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20�10680� Scenario II Year 15 Year 21 Event Initial Sale Subsequent Sale Qualified Tenant's Number 4 10 of Years of Occupancy Initial Sale Fair Market Value $80,000 $80,000 Initial Sale Price $50,000 $50,000 Subsequent Sale Price N/A $95,000 Crown Equity $80,000-$50,000 = $30,000 $30,000 Appreciation Equity $0 $95,000-$80,000 = $15,000 Amount of Crown Equity ($80,000-$50,000) _ $30,000 Allocable to Qualified Tenant X 10/10 =$30,000 Amount of Crown Equity $30,000-$30,000 = $0 Allocable to Authority Total of Crown Equity and $30,000+$15,000 =$45,000 Appreciation Equity Allocable to Qualified Tenant Section S. Internal Revenue Service Notification. In the event the Authority discovers any noncompliance of any provisions of this Agreement, the Authority will immediately give written notice to the Owner. The Owner shall have sixty (60) days from the date of such notice (the "Correction Period") to correct such noncompliance. Following the Correction Period, the Authority will file with the IRS a copy of IRS Form 8823, explaining the nature of the noncompliance and whether or not such noncompliance has been corrected. Noncompliance includes, but is not limited to (a) failure to receive or failure to permit the Authority to inspect tenant income certifications, supporting documentation and/or rent records, (b) upon inspection, non-compliance with provisions of Section 42 of the Code, and (c) any change in the applicable fraction or eligible basis that would result in a decrease in the Qualified Basis The Authority is authorized and entitled to do all acts necessary to comply with the monitoring and notification responsibilities set forth in Section 42(m)(1)(B)(iii) of the Code and any Regulations or other interpretations thereof by the IRS or the courts. Section 9. Covenants Run With the Project Site. The Owner hereby declares its express intent that the covenants, restrictions, charges and easements set forth herein shall be deemed covenants running with the Project Site and shall pass to and be binding upon the Owner's successors in title including any purchaser, grantee, owner or lessee of any portion of the Project and any other person or entity having any right, title or interest therein and upon the respective heirs, executors, administrators, devisees, successors and assigns of any purchaser, 4832-2986-0106.1 14