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99 � Q � 858 <br /> "Rent Restricted Unit" means a Dwelling Unit if the gross rent with respect to the <br /> Dwelling Unit does not exceed 30%of the imputed income limitation applicable to such Dwelling <br /> Unit(based on the number of bedrooms therein in accordance with Section 42(g)(2)(C)of the Code). <br /> "State" means the State of Nebraska. <br /> "Tax-exempt" means, with respect to interest on any obligations of a state or local <br /> government, including the Bonds, that such interest is excluded from gross income of the holders <br /> thereof for federal income t�purposes(other than interest on any Bond for any period during which <br /> such Bond is held by a"substantial user" of any facility financed with the proceeds of the Bonds or <br /> a "related person," as such terms are used in Section 147(a) of the Code); provided, however, that <br /> such interest may be includable as an item of tax preference or otherwise includable directly or <br /> indirectly for purposes of calculating other ta�c liabilities,including any alternative minimum tax or <br /> environmental tax,under the Code. <br /> "Trustee" means Five Points Bank, located in Grand Island, Nebraska, or any <br /> successor Trustee serving as such under the Indenture with respect to the Bonds. <br /> Unless the context clearly requires otherwise,as used in this Regulatory Agreement, <br /> words of the masculine, feminine or neuter gender shall be construed to include each other gender <br /> and words of the singular number shall be construed to include the plural number, and vice versa. <br /> This Regulatory Agreement and all the terms and provisions hereof shall be construed to effectuate <br /> the purposes set forth herein and to sustain the validity hereof. <br /> The defined terms used in the preamble and recitals of this Regulatory Agreement <br /> have been included for convenience of reference only, and the meaning, construction and <br /> interpretation of all defined terms shall be determined by reference to this Section 1,notwithstanding <br /> any contrary definition in the preamble or recitals hereof. The titles and headings of the sections of <br /> this Regulatory Agreement have been inserted for convenience of reference only and are not to be <br /> considered a part hereof and shall not in any way modify or restrict any of the terms or provisions <br /> hereof or be considered or given any effect in construing this Regulatory Agreement or any <br /> provisions hereof or in ascertaining intent, if any question of intent shall arise. Capitalized terms <br /> used herein and not defined shall have the meanings assigned to them in the Indenture or the <br /> Financing Agreement, as the case may be. <br /> Section 2. Acquisition, Construction, Equipping and Completion of the Project. <br /> The Borrower hereby represents as of the date hereof, covenants and agrees as follows: <br /> (a) The Borrower has incurred,or will incur within six months after the Closing <br /> Date,a substantial binding obligation to commence the acquisition,construction,equipping <br /> and completion of the Project, pursuant to which the Borrower is or will be obligated to <br /> expend at least 5% of the proceeds of the Mortgage Loan. <br /> (b) The Borrower has commenced the acquisition, construction, equipping and <br /> completion of the Project and will proceed with due diligence to complete the same. The <br /> Borrower has incurred or shall,prior to the date which is 24 months after the Disbursement <br /> 9 <br />