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����d���� <br />Section 5.2. Cotn liance with Pro ram Re uirements <br />(a) The Owner will comply with all of the Program Requirements applicable to the <br />Praject thraughout the Compliance Period. <br />(b) The Owner will comply with all af the requirements of Section 42 of the Code <br />and the LUR.A throughout the terrn of the LUR.A. <br />(c) The Qwner will maintain the Required Percentage thrau�hout the Campliance <br />Periad. <br />(d) No later than June 3Q, 2011, the Owner shall have a basis in the Praject that is not <br />less than ten percent (10%) of the "reasonably expected basis in such praject" as af the Placed <br />In-Service Date far purposes af Sectian 42(h)(1)(E)(ii) of the Code. <br />(e) Each building in the Project which is required to contain Low-Income Units will <br />be placed in service by the Placed In-Service Date. <br />(� The Froject will become a"quali�ed low-income housing project" (as defined in <br />Sectian A�2(g)(1) of the Code) by the end of the year following the yeaz� in vcrhich the first building <br />in the Project, which is required to cox�tain Law-Incorne Units, is placed in servic�. <br />ARTTCC.E VI <br />RECAPTURE <br />Section 6.1. Reca ture Event <br />(a) A Recapture Event shall be deemed to occur if, at any tixne during the <br />Coznpliance Periad, any one or mare of the follnwing ev�nts shall occur: <br />(i) The Owner fails to incur an amount equal to at least ten percent (10%) of <br />the "reasanably expect�d basis" of the Project for purposes of Section <br />42(h)(1)(E)(ii) of the Cod� by June 30, 2011; <br />(ii) There has been an Event of Default hereunder, and as a consequence <br />thereof, the Authority has determined that the Project cannot meet the Placed In- <br />Service Date; <br />(iii) The Ta�c Credit Allocatron is terminated or cancelled; <br />(iv) The Project fails to meet the Placcd In-Service Date; <br />(v) The Project daes noC become a"qualified low-income housing project" (as <br />defined in Section 42(g)(1) of the Code) by thc end of the year following the year <br />in which the first building in thc Froject, which is required to contain <br />Low-Income Units, is placed in servicc; <br />(vi) The Project fails to meet or rnaintain the Required Percentage; <br />-11- <br />4846-6923-1367.3 <br />