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202208480
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Last modified
12/9/2022 4:20:59 PM
Creation date
12/9/2022 4:20:27 PM
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DEEDS
Inst Number
202208480
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202208480 <br />(n) That the Owner (i) will not dispose to any person or entity any <br />portion of the Project to which this Agreement applies, unless all of the Project <br />is disposed of to such person or entity and (ii) may sell, transfer or exchange <br />the entire Project at any time, provided the Owner shall obtain the prior <br />written consent of the Authority as set forth in Section 14 hereof prior to such <br />sale, transfer or other disposition of the Project and shall obtain the <br />agreement of any buyer or successor or other person acquiring the Project or <br />any interest therein that such acquisition is subject to the requirements of <br />this Agreement. The Owner shall promptly notify the Authority of such <br />transfer. This provision shall not act to waive any other restriction on such <br />sale, transfer or exchange of the Project. <br />(o) That the Owner (or its property manager with respect to the <br />Project) shall attend in each year of the Affordability Period at least one of the <br />property management/compliance monitoring sessions sponsored by the <br />Authority. <br />(p) For each year of the Affordability Period, the Owner will submit <br />to the Authority a copy of the Project's filed IRS Form 1065. <br />Section 4. Occupancy Restrictions. For the purpose of satisfying the <br />requirements of Section 42 of the Code and the requirements of the Authority, for <br />the duration of the Affordability Period, the Owner hereby represents, covenants <br />and agrees as follows: <br />(a) At least the Applicable Set -Aside Percentage of the completed <br />Dwelling Units in the Project (excluding Dwelling Units not previously <br />occupied) shall be both Rent Restricted Units and occupied solely by Qualified <br />Tenants, prior to the satisfaction of which no additional units shall be rented <br />or leased to any other tenants after initial rental occupancy of Dwelling Units <br />by Qualified Tenants, as required by Section 42 of the Code. For purposes of <br />satisfying the requirement that not less than the Applicable Set -Aside <br />Percentage of the Dwelling Units be occupied by Qualified Tenants, no <br />Qualified Tenant shall be denied continued occupancy because, after <br />admission, the Qualified Tenant's family income exceeds the applicable <br />qualifying income level set forth in the definition of "Qualified Tenant" herein. <br />The Owner shall at all times during the Affordability Period maintain the <br />percentage requirements of this Agreement by providing the next available <br />unit of comparable or smaller size to Qualified Tenants as needed to achieve <br />compliance with the foregoing requirements. If necessary, the Owner shall <br />10 <br />Final 12/21 <br />
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