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2oiQO�s�� ARTICLE II SUBAWARD OF SECTION 1602 PROGRAM FUNDS Section 2.1. Subaward (a) The Authority shall make the Subaward to the Owner pursuant to the terms and conditions of this Agreement. Tn no event shall the aggregate amount of the Subaward advanced pursuant to this Agreernent and lhe Pragram Requirernents exceed the lesser af (i) $1,496,825 or (ii) the amount determined by the Authority ta be necessary far the �inancial feasibility of the Project and its viability as a qualified low-income housing project throughaut the Compliance 1'eriod, which shall be determined in a manner consistent wilh determinations mad� by the Authority with respect to Taac Credits pursuant to Ssction �12(m)(2) of the Code. (b) The 4vvner shall receive the Subaward ata.d use the proceeds thereof to pay the costs incurred by the Owner in connection with the construction/rehabilitation af the Project. The funding of the Subaward (and any portion thereo� is expressly conditioned upan the Owner camplying with all of the Prograrn Requirements and the terms of this Agreeznent. (c) If, at the time of the Cost Certificatian, the Authority shall determine that (i) the arnount of the Subaward is more than the amount necessary for the financial feasibility of the Project and its viability as a quali#'ied low-income housing project throughout the Compl'rance 1'eriod, (ii) a portion af the Subaward has been expended on costs not eligible under the Program Requirernents, or (iii) the tatal amount �f the S�ibaward exceeds SS% of the Eligible Basis of the Project as detennined by the Authority (in each such case, the amount determined by the Authority to have been excessive or nat permissible is the "Excess Amount"), the Authority shall provide the Owner wiCh notice thereof and the 4wner shall pay, in immediately available fitnds within ten (10) Bu�iness Days fram the date af such notice, an amaunt equal to the �xcess Amount to the Authaxity. In addition to the foregoing, the Authority may takc any other remedial action it deems necessary or advisable to fulfill its I'rograrn Requirement to Treasury or otherwise carryout the principal purposes of the 5ection 1b02 Frogram. (d) The Subaward and each disburs�ment of the proceeds thereof are contingent upon the appropriatian and disburs�ment of sufficient Section 1 f 021'ra�ram Funds by Treasury to the Authority for reirnbursement of the costs incurred by the Owner with respect to the Project. If the Authority fails to receive adequate Section Y 602 Program Funds frorn Treasury, the Authority shall so notify thc Owner in r�vriting within a reasonable periad of time and shall not be liable for failure to make any disbursemenCs under this Agreement. Section 2.2. Term This Agreement shall be effective upon its execution and delivery and shall remain in full force and effect until the expiration of the Compliance Pcriod unless earlier terminated in accordance with the terms hereof (the "Term"). _�.. 484(>-6923-13G7.3