Additional Requirements of the Issuer. In addition to the requirements set forth above and to the extent not prohibited thereby, the Borrower hereby agrees to comply with each of the requirements of the Issuer set forth in this Section 7, as follows:
(a) Not less than six (6) of the units in the Project shall be available on a priority basis for occupancy by Twenty-Five Percent Income Tenants paying rents not to exceed Twenty- Five Percent Rents. Not less than twenty-nine (29) of the units in the Project shall be available on a priority basis for occupancy by Forty-Five Percent Income Tenants paying rents not to exceed Forty-Five Percent Rents. Additionally, the remaining units in the Project shall be available on a priority basis for occupancy by Very Low Income Tenants paying rents not to exceed Affordable Rents. The requirements of this Section and Sections 4(a) and 6(a) are not cumulative, but each must be satisfied.
(b) The Borrower will indemnify the Issuer and the Bondowner Representative as provided in Section 5.19 of the Loan Agreement and Section 9 hereof.
(c) All tenant lists, applications and waiting lists relating to the Project shall at all times be kept separate and identifiable from any other business of the Borrower and shall be maintained as required by the Issuer, in a reasonable condition for proper audit and subject to examination during business hours by representatives of the Issuer.
(d) The Borrower shall submit to the Issuer, (i) not later than the thirtieth (30th) day after the close of each calendar year, a statistical report in the form set forth as Exhibit D hereto, or such other form as may be prescribed by the Issuer, setting forth the information called for therein, and (ii) within fifteen (15) days after receipt of a written request, any other information or completed forms requested by the Issuer in order to comply with reporting requirements of the Internal Revenue Service or the State of California.
(e) The covenants and conditions of this Regulatory Agreement shall be binding upon successors in interest of the Borrower.
(f) Each of the requirements of Sections 3, 4 and 6 hereof is hereby incorporated as a specific requirement of the Issuer, whether or not required by California or federal law, and shall be in force for the Qualified Project Period.
(g) The Borrower acknowledges that the Issuer may appoint a Program Monitor other than the Issuer (at no additional cost to the Borrower) to administer this Regulatory Agreement and to monitor performance by the B...
Additional Requirements of the Issuer. In addition to the requirements set forth above and to the extent not prohibited thereby, the Borrower hereby agrees with the Issuer and the Trustee to comply with each of the requirements of the Issuer set forth in this Section 7, as follows:
(a) The Borrower shall pay or cause to be paid to the Issuer on the Closing Date, the “Initial City Fee” in an amount equal to $ ; and thereafter, without demand or notice, the Borrower shall pay to the Issuer (or other Administrator designated in writing by the Issuer) an annual monitoring fee (the “Annual City Fee”). The Annual City Fee shall be in an amount equal to $ , representing .125% of the aggregate principal amount of the Bonds issued on the Closing Date, payable in equal semiannual installments of $ , in advance, on each February 1 and August 1, commencing February 1, 2011. Under no circumstances shall the Annual City Fee exceed any limitation under Section 148 of the Code. The Annual City Fee shall be payable until the end of the Qualified Project Period. In the event that the principal of and the interest on the Bonds are paid in full and the Senior Indenture and the Subordinate Indenture are discharged prior to the termination of this Regulatory Agreement (other than by reason of the issuance of refunding bonds), the Borrower shall pay to the Issuer, if so requested by the Issuer, an amount equal to the remaining Annual City Fees, at a present value to the date of payment (using a discount rate equal to the aggregate true interest cost of the Bonds outstanding immediately before the Bonds are paid in full. Such payment shall be due to the Issuer at such time as the Bonds are paid in full and the Senior Indenture and the Subordinate Indenture are discharged.
(b) All tenant lists, applications and waiting lists relating to the Project shall at all times be kept separate and identifiable from any other business of the Borrower and shall be maintained as required by the Issuer, in a reasonable condition for proper audit and subject to examination during business hours by representatives of the Issuer (including the Administrator).
(c) The Borrower shall submit to the Issuer, within fifteen (15) days after receipt of a request therefor, any information or completed forms requested by the Issuer in order to comply with reporting requirements of the Internal Revenue Service or the State.
(d) The Borrower shall not discriminate on the basis of race, creed, color, religion, sex, source of income, sexual orientat...
Additional Requirements of the Issuer. In addition to the requirements set forth elsewhere in this Regulatory Agreement and to the extent not prohibited by the requirements set forth in Sections 4, 5 and 6 hereof, the Borrower hereby agrees to comply with each of the requirements of the Issuer set forth in this Section 4A, as follows:
(a) All tenant lists, applications and waiting lists relating to the Project shall at all times be kept separate and identifiable from any other business of the Borrower and shall be maintained as required by the Issuer, in a reasonable condition for proper audit and subject to examination upon reasonable notice (which need not be in excess of three Business Days, as defined in the Indenture) and during business hours by representatives of the Issuer.
(b) The Borrower shall not discriminate on the basis of race, creed, color, religion, sex, sexual orientation, marital status, national origin, source of income (e.g. AFDC and SSI), ancestry or handicap in the lease, use or occupancy of the Project (except as required to comply with Section 3(e)(iii)), or in connection with the employment or application for employment of persons for the construction, operation, or management of the Project.
(c) The Borrower shall not, at initial occupancy, permit occupancy in any unit in the Project by more than (i) two persons per bedroom in the unit, plus (ii) one person; and the Borrower shall at all times offer for rent the largest unit then available for the applicable household size (being one bedroom units for 2-3 person households, and two bedroom units for 4-5 person households). The foregoing, however, shall not apply to one unit in the Project occupied by a resident manager or managers.
(d) The Borrower shall pay directly to the Issuer (i) on the Closing Date the Issuer Issuance Fee and the Issuer Annual Fee for the period from the Closing Date to but not including December 1, 2017, and (ii) on each December 1, on and after December 1, 2017, the Issuer Annual Fee; without in either case any requirement for notice or billing of the amount due. In addition, the Borrower shall pay to the Issuer promptly following receipt of an invoice that reasonably identifies the relevant expenses and the amounts thereof, any out of pocket expenses incurred by the Issuer in connection with the Bonds, the Indenture, this Regulatory Agreement or the Loan Agreement, including but not limited to any costs related to the FOCUS Program.
(e) The rent limits set forth in Sections 6(b) and 6(f) shal...
