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99 10685� provision of this Regulatory Agreement, no person, other than the parties hereto and the intended beneficiaries identified above, shall have any rights of enforcement of this Regulatory Agreement. Section 15. Uniformity; Common Plan. The covenants,reservations and restrictions hereof shall apply uniformly to the entire Project in order to establish and carry out a common plan for the use, development and improvement of the Project Site. Section 16. Default; Enforcement. If the Borrower defaults in the performance or observance of any covenant, agreement or obligation of the Borrower set forth in this Regulatory Agreement, and if such default remains uncured for a period of 30 days after notice thereof shall have been given by the Issuer or the Trustee to the Borrower,then the Issuer, or the Trustee,acting on behalf of the Issuer, shall declare an "Event of Default" to have occurred hereunder; provided, however,that if the default stated in the notice is of such a nature that it cannot be corrected within 30 days,such default shall not constitute an Event of Default hereunder so long as(a)the Borrower institutes corrective action within said 30 days and diligently pursues such action until the default is corrected and (b) in the opinion of Bond Counsel,the failure to cure said default within 30 days will not adversely affect the Ta�c-exempt status of interest on the Bonds. The Trustee hereby consents to any correction of the default by the Issuer on behalf of the Borrower. Notwithstanding the foregoing, if such default relates to provisions herein with respect to restrictions imposed by Section 42 of the Code or any other restrictions imposed by the Issuer hereunder related to low-income housing tax credits,and such default remains uncured for 30 days after notice,the Issuer will file with the IRS a copy of IRS Form 8823, explaining the nature of the noncompliance and whether or not such noncompliance has been corrected and any one or more of the following may institute and prosecute any proceeding at law or in equity to abate, prevent or enjoin any such violation or attempted violation, or to recover monetary damages caused by such violation or attempted violation: the Issuer or any governmental entity succeeding to the Issuer's functions or any individual who meets the income limitation applicable under Section 42 of the Code(whether prospective,present or former occupant). Noncompliance includes,but is not limited to: (i)failure to receive(or not being allowed to inspect)tenant rent records,Income Certifications and supporting documentation, (ii) upon inspection, noncompliance with provisions of Section 42 and (iii) any change in the applicable fraction or eligible basis that would result in a decrease in the qualified basis (as defined in Section 42 of the Code). The Issuer is authorized and entitled to do all acts necessary to comply with the monitoring and notification responsibilities set forth in Section 42(m)(i)(B)(iii) of the Code and any Regulations or other interpretations thereof by the IRS or the courts. Pursuant to Section 42(m)(2)(D) of the Internal Revenue Code, as amended, the Issuer has determined and hereby certifies that the housing credit dollar amount allocated to this Project does not exceed the amount determined by the Issuer to be necessary for the financial feasibility of the Project and its viability as a qualified low-income housing project throughout the credit period. In arriving at this conclusion, the Issuer has taken into consideration the factors set forth in Section 42(m)(2)(B)(i) through(iv), as required by the Code. Following the declaration of an Event of Default hereunder,the Trustee or the Issuer may, at its option and subject to the provisions of the Indenture, take any one or more of the following steps: 27