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99 106858 Date,incur Qualified Rehabilitation Expenditures(whether paid from the Mortgage Loan or other sources)with respect to any building(and the equipment therefor)in an amount equal to or greater than 15%of the portion of the cost of acquiring such building(and equipment) financed with the Net Proceeds of the Bond. Qualified Rehabilitation Expenditures incurred by the seller of the Proj ect to the Bonower under a sales contract between the Borrower and such seller shall qualify as Qualified Rehabilitation Expenditures of the Borrower for this purpose. If the Project consists of two or more buildings, this provision shall apply on a Project basis. (c) The Borrower reasonably expects to complete the acquisition,construction, equipping and completion of the Project and to expend the full amount of the proceeds of the Mortgage Loan for Qualified Project Costs prior to the date which is 36 months from the Closing Date. (d) The Borrower will submit, or cause to be submitted, to the Trustee, on or before the Disbursement Date,a certificate stating that the full amount of each disbursement will be applied to pay or to reimburse the Borrower for the payment of Qualified Project Costs and that, after taking into account the proposed disbursement, (i) the aggregate disbursements of Mortgage Loan proceeds will have been applied to pay or to reimburse the Borrower for the payment of Qualified Project Costs in an amount equal to 97%or more of the aggregate disbursements of the Mortgage Loan(provided,however,that if the Borrower provides the Trustee with an opinion of Bond Counsel to the effect that the Tax-exempt status of the Bonds will not be adversely affected if less than the aforesaid percentage, but not less than 95%,is disbursed for such purpose,then the certificate may refer to such lesser percentage as may be specified by Bond Counsel); (ii)less than 25%of the proceeds of the Mortgage Loan will have been disbursed to pay or to reimburse the Borrower for the cost of acquiring land; and(iii) less than 2%of the proceeds of the Mortgage Loan will have been disbursed to pay or reimburse the Borrower for Costs of Issuance. Pursuant to Section 42(m)(2)(D) of the Internal Revenue Code,as amended, and based on estimates of costs on the date the Bonds are issued, and taking into consideration the factors set forth in Section 42(m)(2)(B)(i)through(iv),as required by the Code,the Issuer has determined and hereby certifies that the housing credit dollar amount expected to be 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 Qualified Project Period(LIHTC). (e) On the Completion Date ofthe Project,the Borrower will submit to the Issuer and the Trustee a duly executed and completed Completion Certificate as provided in Section 2(g) hereof. At the same time, the Borrower will provide to the Issuer a cost certification in the Independent Auditor's Report(or equivalent letter if submitted by counsel to the Borrower (each by an independent qualified professional)) upon completion of the Project by December 1 of the year in which the Project is placed in service,to the effect that such accountant or counsel,as the case may be,has inspected the application of the Project's sources of funds and has determined, based upon the aggregate basis in land and building determined by the Borrower's accountant, that 50% or more of the aggregate basis in the 10