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201007863 (d) No later than June 3q, 2011, tl�e 4wner shall have a basis in the Project that is not less than ten percent (lU%) of thc "reasonably expected basis in such project" as vf the Placed In-Service Date for purpases of Section 42(h)(1)(E)(ii) of th� Code. (e) Each building in the Project which is required to contain I,ow-Tncome Units will be placed in service by the Placed In-Service Date. (fl The Project will become a"qualified low-incame housing project" (as defined in Section 42(g)(l) of the Cade) by the end of the year following the yeaz in which the first building in the Project, which is required ta contain Low-Tncome Uni�s, is placed in service. ARTICLE VI RECAPTURE Section 6.1. Recanture Event (a) A Recapture Event shall be deemed to occur if, at any time dtlriing thc Compliance Period, any one or more of thc followin� cvents shall occur: (i) The Owner fails tp incur an amount equal to at least ten percent (lp%) vf the "reasonably expected basis" of the Projcct for pur�aases of Sectian 42(h)(1)(E)(ii) of the Code by June 30, ZOl 1; (ii) There has been an Event of Uefault hereunder, and as a consequence th�reof, the Authority has determined that the Project cannot xneet the Placed In- Service Date; (iii) The Tax Credit Allocation is terminatcd or cancelled; (iv) The Project fails to meet the Placed In-Service Date; (v) The Project does not became a"qualified low-income housing project" (as defrned in Sectian 42(g)(1) af the Code) by the cnd af the yeaar fallowing the year in which the first building in the Project, which is required to contain I.ow-Income Units, is placed in service; (vi) The Project fails to meet or maintain the Required Percentage; (vii) After the first year of the Campliance Period, the Project ceases to be a "qualified low-income housing project" (as define� in Section 42(g)(1) of the Code); (viii) The Subaward, or a portion thereof, has been determined by the Authority or the Treasury to havc been expended in violation of the Program Requirements and such amount has not been repaid ta the Authority as set forth in Section 2.1(c). -11- 4848-2332-1094.z