CDLAC Requirements. In addition to other requirements set forth herein and to the extent not prohibited by the requirements set forth in Sections 4 and 5 hereof, the Owner hereby agrees to comply with each of the requirements of CDLAC set forth in this Section 31, as follows:
(a) The Owner shall comply with the CDLAC Resolution and the CDLAC Conditions set forth in Exhibit A thereto (collectively, the “CDLAC Conditions”), which conditions are incorporated herein by reference and made a part hereof. The Owner will prepare and submit to the Governmental Lender:
(i) not later than February 1 of each year, until the Project is completed, and on February 1 every three years thereafter (such that the next succeeding year shall be the beginning of each such three-year period) until the end of the Compliance Period, a Certification of Compliance II for Qualified Residential Rental Projects, in substantially the form attached hereto as Exhibit E or otherwise required or provided by CDLAC from time to time after the date hereof (“CDLAC Compliance Certificate”), executed by an authorized representative of the Owner; such CDLAC Compliance Certificate shall be prepared pursuant to the terms of the CDLAC Conditions;
(ii) a Certificate of Completion, in substantially the form attached hereto as Exhibit F or otherwise required or provided by CDLAC from time to time after the date hereof, executed by an authorized representative of the Owner certifying among other things to the substantial completion of the Project; and
(iii) not later than February 1 of every third year following the submission of the Certificate of Completion, until the later of the end of the Compliance Period or the period described in paragraph (c), below, a project status report, as required or provided by the California Tax Credit Allocation Committee or equivalent documentation required or otherwise provided by CDLAC from time to time after the date hereof, executed by an authorized representative of the Owner. Compliance with the terms of the CDLAC Conditions not contained within this Regulatory Agreement, but referred to in the CDLAC Conditions, are the responsibility of the Owner to report to the Governmental Lender.
(b) The Owner acknowledges that the Governmental Lender shall monitor the Owner’s compliance with the terms of the CDLAC Conditions. The Owner acknowledges that the Governmental Lender will prepare and submit to CDLAC, not later than March 1 of each year, until the Project is completed, and on March 1 ...
CDLAC Requirements. To the extent the income and rent restrictions contained in the CDLAC Requirements are more restrictive than any of the foregoing requirements, the Owner shall comply with the CDLAC Requirements.
CDLAC Requirements. The Borrower shall comply with the conditions set forth in Exhibit A to the CDLAC Resolution (the “CDLAC Conditions”), as they may be modified or amended from time to time, which conditions are incorporated herein by reference and are made a part hereof. The Borrower shall prepare and submit to CDLAC (with a copy to the Issuer), at the times required by CDLAC, (a) a Certificate of Compliance in substantially the form attached hereto as Exhibit B hereto (or in such other form as CDLAC may require), executed by an authorized representative of the Borrower; and (b) such other form or forms as may be required by CDLAC related to the Borrower’s compliance with the CDLAC Conditions. The Borrower acknowledges that the CDLAC Conditions include the following:
(a) 62 of the units in the Project be restricted for a term of 55 years, all of which units must be rented or held vacant and available for rental for persons or families whose income is at 50% or below of the Area Median Gross Income.
(b) A minimum of $10,546,243 of public funds will be expended for the Project.
(c) The Project and/or the financing must comply with the requirements in paragraphs 9 thru 14, 16, 24, 25, 26c. and 27c. of Exhibit A to the CDLAC Resolution. The Borrower will promptly provide any information requested by the Issuer in order for the Issuer to complete any Annual Applicant Public Benefit and On-going Compliance Self Certification or otherwise comply with any regulations of CDLAC applicable to the CDLAC Resolution, the CDLAC Conditions, the Bonds or the Project, including but not limited to Section 5144 of Article 11 of the CDLAC regulations. The requirements of this Section 7 may be waived in writing by CDLAC in its sole and absolute discretion, without the consent of the Issuer. CDLAC and the Issuer each shall have the right (but not the obligation) to enforce the CDLAC Conditions and to pursue an action for specific performance or other available remedy at law or in equity, provided that any such action or remedy shall not materially adversely affect the interests and rights of the owners of the Bonds.
CDLAC Requirements. The acquisition, rehabilitation, equipping and operation of the Project and the financing thereof are and shall be in compliance with the conditions set forth in Exhibit A to the CDLAC Resolution, a copy of which is attached hereto as Exhibit D, which conditions are incorporated herein by reference and are made a part hereof. The Governmental Lender shall monitor and enforce the Borrower’s compliance with the provisions of this Section 30. The Borrower shall prepare and submit to CDLAC on each anniversary of the Closing Date, and on such other date as is reasonably requested by CDLAC, a Certificate of Compliance in substantially the form attached hereto as Exhibit E, executed by an authorized representative of the Borrower. CDLAC shall be a third-party beneficiary of this Regulatory Agreement solely for purposes of enforcing the terms of the CDLAC Resolution. CDLAC shall have the right to enforce the terms of the CDLAC Resolution through an action for specific performance or any other available remedy; provided, however, that CDLAC shall not take any action or enforce any remedy that would be materially adverse to the interests of the holders of the Governmental Lender Note and any such action or enforcement shall otherwise be subject to the terms, conditions and limitations applicable to the enforcement of remedies under this Regulatory Agreement.
