200605641 - Laserfiche WebLink

Browse

200605641 2 Commitment dated April 21. 2006 as amended through the date hereof, pursuant to which the parties have agreed, among other things, that: (i) the Loan shall be fully prepaid; and (ii) the Project shall be subject to certain rental restrictions and other requirements, as set forth herein. NOW, THEREFORE, in consideration of the foregoing premises, the sum of Ten Dollars ($10.00) in hand paid, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, for themselves and for their respective successors and assigns, hereby agree as follows: 1. Incorporation of Recitals. The foregoing recitals are hereby incorporated by reference as if fully set forth herein. 2. Definitions. a. "Closing Date" shall mean the date upon which the Transaction is consummated through the execution and recordation of binding legal instruments (the "Closing"). b. "Code" shall mean Section 42 of the Internal Revenue Code of 1986, as amended, and any Treasury regulations promulgated thereunder, as in effect as of the date hereof. c. "Expiration Date" shall mean the thirtieth (30th) anniversary of the Closing Date of this Agreement. d. "Low Income Tenants" shall mean persons or families having an income that is greater than fifty percent (50%) but not more than sixty percent (60%) of Median Income (as hereinafter defined), with adjustments for smaller or larger families. e. "Median Income" shall mean the median gross income for a person or a family, as applicable, in the area in which the Project is located, as established under Section 8 of the United States Housing Act of 1937, as amended ("Section 8"). f. "Rent-Restricted" shall mean a gross rent (as defined in the Code) that does not exceed thirty percent (30%) of the imputed income limitation (as defined in the Code) for the applicable Units (as hereinafter defined). g. "Units" shall mean all of the dwelling units in the Project. M2M Use Agmt 09-15-04