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201008600 In the event foreclosure proceedings are initiated, the Authority shall rec�ive natice nf such fareclosure no less than 15 days prior to such Foreclosure. (c) Notwithstanding subsections (a) and (b) above, the Code Sectian 42 rent requirements shall continue for a period of three years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not inerease the grass rent above the maximum allowed under Section �12 of the Code with respect ta such Dwelling Uztit (the "Vacancy Decontrol Rule"). (d) If the Project experiences financial trauble it can request a waiv�r of the applicable rent restriction stated on the summary page (ii) of this document. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on the written evidence supplied by the owner which is evaluated and certified by an independent third-party CPA. The Authority may waive or adjust the specified rent restriction for a period not to exceed 36 months. After 30 months, a review of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restriction include, but are nat limited to: (1) Extraordinary changes in operating expenses; (2) Capital requirements necessary to maintain a safe, sanitary unit, suitable far occupancy; and (3) Lender originated changes ta financial conditions and debt arrangement that substantially impacts debt service coverage ratios. Any dispute of the waiver decisipn by the Executive Director of the Authority can be appealed and settled by arbitration. The arbitration board shall consist of the following mutually acceptable representativ�s: (1) A representative selected by the Executive Director of the Authority; (2) A representative selected by the Qwner of the Project; and (3) A representative from the American Arbitration Association (maderator or voting rnember). Under no circumstances shall the waiver process provide an opportunity for a project to d�viate from the rent restriction because of improved market conditions or for any reason other than an increase in the certain caunty area median income, without the prior approval of the Executive Director of the Authority. Section b. Internal Revenue Service Notification. In the event the Authority discovers any noncompliance of any provisions hereof, the Authority will immediately give written notice ta the Owner. The Owner shall have 60 days from the date of such notice (the "Correction Period") to correct such noncompliance. Following the Correction Period, the Authority will file