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201007863 <br />WHEREAS, the Authority has approved a�ant of Section 1602 Program F�rids to the <br />Owner in the aggregate amaunt af up to $2,18'7,503 (the "Subaward"), provided that thc Owner <br />shall (i) enter into this Agreement ensuring compliance with the requirements of Sectian 1602 <br />Program and agreeing to repay the Subaward upon a violation of any af thc ternns or canditions <br />hereof and (ii) grant to the Authority a Recapture Deed af Tivst (the "Rccapture Dced of Trust'� <br />on the Prdject as security therefor as hereinafter described and the Qwner has agreed to accept <br />the Subawarc� subject to the terms and conditions set forth herein; <br />WHEREAS, the Qwner has represenied that it will use the Subaward to finance the <br />construction/rehabilitation af a"qualified low-income building" within the meaning of <br />Section 42 of the Code; <br />WHEREAS, the �wner under this Agreement, intends, declares and covenants that the <br />regulatory and restrictive covenarits set farth herein governing the use, occupancy and transfer of <br />the Project shall be and arc coven�nts running with the Land and tr�e Project for the term stated <br />herein and binding upan all successors and assi�ns of tiae Owner with respect to the Projcct for <br />such term; <br />WHEREAS, the parties ha�e agreed that this Agreement is to be recorded ita the office of <br />the deed of registry for the county wh�re the Project is located and is to run with the land; arid <br />NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth <br />herein and ather good and valuable consideration, the receipt and sufficiency of which are <br />hereby acknowledged, the parties hereby agree as fallows: <br />ARTICLE I <br />bEFINXTI�NS <br />The capitalized terms uscd in, this Agreement shall have the meanings ascribed to them in <br />the Recitals hereto and in this Article I; provided that certain terms used and not defined hcrein <br />shall have the meanulgs ascribed ta them in or for purposes of Section 42 of the Code. <br />"A�ree�ent" means this Section 1602 Subaward Agreement, including any subsequent <br />amendments. <br />"Asset Mana�" means the Auiharity or such entity approved by the Authority, wha <br />will perfornl and provide the asset management duties set fnrth in 9,2 of this Agreement. <br />"Authori " mcans the Nebraska Investment Finance Authority, a body politic and <br />corporate, nat a state agency, but an independent instrumentality exercising essential public <br />functions under the constitution and laws of the State ofNebraska <br />"Bu�d,,,�e,t" means the final sources and uses far the Pro�ect attached hereto as Exhibit B. <br />The Budget must clear�y shaw the total develapment costs of the Praject, the iata1 amaunt of <br />Subaward �granted to the Praject and the total anticipated amount of Tax Credit equity to be <br />cvntributed to the Owner by the Tax Credit Investor. The Autharity may refuse to approve <br />inelusion in the Budget of (or require the review o fl pmpased costs that appcar unreasonable. <br />_2_ <br />asas-2��2-�o�a.z <br />