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20i��35 (d) No later than June 30, 2010, the Owner shall have a basis in the Project that is not l�ss than ten percent (10%) of the "reasonably expected basis in such project" as of the Placed In-Service Date for purposes of Section 42(h)(1)(E)(ii) of the Code. (e) Each building in the Praject which is required to contain Low-Income Units will be placed in service by the Placed 7n-Service Date. (� The Project will becozne a"qualified law-income housing project" (as defined in Section 42(g)(1) of the Code) by the end of the year fallawing thc y�ar in which the first building in the Project, which is requixed to contain. Low-Incorne Units, is placed in service. A.RTICLE VI RECAPTURE Sectian 6.1. Recapture Event (a) A Recapture Event shall be deemed to occur if, at any time during the Compliance Periad, any one or more af the follawing events shall occur: (i) The Owner failed to incur an amount equal ta at least ten perceant (IQ%) of the "reasonably expected basis" of the Project far purpases of Section 42(h)(1)(E)(ii) of the Code by June 30, 2QlQ; (ii) There has been an Event of Default hereunder, and as a cons�quence thereof, the Authority has determined that the Project cannot meet the Placed In- Service Date; (iii) The Tax Credit Allacation is terminated or cancelled; (iv) The ProjecC fails to meet the �'laced In-Service Date; (v) The Project does nat become a"qualified low-income housing praject" (as defined in Section 42(g)(1) o�the Code) by the end af the year following the year in vvhich the first building in the Praject, vvhich is required to cantain Lovv-Income Units, is placed in service; (vi) The Project fails to meet or maintain the Required Percentage; (vii) After the first year of the Compliance Periad, the Project ceases to l�e a "qualified lovv-inc4rne housing project" (as de�ned in Section 42(g)(1) af the Code); (viii) The Subaward, or a portinn thereof, has been determined by the Authority or the Treasuxy to have been �xpended in violation oF the Program Requirements and such arnount has not been repaid to the Autharity as set forth in Section 2.1(c). -11- 4841-2135-3478.2 -� ��._ ....