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<br /> (� Notwithstanding any of the provisions of this Regulatory Agreement, this
<br /> Regulatory Agreement may be terminated upon agreement by the Issuer,the Trustee and the
<br /> Borrower upon receipt of an opinion of nationally recognized bond counsel acceptable to the
<br /> Issuer and the Trustee that such termination will not adversely affect the exemption from
<br /> federal income taxation of interest on the Bonds or the ability to claim the LIHTC.
<br /> Section 13. Covenants To Run With the Land. The Borrower hereby subjects the
<br /> Project (including the Project Site) to the covenants, reservations and restrictions set forth in this
<br /> Regulatory Agreement. The Issuer,the Trustee and the Borrower hereby declare their express intent
<br /> that the covenants,reservations,restrictions,charges and easements set forth herein shall be deemed
<br /> covenants running with the land and shall pass to and be binding upon the Borrower's successors
<br /> in title to the Project including any purchaser,grantee,owner or lessee of any portion of the Project
<br /> and any other person or entity having any right,title or interest therein and upon the respective heirs,
<br /> executors,administrators,devisees,successors and assigns of any purchaser,grantee,owner or lessee
<br /> of any portion of the Project and any other person or entity having any right,title or interest therein;
<br /> provided, however, that on the termination of this Regulatory Agreement said covenants,
<br /> reservations, restrictions, charges and easements shall expire and, provided further, that any
<br /> successors in title to the Borrower are hereby notified and shall be obligated to assume or repay the
<br /> then outstanding balance of the Mortgage Note prior to, and as a condition of,the issuance of any
<br /> successor land use restriction agreement as shall be required for any such successor in title to claim
<br /> low-income housing tax credits with respect to the Project. Each and every contract, deed or other
<br /> instrument hereafter executed covering or conveying the Project or any portion thereof or interest
<br /> therein shall contain an express provision making such conveyance subject to the covenants,
<br /> restrictions,charges and easements contained herein;provided,however,that any such contract,deed
<br /> or other instrument shall conclusively be held to have been executed,delivered and accepted subject
<br /> to such covenants, reservations, restrictions, charges and easements, regardless of whether such
<br /> covenants, reservations, restrictions, charges and easements are set forth in such contract, deed or
<br /> other instruments. At the time of executing this Agreement,the Borrower shall pay to the Issuer all
<br /> direct costs incurred or to be incurred by the Issuer in causing this Agreement to be duly recorded
<br /> (or the terms hereof to be incorporated into a deed to be duly recorded)in the office of public records
<br /> in the County where the Project is located as an encumbrance upon the Project Site and the Issuer
<br /> agrees to deliver tot he Borrower a copy of the fully recorded document.
<br /> No breach of any of the provisions of this Regulatory Agreement shall impair,defeat
<br /> or render invalid the lien of any mortgage,deed of trust or like encumbrance made in good faith and
<br /> for value encumbering the Project or any portion thereof.
<br /> Section 14. Burden and Benefit. The Issuer, the Trustee and the Borrower hereby
<br /> declare their understanding and intent that the burden of the covenants set forth herein touch and
<br /> concern the land in that the Borrower's legal interest in the Proj ect is rendered less valuable thereby.
<br /> The Issuer,the Trustee and the Borrower hereby further declare their understanding and intent that
<br /> the benefit of such covenants touch and concern the land by enhancing and increasing the enjoyment
<br /> and use of the Project by Low Income Tenants, Moderate Income Tenants and Qualified LIHTC
<br /> Tenants,the intended beneficiaries of such covenants,reservations and restrictions,and by furthering
<br /> the public purposes for which the Bonds were issued. Notwithstanding the foregoing or any other
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