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20100621 LAND USE RESTRICTION AGREEMENT FOR LOW-INCOME HOUSING TAX CREDITS THIS LAND USE RESTRICTION AGREEMENT (this "Agreement") is entered into as of the date set forth on the Summary Page hereof among the NEBRASKA INVESTMENT FINANCE AUTHORITY (the "Authority"), a body politic and corporate, not a state agency, but an independent instrumentality exercising essential public functions under the constitution and laws of the State of Nebraska, the OWNER IDENTIFIED ON THE SUMMARY PAGE HEREOF (the "Owner") and the Lender or Lenders identified on the Summary Page hereof (the "Lender"). WITNESSETH: WHEREAS, the Authority has been designated by the governor of the State of Nebraska as the housing tax credit entity for the State of Nebraska for the allocation of low-income housing tax credit dollars; and WHEREAS, the Owner is or shall be the owner of the rental housing development located and as described on the Summary Page hereof and in Exhibit A hereto (the "Project"); and WHEREAS, the Owner has applied to the Authority for an allocation of law-income housing tax credit dollars to the Project in an amount not to exceed the amount set forth on the Summary Page hereof; and WHEREAS, the Owner and the Project must continuously comply with Section 42 and other applicable sections of the Internal Revenue Code of 1986, as amended (the "Code"), and the Treasury Regulations promulgated thereunder (the "Regulations"); and WHEREAS, compliance by the Owner and the Project with Section 42 of the Code is in large part within the control of the Owner; and WHEREAS, the Authority is unwilling to allocate low-income housing tax credit dollars to the Project unless the Owner shall, by entering into this Agreement, consent to be regulated by the Authority in order that the Authority may enforce the occupancy restrictions and other covenants, terms and conditions of this Agreement in accordance with the Code and the Regulations; and WHEREAS, the Owner has represented to the Authority in the Owner's Low Income Housing Tax Credit Application (the "Application") that the. Owner shall lease at least the Applicable Set-Aside Percentage of the Dwelling Units in the Project to individuals or families whose income is the Applicable Income Percentage ar less of area median gross income (including adjustments for family size) as determined in accordance with the Code ("Qualified Tenants"); and WHEREAS, the Owner intends, declares and covenants that the regulatory and restrictive covenants set forth herein governing the use, occupancy and transfer of the Project shall be and are covenants running with the land far the term stated herein and binding upon all subsequent owners of the Project for such term and are not merely personal covenants of the Owner.