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202208480 <br />other covenants, terms and conditions of this Agreement in accordance with the <br />Code and the Regulations; and <br />WHEREAS, the Owner has represented to the Authority in the Owner's LIHTC, <br />AHTC, HOME, CDBG-DR and National Housing Trust Fund Application (the <br />"Application"), the provisions of which are deemed incorporated in this Agreement <br />as if set forth herein, that the Owner shall lease at least the Applicable Set -Aside <br />Percentage of the Dwelling Units in the Project to individuals or families whose <br />income is the Applicable Income Percentage or less of area median gross income <br />(including adjustments for family size) as determined in accordance with the Code <br />("Qualified Tenants"); and <br />WHEREAS, the Owner intends, declares and covenants that the regulatory and <br />restrictive covenants set forth herein governing the use, occupancy and transfer of <br />the Project shall be and are covenants running with the land for the term stated <br />herein and binding upon all subsequent owners of the Project for such term and are <br />not merely personal covenants of the Owner. <br />NOW, THEREFORE, in consideration of the mutual promises and covenants <br />hereinafter set forth, and of other valuable consideration, the Owner and the <br />Authority agree as follows: <br />Section 1. Definitions. Unless otherwise expressly provided herein or unless <br />the context clearly requires otherwise, the terms defined above shall have the <br />meanings set forth above and the following terms shall have the respective <br />meanings set forth below for the purposes hereof, and all words and phrases <br />defined in Section 42 of the Code shall have the same meanings in this Agreement: <br />"Affordability Period' means the period beginning on the Occupancy Date <br />and ending on the date which is the Required Number of Years after the Occupancy <br />Date as set forth on the Summary Page. <br />"Applicable Income Percentage' means the percentage stated on the <br />Summary Page hereof as the percentage of area median gross income, which may <br />not be exceeded by individuals or families qualifying as Qualified Tenants. <br />"Applicable Set -Aside Percentage" means the percentage stated on the <br />Summary Page hereof as the percentage of Dwelling Units in the Project to be <br />leased to Qualified Tenants. <br />4 Final 12/21 <br />