201007637 - Laserfiche WebLink

Browse

20100�637 by the Authority. Each of the covenants, agreements and condilians contained in such documents have been duly perfarn�ed or satis�ed by the Owner to the extcnt that performance or satisfaction is required on or prior to the date of Clnsing, and the Owner has no reason to believe that the covenants, agreennents, and conditians required to be pexformed or satisfed after the date hereof will not b� performed or satisfied in a timely mann�r. (n) The LURA will be in effect as of the end of each taxable year in which the buildings in the Prvject are placed in service. (o) The Owner will develop and operate the Project in accordance with (i) the applicable provisians of Section 42 af the Code, (ii) the terms af this Agreement, (iii) the Pragram Requirements, (iv) all applicable federal, State, and local statutes, rules and regulations with respect to the Project including, without limitation, the Fair Housing Act (42 U.S.C. 3601, et seq.), as amended, and (v) all applicable requiremenCs of any Governmental Authorities having jurisdiction over the Projecl. (p) The Qwner shall not sell, lease (other than by residential leases in the ordinary course of business), transfer or otherwise dispose of any maCerial portion of the Project, withvut the priar written consent of the Authdrity; providcd transfers in the Owner's mernbers as permitted pursuant to the Qwner's First Amended and Restated Operating Agreernent shall not be prohibited pursuant ta this Agreernent or other Section 1602 Pragram documents if prior written notice is given to the Authority as set forth in Section 11.1. Section 7.2. Covenant„of Com„pletion The Qwner unconditionally covenants and warrants that it shall meet the Construction Completion Date. The �wner shall cause the Project to satisfy all construction related requixernents af the Mortgage Loans, including any requirement related to completion of the Project. The Owner shall pay all costs to cornplete the construction of the Project in accordance with the P1ans and Spacificatians when and as incurred, regardless of whether such costs exceed the amounts anticipated for such items in the Bud�et ar the sources otherwise available to pay such costs (in either such event, said casts being referred to as "Excess Developrx Costs"). The Owner shall pay any Excess Development Costs by th� earliesC af (a) the date required to avoid a default or penalties under the Mortgage Loans, (b) the date required to keep all sourc�s of funding for the Praject "in balance," (c) the date required io keep all expenses without a specific rnaturity date paid on a sixty (60)-day current �asis, ar (d} such earlrer date as may bc sei forth in this �greement. ARTICLE VTII BOOKS AND REPORTING Section 8,1. Financial Status Re orts (a) The Owner sha11 maintain or cause to be maintained for the term of this Agreetnent a complete and accurate set of books and supporting documentation of tra��sactions with respect ta the conduct of the Owner's business. The Authority shall have the right ta examine the books of the Qwner and all other recards and information concerning the aperation of the Project from time to time without prior notice during regular business hours provided that -15- 4&46-6923-1367.3