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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 />(b) If a Recapture Event shall accur, the applicable portion of the Subaward <br />disbursed to the Qwner shall be subject to "recapture" in the arnounts set farth below (the <br />"Recapture Amount"). <br />(i) If the Recapture Event arises under Sectian 6.1(a)(vi) and (vii) above, <br />after allowing any permitted period far correction, the Recapture Amount shall be <br />equal to the fu11 amount of th� Subaward, less 6.67% for each year of the <br />Compliance Period in which a Recapture Event has not occurred; provided, <br />however, that if the Owner restores (A) the percentage af Low-Income Units to the <br />Required Percentage and/or (B) the Project as a"qualified low-rncame housing <br />project," as applicable, the Recapture Event and any Recapture Arnount rnay be <br />waived by the Authority with respect to subsequent years in the Cornpliance Perind <br />in which the Project is in compliance, provided that such waiver is permitted under <br />the Program Requirernents. <br />(ri) If the Recapture Event arises under Section 6.1(a)(i) (ii), (iii), (iv), or (v) <br />above, the Recapture Amount shall be an arnount equal to the �'ull amount af the <br />Subaward disbursed to the Owner under th� terms of this Agreement. <br />(iii) If the Recapture Event arises under Section 6.1(a)(viii) above, the <br />Recapture Amount shall be an amount equal to the arnount of the Subaward <br />detennined to have been expended in violation of the Program R�quirements. <br />(c) �f a Recapture Event occurs, in addition to the Recapture Amaunt, the Owner �e�vill. <br />pay to the Authority upon demand an amount equal to the costs and fees incurred by the <br />Authority in cannection with such Recapture Event. <br />Section G,2. Enfnrce��nt <br />(a) The Recapture Amount shall be due and payable to the General Fund of Treasury <br />and shall be deemed a debt owed to the Treasuzy, enforceable against any assets of the Owner. <br />Such Recapture Amount shall be secured and enfarceable by the lien of the Recapture Deed af <br />Trust against the Praject in favor of the Tr�asury, which tien may be enforced by the Authority <br />on behalf of the Treasuzy. <br />(b) [�ntentionally Omitted]. <br />(c) Unless another date is specifically f xed by law, the lien irnpased hereunder shall <br />arise at the time the Recapture Amount becoznes due and shall continue until liability for the <br />Recapture Amount is satisfied in full. <br />(d) The lien of the Recapture Deed of Trust shall be subordinate to the Mortgage <br />Loan as set forth an Exhibit B and such priority shall be reflected upon recordation. <br />Section 6.3. Notice <br />The Authority shall pravide the Qwner with wr'rtten notice in accordance wilh <br />Section 11.1 of any Recapture Event or o�' any circumstances which, with the passage of tirne, <br />-12- <br />4841-2135-3478.2 <br />
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