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202504772 (d) If the Project experiences financial trouble the Owner may request a waiver from the Authority of the applicable rent restrictions stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on written evidence submitted to the Authority by the Owner which must be evaluated and certified by an independent third -party CPA. The Authority may waive or adjust the rent restrictions stated on the Summary Page for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions include, but are not limited to the following: (i) Extraordinary changes in the operating expenses of the Project; (ii) Capital requirements that are necessary to maintain a safe and sanitary Dwelling Unit, suitable for occupancy; or (iii) A Project lender originates changes to the financial conditions and debt arrangement that substantially impacts the debt service coverage ratio requirements of the Project. Any dispute of a waiver decision by the Executive Director of the Authority can be appealed by the Owner of the Project and settled by arbitration. Absent agreement to a different forum or arbitration panel, such arbitration proceeding shall be conducted under the Commercial Rules of the American Arbitration Association. Regardless of the forum, the prevailing party (if there is a prevailing party as determined by the arbitration panel) shall be entitled to reimbursement of its filing fees and arbitrator's fees from the non -prevailing party, to be assessed as part of the arbitration award. The arbitration panel shall consist of the following mutually acceptable representatives: (A) A representative selected by the Executive Director of the Authority, which representative shall not have any interest, direct or indirect, in the Project but shall have expertise in the area related to the dispute (e.g., finance, construction management or property management); (B) A representative selected by the Owner of the Project, which representative shall not have any interest, direct or indirect, in the Project but shall have expertise in the area related to the dispute (e.g., finance, construction management or property management); and (C) A representative from the American Arbitration Association or other agreed upon, certified mediator or arbitrator (moderator or voting member). 13 4/2023