Common use of Development Decertification Clause in Contracts

Development Decertification. Notwithstanding anything in this Agreement to the contrary, failure of Owner to comply fully with the Code, the covenants and agreements contained herein or with all applicable rules, rulings, policies, procedures, regulations or other official statements promulgated or proposed by the Treasury or the IRS or OHFA pertaining to the obligations of Owner as set forth therein or herein, OHFA may, and in addition to all of the remedies provided by law or in equity, notify the IRS of such noncompliance and recommend that the IRS decertify the Development for Credit and commence recapture of such Credit heretofore allocated to Owner. Owner acknowledges that such noncompliance may result in the loss and recapture of Credit and that OHFA is not responsible for such loss and recapture.