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200111465
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Last modified
10/14/2011 12:17:15 PM
Creation date
10/20/2005 11:04:54 PM
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DEEDS
Inst Number
200111465
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200111465 <br />tenant facilities that are available on a comparable basis to all tenants and for <br />which no separate fee is charged for use of the facilities, or facilities reasonably <br />required by the project); <br />(e) that the Authority shall have the right to perform an on -site inspection of <br />the Project throughout the Qualified Project Period, in addition to the requirement that the <br />Owner submit to the Authority each year information on tenant income, supporting <br />documentation and rent for each low income unit as designated above; <br />(f) the form of lease to be used by the Owner in renting any units in the <br />Project to Qualified Tenants shall provide for termination of the lease and consent by <br />such person to immediate eviction proceedings in accordance with state law for failure to <br />qualify as a Qualified Tenant, as applicable, as a result of any material misrepresentation <br />made by such person with respect to his or her income, the failure to provide supporting <br />income verification or failure by such person to annually update the Certification of <br />Tenant Eligibility and Income Verification; <br />(g) to permit any duly authorized representative of the Authority, the <br />Department of the Treasury or the IRS to inspect the books and records of the Owner <br />pertaining to the incomes of the Qualified Tenants residing in the Project; and <br />(h) throughout the Qualified Project Period, to target rents, to comply with <br />targeted rent levels, and to comply all other conditions of targeting as set forth on the <br />Summary Page hereof. <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 date which is <br />the Required Number of Years after the Occupancy Date. <br />(b) Notwithstanding subsection (a) above, the Owner shall comply with the <br />requirements of Section 42(h) of the Code relating to a 15 -year extended use period <br />(30 years total); provided, however, that, with respect to any building that is part of the <br />Project, this Agreement shall terminate: <br />01- 365469.01 <br />(1) on the date such building is acquired by foreclosure or instrument <br />in lieu of foreclosure (including a deed of trust); or <br />(2) if the Owner has properly requested in accordance with Code <br />Section 42(h)(6) that the Authority assist in procuring a qualified contract for the <br />acquisition of the low - income portion of such building and the Authority is unable <br />to present a qualified contract, one year after the date the written request was <br />submitted to the Authority. Project Owner agrees that Section 42(h)(6)(E)(i)(II) <br />of the Code shall not apply to, and shall not cause the termination of, the extended <br />use period applicable to any building of the Project. <br />D <br />
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