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201007635
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Last modified
1/11/2011 2:29:15 PM
Creation date
10/18/2010 2:28:17 PM
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DEEDS
Inst Number
201007635
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2oioo7s35 <br />Section 4.2. Disbarsements of Section 1fi02 Pro ram Funds to Owner <br />Nat later than three (3) Business Days of receipt of the Section 1502 Program Punds by <br />the Authority from Treasury, the Authority shall disburse such funds to the Owner. <br />Section 4.3. Construcdan/Draw Schedule; Ch,ange Orders <br />(a) The Owner expects to submit Requisitivns ta the Authority for disbursements af <br />the Subavvard at the times and in the aznaunts set forth in the Canstructian/Draw Schedule <br />attached hereta as Exhybit F. The Owner shall update ih� Construction/Draw Schedule as and <br />when Requisitions far disburseznents af the Subaward are made. <br />(b) The Owner's anticipated construction schedule is set forth on the <br />Construction/Draw Schedule attached hereto as Exhibit F . <br />(c) The �wner shall prnvide the Authority with capies af any change orders <br />subrnitted to the Lender and/ar the Tax Credit Investor and natice if such change order would <br />prevent the Project from meeting the Placed Tn-Service Date ar prsvent the Subar7vard from bein� <br />fully disbursed to the Owner by the Expiratian Date. <br />Section 4.4. Canstructiau Meetin s• Monitorin <br />The Authority shall have the right to attend the construction pragress rneefings and <br />rnanitor the .Project's construction until satisfaction afthe Constructian Cornpletion Date. <br />ARTICLE V <br />COVENANTS AND RESTRICTIONS <br />Section 5.1. LURA <br />The Owner will enter into the LURA with the Authority, recard the LURA in the office <br />of the deed of registry for the county in which the Project is located and comply with the terms <br />thereof throughout the term af the LURA. The LURA will be in effect as af the end af each <br />taxable year in which the buildings in the Project are placed in service. The terms ofthe LUTtA <br />are by this reference incorparated into this Agreeznent with the same force and effect as if written <br />out rvord for ward at this point. <br />Section 5.2. Com liaace with Pro r�tm Re uirements <br />(a) The Owner will camply with all af the Pragram Requirements applicable to the <br />Project throughout the Compliance Period. <br />(b) The Owner will comply with all of the requirexnents af Sectian 42 of the Cade <br />and the LURA tl�roughout the term af the LURA. <br />(c) The Owner will maintain the Required Percentagc throughout the Compliance <br />Period. <br />-10- <br />4841-2135-3478.2 <br />
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