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201106807
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Last modified
9/15/2011 10:49:31 AM
Creation date
9/14/2011 4:17:20 PM
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DEEDS
Inst Number
201106807
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�o��osso� <br />( fl The form of lease to be used by the Owner in renting any units in the <br />Project to Qualif'ied Tenants shall provide for termination of the lease and consent by <br />such person to immediate eviction proceedings in accordance with state law for failure to <br />qualify as a Qual�ed Tenant, as applicable, as a result of any material misrepresentation <br />made by such person with respect to his or her income, the failure to provide supporting <br />income verif'ication or failure by such person to annually update the Certification of <br />Tenant Eligibility and Income Verification; <br />(g) To permit any duly authorized representative of the Authority, the <br />Department of the Treasury or the IRS to inspect the books and records of the Owner <br />pertaining to the incomes of the Qualified Tenants residing in the Project; and <br />(h) Throughout the Qualified Project Period, to target rents, to comply with <br />targeted rent levels, and to comply 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 restriction set forth in Section 4 of this <br />Agreement shall (i) commence on the Occupancy Date and (ii) end on the date which is <br />the Required Number 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 not increase the gross rent above 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 of Section 42(h) of the Code relating to a 15-year extended use period (30 <br />years total); provided, however, that, with respect to any building that is part of the <br />Project, this Agreement shall terminate: <br />(i) on the date such building is acquired by foreclosure or instrument <br />in lieu of foreclosure (including a deed of trust); or <br />(ii) 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 portion of such building and the Authority is unable <br />to present a qualif'ied contract, one year after the date the written request was <br />submitted to the Authority. The Owner hereby agrees that it will not request the <br />Authority's assistance in procuring a qualif'ied contract prior to the expiration of <br />the Required Number of Compliance Years as set forth on the 5ummary Page. <br />In the event foreclosure proceedings are initiated, the Authority shall <br />receive notice of such foreclosure no less than 15 days prior to such foreclosure. <br />(c) Notwithstanding subsections (a) and (b) above, the Code Section 42 rent <br />requirements shall continue for a period of three (3) years following the termination of <br />this Agreement. During such three-year period, the Owner shall not evict or terminate <br />the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall <br />4832-2986-0106.1 9 <br />
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