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202208480 <br />Any dispute of a waiver decision by the Executive Director of the <br />Authority can be appealed by the Owner of the Project and settled by <br />arbitration. Absent agreement to a different forum or arbitration panel, such <br />arbitration proceeding shall be conducted under the Commercial Rules of the <br />American Arbitration Association. Regardless of the forum, the prevailing <br />party (if there is a prevailing party as determined by the arbitration panel) <br />shall be entitled to reimbursement of its filing fees and arbitrator's fees from <br />the non -prevailing party, to be assessed as part of the arbitration award. The <br />arbitration panel shall consist of the following mutually acceptable <br />representatives: <br />(A) A representative selected by the Executive Director of the <br />Authority, which representative shall not have any interest, direct or <br />indirect, in the Project but shall have expertise in the area related to the <br />dispute (e.g., finance, construction management or property <br />management); <br />(B) A representative selected by the Owner of the Project, <br />which representative shall not have any interest, direct or indirect, in <br />the Project but shall have expertise in the area related to the dispute <br />(e.g., finance, construction management or property management) ; <br />and <br />(C) A representative from the American Arbitration <br />Association or other agreed upon, certified mediator or arbitrator <br />(moderator or voting member). <br />Under no circumstances shall the waiver process provide an <br />opportunity for the Project to deviate from the rent restrictions stated on the <br />Summary Page because of improved market conditions or for any reason <br />other than an increase in the Project's county area median income, without <br />the prior approval of the Executive Director of the Authority. <br />Section 6. Internal Revenue Service Notification. In the event the <br />Authority discovers any noncompliance of any provisions of this Agreement, the <br />Authority shall immediately give written notice to the Owner. The Owner shall have <br />sixty (60) days from the date of such notice (the "Correction Period") to correct such <br />noncompliance. Following the Correction Period, the Authority will file with the IRS <br />a copy of IRS Form 8823, explaining the nature of the noncompliance and whether <br />or not such noncompliance has been corrected. Noncompliance includes, but is not <br />16 <br />Final 12/21 <br />