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200109053 "Median Income for the Area" means the median income for the Area as determined by the Secretary of Housing and Urban Development under Section 8, or if programs under Section 8 are terminated, median income for the Area determined under the method used by the Secretary prior to such termination. "Moderate Income Tenants" means persons or families with Adjusted Income which does not exceed 150% of the Median Income for the Area, as may be adjusted from time to time. "Moderate Income Units" means the units in the Project required to be rented to Moderate Income Tenants pursuant to Section 4(e). "Mortgage Loan" means the loan made by the Issuer to the Borrower for the purpose of financing the acquisition, equipping and construction of the Project, evidenced by the Loan Agreement. "Net Proceeds" means the proceeds of the Series 2001A Bonds. "Occupancy Date" means the first day on which the Project is placed in service as provided in Section 42 of the Code. "Project" means the Project Facilities and the Project Site. "Project Facilities" means the buildings, structures and other improvements on the Project Site to be reconstructed, constructed or improved by the Borrower, and all fixtures and other property owned by the Borrower and located on, or used in connection with, such buildings, structures and other improvements constituting the Project. "Project Site" means the parcel or parcels of real property described in Exhibit A, which is attached hereto and by this reference incorporated herein, and all rights and appurtenances thereunto appertaining. "Qualified LIHTC Tenants" means and includes individuals and families whose Adjusted Income is equal or less than the Applicable Income Percentage of Median Income for the Area (including adjustments for family size) as elected and determined in accordance with the Code and Regulations. Tenant income is to be calculated in a manner consistent with the determination of annual income under Section 8, and not in accordance with the determination of gross income for federal income tax liability. Except as otherwise provided herein, the occupants of a Dwelling Unit shall not be considered to be Qualified LIHTC Tenants if any occupant is a student (as defined in Section 151(c)(4) of the Code). Notwithstanding the foregoing, a unit is not disqualified as a Qualified LIHTC Unit merely because it is occupied (i) by a student receiving AFDC assistance under Title IV of the Social Security Act, (ii) by a student in a government- supported job training program, (iii) entirely by full -time students who are single parents and their children, provided such occupants are not dependents of another person or (iv) by full -time students who are married and file a joint return. The determination of whether an individual or family is a Qualified LIHTC Tenant shall be made by the Borrower upon initial occupancy of a unit in the Project by such Tenant and at least annually thereafter on the basis of the current income of such occupants. Any unit occupied by an individual or family who is a Qualified LIHTC Tenant at the commencement of occupancy shall continue to be treated as if occupied by a Qualified LIHTC Tenant, provided that, should such Qualified LIHTC Tenant's income subsequently exceed 140% of the applicable income limit, such tenant shall no longer be a Qualified LIHTC Tenant if, after such -5-