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2010�763; (ii) the coznmencement by such Person of a voluntary case under the federal bankruptcy laws, as now constituted or h�reafter amended, or any ather applicable federal or state bankruptcy, insolvency or ather sirnilar law, or thc consent by him to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or sinailar official) of such Person or for any substantial part of his praperty, or thE making by him of any assignment for the benefit of creditors, ar the taking of action by the Person in furtherance of any of ihe foregoing. "Event ofi Default" shall rmean any event set forth in 10.1(a) of this Agreement. "Excess Amount" shall have the meaning set farth in Section 2.1(c) of this Agreernent, "Excess Develo ment Costs" shall have the rneaning set forth in Section 7.2 af this Agreeznent. "Ex iration Date" n�eans December 31., 2010, as such date rnay be extended 'rn accordance with Sectian 4.1(�. "Fiscal „Quarter" rneans any of the three (3) consecutive month periods of each �"iscal Year ending on March 31, June 30, September 30 a.nd Decernber 31. "Fiscal Year" means the twelve (12)-month period which begins on January 1 and ends on December 31 of each calendar year. "Governmental Authorft " means the Authority, the TRS or any other federal, state or local governmental agency or authority having jurisdiction over the particular niatter to which reference is being rnade. "Guidelines" means the "Application and Terms and Cotrditions: Grants to States far Low-Inconie Hausing Projects in Lieu of Low-Income Housing Crec�its for Z009" published by Treasury in 1VIay 2009, and any updates, modifications or successor guidelinES thereto. "HUD" rneans the U.S. Department of Housing and Urban Development and its successors. "1RS" m�ans the Internal Revenue Service. "Land" rneans tl�e real property which the Qwner will own, upon which the Project will be constructed and which is described in Exhibit A. "Lender" means ��orizon Bank. "Lovv-Income Unit" rneans l2 of the 12 dwelling units in the Project that are to be held for occupancy by the Owner and occupied in such a znanner as to qualify such units as "low-income units" under Section 42(i)(3) of the Code. "LURA" means the Land Use Restricti�n Agreement For Low-Tncome Housing Tax Credits to be entered into by lhe Authority and the Owner in which the Owner agrees ta maintain -4- 4646-6923-13G7.3