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202403568
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Last modified
7/30/2024 12:27:49 PM
Creation date
7/30/2024 12:27:42 PM
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DEEDS
Inst Number
202403568
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202403568 <br />Section 5. Term of Restrictions. <br />(a) The term of the occupancy restriction set forth in Section 4 of this <br />Agreement shall (i) commence on the Occupancy Date and (ii) end on the <br />date which is the Required Number of Years after the Occupancy Date (the <br />"Affordability Period"). During the Affordability Period, the Owner shall not <br />evict or terminate the tenancy of an existing tenant of any Dwelling Unit other <br />than for good cause and shall not increase the gross rent above the maximum <br />allowed under Section 42 of the Code with respect to any Qualified Unit. <br />(b) For the duration of the Affordability Period, the Owner shall <br />comply with the requirements of Section 42(h) of the Code relating to an <br />extended use period (a minimum of 15 years or such greater number of years <br />as set forth on the Summary Page hereof) for a total Required Number of <br />Years as set forth on the Summary Page; provided, however, that, with <br />respect to any building that is part of the Project, this Agreement shall <br />terminate: <br />(i) on the date such building is acquired by foreclosure or <br />instrument in lieu of foreclosure (including a deed of trust), if the <br />foreclosure or instrument in lieu of foreclosure is determined to be in <br />compliance with Section 42(h)(6) of the Code; or <br />In the event foreclosure proceedings are initiated, the Authority shall receive <br />notice of such foreclosure from the Owner no less than 30 days prior to such <br />foreclosure. <br />(c) Notwithstanding the foregoing in subsections (a) and (b) above, <br />the rent requirements set forth in Section 42 of the Code shall continue with <br />respect to the Qualified Units for a period of three (3) years following the <br />termination or expiration of this Agreement. During such three-year period, <br />the Owner shall not evict or terminate the tenancy of an existing tenant of <br />any Qualified Unit other than for good cause and shall not increase the gross <br />rent above the maximum allowed under Section 42 of the Code with respect <br />to such Qualified Unit (the "Vacancy Decontrol Rule"), regardless of whether <br />the tenant is an existing tenant or a new tenant occupying the Qualified Unit <br />subsequent to the termination of this Agreement. In addition, during such <br />three-year period, the Owner shall accept as tenants, on the same basis as all <br />other prospective tenants, persons who are holders of vouchers or <br />certificates for federal housing assistance payments for existing housing <br />14 <br />Final 12/21 <br />
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