Common use of Extended Low-Income Housing Commitment Clause in Contracts

Extended Low-Income Housing Commitment. Notwithstanding anything to the contrary contained herein or in any documents secured by the City Deed of Trust or contained in any subordination agreement, the City acknowledges and agrees that in the event of a foreclosure or deed-in-lieu of foreclosure (collectively, “Foreclosure”) with respect to the property encumbered by the City Deed of Trust, the following rule contained in Section 42(h)(6)(E)(ii) of the Internal Revenue Code of 1986, as amended, shall apply: for a period of three (3) years from the date of Foreclosure, with respect to any unit that had been regulated by the regulatory agreement with the California Tax Credit Allocation Committee (the “Extended Use Agreement”), (i) none of the tenants occupying those units at the time of Foreclosure may be evicted or their tenancy terminated (other than for good cause), (ii) nor may any rent be increased except as otherwise permitted under Section 42 of the Code. Borrower acknowledges and agrees that any default, event of default, or breach (however such terms may be defined) under the Extended Use Agreement shall be an event of default under this Note and the City Deed of Trust and that any costs, damages or other amounts, including reasonable attorneys’ fees incurred by City as a result of an event of default by Borrower, and any amounts paid by City to cure any default under the Extended Use Agreement shall be an obligation of Borrower and become a part of the debt evidenced by this Note and secured by the City Deed of Trust.

Extended Low-Income Housing Commitment. Notwithstanding anything to the contrary contained herein or in any documents secured by the City this Deed of Trust or contained in any subordination agreement, the City Beneficiary acknowledges and agrees that in the event of a foreclosure or deed-in-lieu of foreclosure (collectively, “Foreclosure”) with respect to the property encumbered by the City this Deed of Trust, the following rule contained in Section 42(h)(6)(E)(ii) of the Internal Revenue Code of 1986, as amended, shall apply: for a period of three (3) years from the date of Foreclosure, with respect to any unit that had been regulated by the regulatory agreement with the California Tax Credit Allocation Committee (the “Extended Use Agreement”), (i) none of the tenants occupying those units at the time of Foreclosure may be evicted or their tenancy terminated (other than for good cause), (ii) nor may any rent be increased except as otherwise permitted under Section 42 of the Code. Borrower Trustor acknowledges and agrees that any default, event of default, or breach (however such terms may be defined) under the Extended Use Agreement shall be an event of default under this Note and the City Deed of Trust and that any costs, damages or other amounts, including reasonable attorneys’ ' fees incurred by City Beneficiary as a result of an event of default by BorrowerTrustor, and any amounts paid by City Beneficiary to cure any default under the Extended Use Agreement shall be an obligation of Borrower Trustor and become a part of the debt evidenced secured by this Note and secured by the City Deed of Trust.

Extended Low-Income Housing Commitment. Notwithstanding anything to the contrary contained herein or in any documents secured by the City Agency Deed of Trust or contained in any subordination agreement, the City Agency acknowledges and agrees that in the event of a foreclosure or deed-in-lieu of foreclosure (collectively, “Foreclosure”) with respect to the property encumbered by the City Agency Deed of Trust, the following rule contained in Section 42(h)(6)(E)(ii) of the Internal Revenue Code of 1986, as amended, shall apply: for a period of three (3) years from the date of Foreclosure, with respect to any unit that had been regulated by the regulatory agreement with the California Tax Credit Allocation Committee (( the “Extended Use Agreement”), (i) none of the tenants occupying those units at the time of Foreclosure may be evicted or their tenancy terminated (other than for good cause), (ii) nor may any rent be increased except as otherwise permitted under Section 42 of the Code. Borrower acknowledges and agrees that any default, event of default, or breach (however such terms may be defined) under the Extended Use Agreement shall be an event of default under this Promissory Note and the City Agency Deed of Trust and that any costs, damages or other amounts, including reasonable attorneys’ fees incurred by City the Agency as a result of an event of default by Borrower, and any amounts paid by City the Agency to cure any default under the Extended Use Agreement shall be an obligation of Borrower and become a part of the debt evidenced by this Promissory Note and secured by the City Agency Deed of Trust.

Extended Low-Income Housing Commitment. Notwithstanding anything to the contrary contained herein or in any documents secured by the City Agency Deed of Trust or contained in any subordination agreement, the City acknowledges and agrees that in the event of a foreclosure or deed-in-lieu of foreclosure (collectively, “Foreclosure”) with respect to the property encumbered by the City Agency Deed of Trust, the following rule contained in Section 42(h)(6)(E)(ii) of the Internal Revenue Code of 1986, as amended, shall apply: for a period of three (3) years from the date of Foreclosure, with respect to any unit that had been regulated by the regulatory agreement with the California Tax Credit Allocation Committee (the “Extended Use Agreement”), (i) none of the tenants occupying those units at the time of Foreclosure may be evicted or their tenancy terminated (other than for good cause), (ii) nor may any rent be increased except as otherwise permitted under Section 42 of the Code. Borrower acknowledges and agrees that any default, event of default, or breach (however such terms may be defined) under the Extended Use Agreement shall be an event of default under this Note and the City Agency Deed of Trust and that any costs, damages or other amounts, including reasonable attorneys’ fees incurred by City as a result of an event of default by Borrower, and any amounts paid by City to cure any default under the Extended Use Agreement shall be an obligation of Borrower and become a part of the debt evidenced by this Note and secured by the City Agency Deed of Trust.