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201007863 or ordering the winding-up or liquidation of his affairs and the continuance of any such decree or order unstayed and in effect for a period af ninety (90) consecutive days; ar (ii) the commencement by such Persan of a v�luntary case under the fed�ral bankruptcy laws, as now constituted ar hereafter amended, or any other a�plicable federal or state ban�ruptcy, insalvency or athec similar law, ar the cansent by hir�n to the appointment of or taking passessinn by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official) af such Person or for any substantial part of his pmperty, or the making by him of any assignment for the benefit af creditors, pr the taking of action by the Person, in fu.rtherance of any of the foregoittg. "Event of Default" shall mean az�y event set farth in 10.I(a) ofthis Agreement. "Excess Amount" shall have the meaning set forth in Section 2.1(c) of this Agreement. - "Excess Devebpment .,Costs" shall have the meaning set forth in Section 7.2 of this Agreement. � " x�ratinn_Date" means December 31, 201p, as such date may be extended iri a�cordance wxth Sectian 4.1(�. "Fiscal �,uarter" means any of th� threc (3) consecutive month periods of each Fiscal Year ending on Mazch 31, June 30, September 30 and December 31. "Fiseal Year" means the twelve (12)-manth period which begins on January 1 and ends on Dec�mber 31 af each calendar year. "G_ overnmental Authorit�' means the Autharity, the IRS or any othe�r federal, state or lacal governmental agency or authority having jurisdiction over tlae particular matter td which reference is being made. "Guidelines" means the "Ap�lication and Terms and Canditioris: Grants to States for Low-Income Housing Projects in Lieu of Low-Income Housing Credits for 2009" published by Treasury in May 2Q09, and any updates, modifications or suce�ssor guidelianes thereto. "HUD" means the U.S. Department of Housing and Urban Develnpment and its successors. "YRS" means the Internal Revenue Service. "Land" means the real property which the Ov�mer will awn, upon which the Project will be constnicted and which is described in Exb,ibit A. "Lender" means MOSAIC as the constructian lender. "Low-Tn ome Unit" mcans 24 af the 24 dwelling units in thc Project that are to be held far occupancy by the Owner and occupied in such a manner as to qualify such units as "low-income units" under Section 42(i)(3) of the Code. asas-zasz-� o9a.z -4-