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2010Q7863 ARTICLE II SUBAWAR:D OF SECTION 1602 PROGRAM FUNDS Section 2.1. Subawsrd (a) Thc Authority shall make the Subaward ta the Qwner pursuant to the terms and conditians of this Agreement. In no event shall the aggregate amount of the Subaward advanced pursuant to this Agreement and th� Program Requir�ments exceed the lesser of (i) $2,187,503 or (ii) the amount det�rmined by the Authority to be necessary for the financial feasibility of the Project and its rriability as a qualified low-income housing project throughout the Compliance Period, which shall be determined in a manncr consistent with determinations made by the Authority with respcct to Tax Credits pursuant to Section 42(rrt)(2) of the Code. (b) The Own�r shall receive the Subaward and use the proceeds thereof to pay the costs incu� by the Owner in connection with the construction/rehabilit�tion oaF the Project. The funding af the Subaward (and any portion ther�o fl is expressly conditioned upon the Owner complying with all af the Program Requirements and the terms of this Agreement. (c) If, at the time of the Cost Certification, the Authority shall deterniine that (i) the amount of the Subaward is rnore than the amount necessary for the financial feasibility of the Project and its viability as a qualified low-income housing project throughout the Cornplia�nce Period, (ii) a, portion, of the Subaward has been expended on casts not eligible under the Program Requix�m�nts, or (iii) the total amount af the Subar7vard exceeds 85% of the Eligible Ba,sis of the Project as determined by the Authority (in each such case, the amount determined by thc Authority to have been excessive or not permissible is the "Excess Amount"), the Authority shall pmvide the Owner with notice thereof and 1he Owner shall pay, in imm�diately available funds within ten (10) Business Days from the date of such notice, an amount equal to the Excess Amount to the Authority. In addition to the foregain�, the Authority may take any other remedial action it deems necessary or advisable io fulfill its Program Requirement to Treasury or oth�rwise cazryout the principal purposes of the S�ctian 1602 Program. (d) The Subawaard and each disbursement of the proceeds thereof axe contingent upon the appropriation and disburse�ent of sufficient Section 1602 Program Funds by Treasury to the Authority for reimbursement of the costs incurred by the Owner with, respect to the Project. If the Authority fails to xeceive adequate Section 1602 Prngram Funds frorn Treasury, the Authority shall so natify the Owner in writing within a reasonable periad of iime and shall not be liablc for failure to make any disbursements under this Agreement. Section �.2. Term This Agreement shali be effective upon its execution and delivery and shall remain in full force and eff�ct until the expiration of the Compliance Period unless earlier terminated in accordance with the terms hereaf (the "Term"), 4848-2332-1094.� s►