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�oioo�s35 (ii) the commencement by such Persan af a valuntary case under the federal bazakruptcy laws, as now constituted or hereafter amended, or any nther applicable federal or state bankruptcy, insolvency or ather similar law, or the consent by him to the appointment of ar taking possession by a receiver, liquidatar, assignee, trustee, custndian, sequcstratnr (or similar official) of such Person or for any substantial part afhis property, ar the making by hirn of any assignment for the benefit of creditors, or the taking of action by the Person in furtherance of any af the foregoing. "Event of Default" sha11 mean any event set fortli in 1Q.1(a) ofthis Agrcement. "Excess Amount" shall have the meaning set forth in Section 2.1(c) of this Agreement. "Exeess Development Casts" shall have the meaning set forth in Section 7.2 af this Agreement. "Exqiratiou Date" means December 31, 2010, as such date rnay be extended in accordance vvith Sectian 4.1(fj. "Fiscal Quarter" means any of the three (3) consecutive month periads of each �'iscal Year endin� on March 31, June 30, Septernber 30 and December 31. "Fisc�l Year" xneans thc twelve (l2)-rnanth period which begins on January 1 and ends on December 31 of each calendar year. "Gavernmental Authoritv" means the Author'rty, the IRS ar any other federal, statc or lacal governmental agency or authority having jurisdiction over the particular matter to which ref�rence is being made. "Guidelines" means the "Applicatio� and Terms and Conditions: GranCs to States for Low-1'ncome Hausing Projects in Lieu af Low-Income Housing Credits far 2Q09" published by Treasury in May 2009, and any updates, modifications or successar guidelines thereto. "HUD" means the U.S. Departrnent of Housing and Urban Develapment and its successors. " rneans the Internal Revenue Service. "Land" means the real property which the Owner will own, upon which the Project will be constructed and which is described in Exhibit A. " Lender " rncans Horizon Bank. "Lnw-Income UniY' means 13 of the 13 dwelling units in the Project that are to be held. for occupancy by the Owner and occupied in such a manner as to qualify such units as "low-income units" under S�ctian 42(i)(3) of the Code. "LURA" means the Land Use Restriction A�reement For Low-Income Housing Tax Credits to be entered into by the Authority and the Owner in which the Owner agrees to maintain _4_ 4R41•2135-3478.2