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202504772
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Last modified
8/26/2025 4:14:45 PM
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8/26/2025 4:14:42 PM
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DEEDS
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202504772
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202504772 <br />(h) Throughout the Affordability Period, to target rents, to comply with <br />targeted rent levels and to comply all other conditions of targeting as set forth on <br />the 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 <br />which is the Required Number of Years after the Occupancy Date (the <br />"Affordability Period"). During the Affordability Period, the Owner shall not evict or <br />terminate the tenancy of an existing tenant of any Dwelling Unit other than for good <br />cause and shall not increase the gross rent above the maximum allowed under <br />Section 42 of the Code with respect to any Qualified Unit. <br />(b) For the duration of the Affordability Period, the Owner shall comply <br />with the requirements of Section 42(h) of the Code relating to an extended use <br />period (a minimum of 15 years or such greater number of years as set forth on the <br />Summary Page hereof) for a total Required Number of Years as set forth on the <br />Summary Page; provided, however, that, with respect to any building that is part <br />of the Project, this Agreement shall 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 foreclosure <br />or instrument in lieu of foreclosure is determined to be in compliance with <br />Section 42(h)(6) of the Code; or <br />In the event foreclosure proceedings are initiated, the Authority shall receive notice <br />of such foreclosure from the Owner no less than 30 days prior to such foreclosure. <br />(c) Notwithstanding the foregoing in subsections (a) and (b) above, the <br />rent requirements set forth in Section 42 of the Code shall continue with respect to <br />the Qualified Units for a period of three (3) years following the termination or <br />expiration of this Agreement. During such three year period, the Owner shall not <br />evict or terminate the tenancy of an existing tenant of any Qualified Unit other than <br />for good cause and shall not increase the gross rent above the maximum allowed <br />under Section 42 of the Code with respect to such Qualified Unit (the "Vacancy <br />Decontrol Rule"), regardless of whether the tenant is an existing tenant or a new <br />tenant occupying the Qualified Unit subsequent to the termination of this <br />Agreement. In addition, during such three-year period, the Owner shall accept as <br />tenants, on the same basis as all other prospective tenants, persons who are <br />holders of vouchers or certificates for federal housing assistance payments for <br />existing housing pursuant to Section 8 of the United States Housing Act of 1937 or <br />a successor federal program or similar state or local voucher or certificate program, <br />and, in connection therewith, the Owner will not apply tenant selection criteria to <br />such voucher or certificate holders which are more burdensome than the criteria <br />applied to any other prospective tenants. <br />12 <br />4/2023 <br />
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