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9 � �Q �' � r�`� taken under the terms of this Regulatory Agreement shall not constitute an Adverse Action or Omission. (b) The Borrower wi11 take such action or actions as may be necessary, in the written opinion of Bond Counsel filed with the Issuer and the Trustee, with a copy to the Borrower,to comply fully with all applicable rules,rulings,policies,procedures,Regulations or other official statements promulgated, proposed or made by the Department of the Treasury or the Internal Revenue Service pertaining to obligations the interest on which is Tax-exempt under Section 142(d) of the Code. (c) The Borrower will file or record such documents and take such other steps as are necessary, in the written opinion of Bond Counsel filed with the Issuer and the Trustee,with a copy to the Borrower,in order to insure that the requirements and restrictions of this Regulatory Agreement will be binding upon all owners of the Proj ect,including,but not limited to, the execution and recordation of this Regulatory Agreement in the real property records of the County. (d) The Borrower will not enter into any agreements which would result in the payment of principal or interest on the Bonds being "federally guaranteed" within the meaning of Section 149(b) of the Code. (e) Subject to Section 12 hereof,the Borrower will include the requirements and restrictions contained in this Regulatory Agreement in any documents transferring any interest in the Project prior to the expiration of the Qualified Project Period(Bonds)and the Qualified Proj ect Period(LIHTC)to another person to the end that such transferee has notice of, and is bound by, such restrictions, and to obtain the agreement from any transferee to abide by all requirements and restrictions of this Regulatory Agreement. The Borrower agrees and acknowledges that it will not purchase Bonds in amounts related to the principal amount of the Mortgage Loan or otherwise have an ownership or security interest in the Bonds. Section 6. Modification of Tax Covenants. The Borrower,the Trustee and the Issuer hereby agree as follows: (a) To the extent any amendments to the Act,the Regulations or the Code shall, in the written opinion of Bond Counsel filed with the Issuer and with the Trustee, with a copy to the Borrower, impose requirements upon the ownership or operation of the Project more restrictive than those imposed by this Regulatory Agreement in order to maintain the tax-exempt status of interest on the Bonds, this Regulatory Agreement shall be deemed to be automatically amended, without the consent or approval of any other person,to impose such additional or more restrictive requirements. The parties hereto hereby agree to execute such amendment hereto as shall be necessary to document such automatic amendment hereof. 19