CDLAC Requirements. In addition to the other requirements set forth herein and to the extent not prohibited by the requirements set forth in Sections 2 through 6 hereof, the Owner hereby agrees: i) to comply with the CDLAC Resolution (defined herein);
CDLAC Requirements. The Owner hereby agrees that the acquisition, development, construction, equipping and operation of the Project and the financing thereof is and shall be in compliance with the conditions set forth in Exhibit A to CDLAC Resolution No. - , adopted on , 2017, attached hereto as Exhibit F (the “CDLAC Resolution”), which conditions (the “CDLAC Requirements”) are incorporated herein by reference and are made a part hereof. Annually on February 1, and as otherwise requested by CDLAC, the Owner shall prepare and submit to the City a Certificate of Compliance in substantially the form attached hereto as Exhibit G, executed by an Authorized Owner Representative.
CDLAC Requirements. The Owner hereby agrees that the construction, equipping and operation of the Project and the financing thereof is and shall be in compliance with the conditions set forth in Exhibit A to CDLAC Resolution No. 13-45 adopted on July 17, 2013, and Exhibit A of CDLAC Resolution No. 13- adopted on September 18, 2013, both attached hereto as Exhibit F (collectively, the “CDLAC Resolution”), which conditions are incorporated herein by reference and are made a part hereof. The Owner shall annually on each anniversary of the Closing Date, and as otherwise requested by CDLAC, prepare and submit to the City a Certificate of Compliance in substantially the form attached hereto as Exhibit G, executed by an Authorized Owner Representative.
CDLAC Requirements. The acquisition, construction and operation of the Project and the financing thereof are and shall be in compliance with the conditions set forth in Exhibit A to the CDLAC Resolution (the “CDLAC Conditions”), as it may be amended, which conditions are incorporated herein by reference and are made a part hereof; provided, however, the Issuer shall have no obligation under this Regulatory Agreement to monitor and enforce the Borrower’s compliance with the CDLAC Conditions. The Borrower shall prepare and submit to CDLAC, at the times required by CDLAC, a Certificate of Compliance in substantially the form attached hereto as Exhibit B hereto (or in such other form as CDLAC may require), executed by an authorized representative of the Borrower.
(a) 45 of the units in the Project be restricted for a term of 55 years, including 31 units rented or held vacant for rental for persons or families whose income is at 50% or below of the Area Median Gross Income and 14 units rented or held vacant for rental for persons or families whose income is at 60% or below of the Area Median Gross Income.
(b) A minimum of $9,922,660 of public funds will be expended for the Project. The Borrower will promptly provide any information reasonably requested by the Issuer in order for the Issuer to comply with any regulations of CDLAC applicable to the CDLAC Resolution, the CDLAC Conditions, the Bonds or the Project, including but not limited to Section 5144 of Article 11 of the CDLAC regulations.
CDLAC Requirements. The acquisition, construction, equipping and operation of the Project and the financing thereof are and shall be in compliance with the conditions set forth in Exhibit A to the CDLAC Resolution, a copy of which is attached hereto as Exhibit D, which conditions are incorporated herein by reference and are made a part hereof. The Governmental Lender shall monitor and enforce the Borrower’s compliance with the provisions of this Section 26. In addition, Borrower shall cooperate with the Government Lender’s reporting requirements and utilize such forms, software, websites and third-party vendors as may be required by the Governmental Lender in its monitoring efforts. The Borrower shall prepare and submit to CDLAC annually by February 1 of each year following the Closing Date, and on such other date as is reasonably requested by CDLAC, a Certificate of Compliance in substantially the form attached hereto as Exhibit E, executed by an authorized representative of the Borrower and the form of CDLAC public benefits certification in the form attached hereto as Exhibit F. CDLAC shall be a third-party beneficiary of this Regulatory Agreement solely for purposes of enforcing the terms of the CDLAC Resolution. CDLAC shall have the right to enforce the terms of the CDLAC Resolution through an action for specific performance or any other available remedy; provided, however, that CDLAC shall not take any action or enforce any remedy that would be materially adverse to the interests of the holders of the Tax-Exempt Obligations and any such action or enforcement shall otherwise be subject to the terms, conditions and limitations applicable to the enforcement of remedies under this Regulatory Agreement.
CDLAC Requirements. The acquisition, rehabilitation and operation of the Development and the financing thereof are and shall be in compliance with the conditions set forth in Exhibit A to the CDLAC Resolution (the “CDLAC Conditions”), as it may be amended, which conditions are incorporated herein by reference and are made a part hereof; provided, however, the Issuer shall have no obligation under this Regulatory Agreement to monitor and enforce the Borrower’s compliance with the CDLAC Conditions. The Borrower shall prepare and submit to CDLAC, at the times required by CDLAC, a Certificate of Compliance in substantially the form attached hereto as Exhibit B hereto (or in such other form as CDLAC may require), executed by an authorized representative of the Borrower.
(a) 69 of the units in the Development be restricted for a term of 55 years, including 36 units rented or held vacant for rental for persons or families whose income is at 50% or below of the Area Median Gross Income and 33 units rented or held vacant for rental for persons or families whose income is at 60% or below of the Area Median Gross Income.
(b) The Development will utilize Gross Rents as defined in Section 5170 of CDLAC’s regulations.
(c) A minimum of $10,000 in hard construction costs will be for each Development unit.
