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201008600
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Last modified
1/11/2011 2:29:49 PM
Creation date
11/18/2010 2:32:56 PM
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DEEDS
Inst Number
201008600
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2oioossoo <br />tenant facilities that are available an a comparable ba�is ta all tenants and for <br />which no separate fee is charged for use of the facilities or facilities reasonably <br />required by the project); <br />(e) that the Authority shall have the right to perfarm an on-site inspection of <br />the Project throughout the Qualified Project Period, in additian to the requirement that the <br />Owner submit to the Authority each year infarmation on tenant incame, supporting <br />documentation and rent for each Qualified Unit as designated abave; <br />(� the form of lease to be used by the Owner in renting any units in th� <br />Project to Qualified Tenants shall provide for termination of the lease and consent by <br />such person to immediate eviction praceedings in accordance with state law for failure to <br />qualify as a Qualified Tenant, as applicable, as a result of any material misrepresentation <br />rnade by such person with respect to his or her income, the failure to provide supporting <br />income verification or failure by such person to annually update the C�rtificatian of <br />Tenant Eligibility and Income V�rification; <br />(g) to permit azty duly authorized representative of the Authority, the <br />DeparCment of the Treasury or the IRS to inspect the baoks and records of the Owner <br />pertaining to the incornes of the Qualified Tenants residing in the Project; and <br />(h) throughout the Qualified Prnject Period, to target rents, to comply with <br />targeted rent levels and to coinply all other conditions of targeting as set forth on the <br />Summary Page hereof. <br />Section 5. Term of Restrictions. <br />(a) The term of the Occupancy Restrictian set forth in Section 4 of this <br />Agreement shall (i) carnmence on the Occupancy Date and (ii) end on the date which is <br />the Required Nurnber of Years after the Occupancy Date. During the Required Number <br />of Years, the Owner shall not evict or terminate the tenancy of an existing tenant of any <br />Dwelling Unit other than for good cause and shall nat increase the gross rent abave the <br />maximum allowed under Section 42 of the Code with respect to such Dwelling Unit <br />(b) Notwithstanding subsection (a) above, the Owner shall comply with the <br />requirements af Section 42(h) of the Cade relating to a 15-year extended use period <br />(30 years total); provided, however, that, with respect to any building that is part of the <br />Project, this Agreement shall terminate: <br />(1) on the date such building is acquired by foreclosure or instrument <br />in lieu of foreclosure (including a deed of trust); or <br />(2) after the expiration af the Qualified Contract Required Number of <br />Years, if the Owner has properly requested in accordance with Code <br />Section 42(h)(6) that the Authority assist in procuring a qualified contract for the <br />acquisition of the low-income portian of such building and the Authority is unable <br />ta present a qualified contract one year after the date the written request was <br />submitted to the Authority. <br />
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