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<br />200410895
<br />ADDENDUM TO REGULATORY AGREEMENT AND DECLARATION c"PS-Sd
<br />OF RESTRICTIVE COVENANTS
<br />This Addendum to Regulatory Agreement And Declaration of strictive Covenants for
<br />Low Income Housing Tax Credits ( "Addendum ") is entered into this .T day of
<br />2004 between the NEBRASKA INVESTMENT FINANCE AUT ORITY (the "Issuer "), a
<br />body politic and corporate, not a state agency but an independent instrumentality exercising
<br />essential public functions under the constitution and laws of the State of Nebraska and PEDCOR
<br />INVESTMENTS- 1999 -XL, L.P. (the "Borrower "), and is incorporated into and shall be
<br />deemed to amend and supplement the Regulatory Agreement And Declaration of Restrictive
<br />Covenants for Low Income Housing Tax Credits (the "Agreement ") between the Issuer and the
<br />Borrower, filed with respect to the property described hereto, dated as of September 1, 2001, and
<br />recorded as instrument number 0200109053 in the official records of Hall County, Nebraska.
<br />WHEREAS, the Issuer allocated to the Borrower certain federal low - income housing tax
<br />credits with respect to the rental housing development located and described on the Summary
<br />Page of the Agreement (the "Project "); and
<br />WHEREAS, the Borrower and the Project are required by the Agreement to continuously
<br />comply with Section 42 and other applicable sections of the Internal Revenue Code of 1986, as
<br />amended (the "Code "), and the Treasury Regulations promulgated thereunder
<br />(the "Regulations "); and
<br />NOW THEREFORE, in consideration of mutual promises and covenants set forth in the
<br />Agreement and this Addendum, and of other valuable consideration, the Borrower and the Issuer
<br />agree as follows:
<br />1. The first paragraph of Section 16 of the Agreement is hereby deleted in its entirety
<br />and the following two paragraphs are substituted therefore:
<br />In the event the Issuer discovers any noncompliance of any provisions hereof, the
<br />Issuer will immediately give written notice to the Borrower. The Borrower shall have
<br />60 days from they date of such notice (the "Correction Period ") to correct such
<br />noncompliancellowing the Correction Period, the Issuer will file with the IRS a copy
<br />of IRS Form 88231 explaining the nature of the noncompliance and whether or not such
<br />noncompliance has been corrected. Noncompliance includes, but is not limited to
<br />(1) failure to receive or failure to permit the Issuer to inspect tenant income certifications,
<br />supporting documentation and rent records, (2) upon inspection, noncompliance with
<br />provisions of Section 42 of the Code, and (3) any change in the applicable fraction or
<br />eligible basis that would result in a decrease in the Qualified Basis. The Issuer is
<br />authorized and entitled to do all acts necessary to comply with the monitoring and
<br />notification responsibilities set forth in Section 42(m)(1)(B)(iii) of the Code and any
<br />Regulations or other interpretations thereof by the IRS or the courts. Pursuant to Section
<br />42(m)(2)(D) of the Internal Revenue Code, as amended, and based on estimates of costs
<br />on the date the Bonds are issued, the Issuer has determined and hereby, certifies that the
<br />housing credit dollar amount allocated to this Project does not exceed the amount
<br />01- 637879.1
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<br />200410895
<br />ADDENDUM TO REGULATORY AGREEMENT AND DECLARATION c"PS-Sd
<br />OF RESTRICTIVE COVENANTS
<br />This Addendum to Regulatory Agreement And Declaration of strictive Covenants for
<br />Low Income Housing Tax Credits ( "Addendum ") is entered into this .T day of
<br />2004 between the NEBRASKA INVESTMENT FINANCE AUT ORITY (the "Issuer "), a
<br />body politic and corporate, not a state agency but an independent instrumentality exercising
<br />essential public functions under the constitution and laws of the State of Nebraska and PEDCOR
<br />INVESTMENTS- 1999 -XL, L.P. (the "Borrower "), and is incorporated into and shall be
<br />deemed to amend and supplement the Regulatory Agreement And Declaration of Restrictive
<br />Covenants for Low Income Housing Tax Credits (the "Agreement ") between the Issuer and the
<br />Borrower, filed with respect to the property described hereto, dated as of September 1, 2001, and
<br />recorded as instrument number 0200109053 in the official records of Hall County, Nebraska.
<br />WHEREAS, the Issuer allocated to the Borrower certain federal low - income housing tax
<br />credits with respect to the rental housing development located and described on the Summary
<br />Page of the Agreement (the "Project "); and
<br />WHEREAS, the Borrower and the Project are required by the Agreement to continuously
<br />comply with Section 42 and other applicable sections of the Internal Revenue Code of 1986, as
<br />amended (the "Code "), and the Treasury Regulations promulgated thereunder
<br />(the "Regulations "); and
<br />NOW THEREFORE, in consideration of mutual promises and covenants set forth in the
<br />Agreement and this Addendum, and of other valuable consideration, the Borrower and the Issuer
<br />agree as follows:
<br />1. The first paragraph of Section 16 of the Agreement is hereby deleted in its entirety
<br />and the following two paragraphs are substituted therefore:
<br />In the event the Issuer discovers any noncompliance of any provisions hereof, the
<br />Issuer will immediately give written notice to the Borrower. The Borrower shall have
<br />60 days from they date of such notice (the "Correction Period ") to correct such
<br />noncompliancellowing the Correction Period, the Issuer will file with the IRS a copy
<br />of IRS Form 88231 explaining the nature of the noncompliance and whether or not such
<br />noncompliance has been corrected. Noncompliance includes, but is not limited to
<br />(1) failure to receive or failure to permit the Issuer to inspect tenant income certifications,
<br />supporting documentation and rent records, (2) upon inspection, noncompliance with
<br />provisions of Section 42 of the Code, and (3) any change in the applicable fraction or
<br />eligible basis that would result in a decrease in the Qualified Basis. The Issuer is
<br />authorized and entitled to do all acts necessary to comply with the monitoring and
<br />notification responsibilities set forth in Section 42(m)(1)(B)(iii) of the Code and any
<br />Regulations or other interpretations thereof by the IRS or the courts. Pursuant to Section
<br />42(m)(2)(D) of the Internal Revenue Code, as amended, and based on estimates of costs
<br />on the date the Bonds are issued, the Issuer has determined and hereby, certifies that the
<br />housing credit dollar amount allocated to this Project does not exceed the amount
<br />01- 637879.1
<br />
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