means the percentage of area median gross income which may not be exceeded by individuals or families qualifying as Low Income Tenants or Qualified LIHTC Tenants which, with respect to the Project, shall be 60 %. "Applicable Set -Aside Percentage (Bonds)" means the percentage of units in the Project to be leased to Low Income Tenants which, with respect to the Project, shall be 40% (and includes the percentage of units in the Project to be leased to Qualified LIHTC Tenants). "Applicable Set -Aside Percentage ( LIHTC)" means the percentage of units in the Project to be leased to Qualified LIHTC Tenants which, with respect to the Project, shall be 80% (and includes the percentage of units in the Project to be leased to Low Income Tenants). "Area" means the County. "Authorized Borrower Representative" means the person at the time designated to act on behalf of the Borrower as evidenced by a written certificate furnished to the Issuer, the Credit Enhancer and the Trustee containing the specimen signature of such person and signed on behalf of the Borrower by the General Partner, if the Borrower is a corporation, an authorized officer of the Borrower, or if a limited liability company, the manager. Such certificate may designate an alternate or alternates, each of whom -2-