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