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<br /> b;s�-1 c�n thv ���te� d�lt°°:�:; °�'-��!��1 h� c�'•- c�`L"-�' ��,!�!'�� iq c�vaiunced tind curtlfted by nn �
<br /> inctcpcnd�nt Uiircl pa�7y C;PA, Tlic�auth�rdty may wnivo or adjust tico s�ificci z�ant ��cat�•lcttun �
<br /> FOC il[?El'�ai�QOt 10 OXCCC{I 3Ci 1l1O111I13. ARcr�0 months tt�aviow of tfio cti�re�at ovicicnco wiq bo �°
<br /> COridtiCtG(i fn �lICt011'IU�ttfl�f llip �vAivUt'8�1u11It� �OJ�t4ili�CC�, . � .
<br /> Canditions justifyin� n wnivor of Nio re�it��trlctian inclado but gro nat limiteci to: �
<br /> E
<br /> (1) Sxtraonlia�uy chFin�,ws in apen�tting oxX►ensea. �
<br /> (�) Capital ,r,quic�enienta necessnry ta m�nkliu a s�fo. r,�nitary unit� suitablo =
<br /> for occupa�►cy. =
<br /> (3) I.endor anl�inniecl cl�a��es to �inancIal conditionF and debi nrran�ansent
<br /> thut subst��uitially im�lcts deat soavice cavoiz�go rntios.
<br /> Ae�y disputo af tho waiver declsion by tlio $x�utive l�lmctar of ti�e Authorlty can b�e
<br /> Appeal�d und settled by arUitradon.Titc�ari�itratiu,►twar�d si�atl cansist of the follo�vin��euit�sally
<br /> n�ccpt�lblo r�spm.sentatives:
<br /> (1) A nepre:sontativo solected by tho Sxecutive plre�tor of the Autharity;
<br /> (2) A nprescrn4attvo salected by tlte Uwner of tho Pinjcct; nnd
<br /> (3) A representztt4vc fro�n tho Ama�•lcnn Arbiti�t�an Assoclation (maiorntor
<br /> or voting membcr).
<br /> '(Jnder no clrcumstances si�ali thc�waiver proeess pmvido an oppoifiunifiy x�r a p�v,��:i t�
<br /> cteviato fmm tho rant restrictlon because of improv�d markrx condit€ons or for any�son other
<br /> than An inci�lsa in t�o certnan eottnty area medi�n incam�� witi�ant the pri�r n��mvel af tho
<br /> �3acecuiivo Director of tho Authority.
<br />- Scxtian 6. Irue�a!Rercnue Serv�c�e NatjRc�rt�o��. In tt�e event dha Authority dtscovera
<br /> any aoncompliancc�crlf any�mvisions hnn�crff:iha Authvrlty wi�l nmrnin;nera11i�ataly giv�wrlttcn uQtica
<br /> tu tbo nwner. Tho Owner al�all hava 6U days i'mm tho ciate of such notice (the "Cor�.°Y.ion
<br /> Pcriai") ta corre.ct such noncomplIanco. Pollowing�C���arnecdo�� Perlud, the Authority will
<br /> fi�o wlth the 1R� a wpy of IRS Fonn 8�23, explaernr�� tha uaturrj af thP non�omplianeo a�id
<br /> whethor or nut such noncomplinnce hAS been co.rreeted. Noncampllanc� ineludes. bi�t ia not
<br /> Dimitul to (1) failur�s to rec�ive ar non�'J:owan�a ta inspect tonant incomo cor�Ifia�Hans�
<br /> aupporting dcycumentation a��d mnt records, (�)upon�us�rectian,��an-comptianec�wlth provisians
<br /> � af Section q2, �.nd(3)a»y cha�o in tho appllcable fi�ction ar ell�inl�basis that would re�sult
<br /> in a decreaso �n t�►� Qualifcd Basis. The Autharlty ls authorix�xl und entitlod ta da all acls
<br /> necessary ta con�ply with th� monito��ac� and natification res�onaibllitics se4 fa�l� �n
<br /> = oi��7�?4+,� 10
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