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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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2oioo���5 <br />ARTICLE Il <br />SUBAWARD OF SECTION 1602 PROG M FUNDS <br />Sectinn 2.1. Sabaward <br />(a) The Authority shall rnake th� Subaward to the Owner pursuant to the terms and <br />conditions of this Agreement. �n. no event shall the aggregate amount of the Subaward advanced <br />pursuant to this Agreement and the Program Requirernents exceed the lesser af (i) $935,295 or <br />(ii) the amount determined by the Authority to be necessary for the finar►cial feasibility of the <br />Project and its viability as a qualified low-income housing project tl�roughout the Compliance <br />Period, which shall be determined in a manner consistent with determinatrans made by th:e <br />Authority with respect to Tax Credits pursuant ta Section 42(rrs)(2) of the Code. <br />(b) The Qwner shall receive the Subaward and use the proceeds thereof to pay the <br />casts incurxed by the Owner in connection with the construction/rehabilitation of the 1'rojecC. <br />The funding of tk�e Subaward (and any portion thereo� is expressly conditioned upan the Owner <br />complying with all of the Pragram Requirements and the terms of this Agreement. <br />(c) If, at the time of the Cost Certi�catian, the Authority shall determine that (i) the <br />amaunt of the Subaward is rnore than the amaunt necessary for the �nancial feasibility of the <br />Praject and its viability as a yua]ified low-income housing project throughout the Compliance <br />Period, (ii) a portion of the Subawa�t�d has been expcnded on costs not eligible under the Program <br />Requirernents, or (iii) the tc�tal amount of the Subaward exceeds 85% of the Eligible Basis of the <br />Project as detemnined by the Authority (in each such case, the amount determin�d by the <br />Authority to have been excessive or not permissible is the "Excess Arn.ounC"), the Author�ty shall <br />pravide the Owner with notice thereoF and the Ownex shall pay, in imrnediately available funds <br />within ten (10) Business Days from the date of such notic�, an aranount equal to the Excess <br />Ainount ta th.e Authority. In addition to the foregoing, the Authority may talce any other <br />remedial action it deems necessary or advisable to fulfill its Pragram Requirernent to Treasury or <br />otherwise cazxyout the principal purposes of th� Section 1602 Program. <br />(d) The Subaward and each disbursement of the proceeds thereof are contingettt upon <br />the appropriatian and disbursement of sufficient Section 16q2 Program Funds by Treasury to the <br />Authority for reirnburseznent of the costs incurred by the Owner with respect to the Project. If <br />the Autharity fails to receive adequate S�ction 1602 �'rograrn Funds froin Treasury, the <br />Authority shall so notify tl�e Owner in writing within a reaaonable periad of time and shall not be <br />liable far failure to rnake any disbursernents undex this Agreement. <br />Sectxon 2.2. Term <br />This Agreement shall b� effective upon its executron and delivery and shall remain in full <br />force and effect until the expiration of the Compliance Period unless earlier terminated in <br />accordance with the terms hereof (the "Term"). <br />-7- <br />4841-2135-3478.2 <br />
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