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201109462
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201109462
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Last modified
3/7/2012 11:18:54 AM
Creation date
12/16/2011 3:48:28 PM
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DEEDS
Inst Number
201109462
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201109462 <br /> tenant facilities that are available on a comparable basis to 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 perform an on-site inspection of <br /> the Project throughout the Qualified Project Period, in addition to the requirement that the <br /> Owner submit to the Authority each year information on tenant income, supporting <br /> documentation and rent for each Qualified Unit as designated above; <br /> (fl the form of lease to be used by the Owner in renting any units in the <br /> Project to Qualified 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 Qualified 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 verification or failure by such person to annually update the Certification of <br /> Tenan±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 <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 of 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 portion of such building and the Authority is unable <br /> to present a qualified contract one year after the date the written request was <br /> submitted to the Authority. <br />
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