Common use of Monitoring and Enforcement Clause in Contracts

Monitoring and Enforcement. 9.1 The Owner agrees to comply with any monitoring plan, guidelines, procedures, or requirements as may be adopted or amended from time to time by DHCD in accordance with requirements of the Code or regulations promulgated thereunder by the U.S. Department of the Treasury, Internal Revenue Service (“Applicable Regulations”) and the requirements of the Massachusetts Act and the State Regulations or in order to monitor compliance with the provisions of this Agreement. 9.2 The Owner covenants that it will not knowingly take or permit any action that would result in a violation of the requirements of Section 42 of the Code and applicable regulations or this Agreement. Moreover, Owner covenants to take any lawful action (including amendment of this Agreement as may be necessary, in the opinion of DHCD) to comply fully with the Code and with all applicable regulations, rules, rulings, policies, procedures, or other official statements promulgated or proposed by the United States Department of the Treasury, Internal Revenue Service, from time to time pertaining to Owner's obligations under Section 42 of the Code, and affecting the Project. 9.3 The Owner will permit, during normal business hours and upon reasonable notice, any duly authorized representative of DHCD (or its authorized delegate) to inspect any books and records of the Owner regarding the Project that pertain to compliance with the Code, Applicable Regulations, and this Agreement. The Owner further agrees to cooperate with any on-site inspection of the Project by DHCD (or its authorized delegate) during normal business hours and upon reasonable notice. 9.4 The Owner will take any and all actions reasonably necessary and required by DHCD to substantiate the Owner's compliance under the Code, Applicable Regulations, and this Agreement. The Owner shall at least annually (or more frequently as required by DHCD) submit to DHCD a certification concerning program compliance in such form, including such documentation, and within such timeframe, as may be required by DHCD pursuant to any monitoring plan, guidelines, or procedure adopted or amended by DHCD. At DHCD's request, the Owner will submit any other information, documents, forms or certifications which DHCD deems reasonably necessary to 9.5 The Owner covenants and agrees to inform DHCD by written notice of any violation of the Owner's obligations hereunder within seven (7) business days of first discovering such violation. In accordance with the provisions of any monitoring plan, guidelines, or procedures as then may be in effect, DHCD covenants and agrees to inform the Owner by written notice of any violation of the Owner's obligations hereunder and to provide the Owner a period of time in which to correct such violation. If any violation is not corrected to the satisfaction of DHCD within the period of time specified by DHCD in a notice, or within such further time as DHCD determines is necessary to correct the violation, but not to exceed any time limitation set by Applicable Regulations, then without further notice, DHCD may declare a default under this Agreement effective on the date of such declaration of default, and DHCD may apply to any court, state or federal, for specific performance of this Agreement, or any other remedies at law or in equity, or take any other action as may be necessary or desirable to correct noncompliance with this Agreement. The foregoing is not intended to limit in any way DHCD's obligation to notify the Internal Revenue Service, pursuant to Applicable Regulations, of a noncompliance on the part of the Owner. 9.6 The Owner acknowledges that the primary purpose for requiring compliance by the Owner with the restrictions provided in this Agreement is to assure compliance of the Project and the Owner with Section 42 of the Code and the Applicable Regulations, and by reason thereof, the Owner in consideration for receiving Low-Income Housing Tax Credits for this Project hereby agrees and consents that DHCD and any individual who meets the income limitation applicable under Section 42 of the Code (whether a prospective, present or former occupant) shall be entitled, for any breach of the provisions hereof, and in addition to all other remedies provided by law or in equity, to enforce specific performance by the Owner of its obligations under this Agreement in a court of competent jurisdiction. The Owner hereby further specifically acknowledges that the beneficiaries of the Owner's obligations hereunder cannot be adequately compensated by monetary damages in the event of any default hereunder. In the event of a breach of this Agreement, the Owner shall reimburse DHCD for all costs and attorneys' fees incurred associated with such breach. 9.7 The Owner hereby agrees that the representations and covenants set forth herein may be relied upon by DHCD and all persons interested in Project compliance under Section 42 and the Applicable Regulations. 9.8 Notwithstanding anything in this Agreement to the contrary, in the event that the Owner fails to comply fully with the covenants and agreements contained herein or with the Code, all Applicable Regulations, rules, rulings, policies, procedures, or other official statements promulgated by the Department of the Treasury, the Internal Revenue Service or DHCD from time to time pertaining to the obligations of the Owner as set forth therein or herein, DHCD may, in addition to all of the remedies provided by law or in equity, report such noncompliance to the Internal Revenue Service which could result in penalties and/or re-capture of tax credit. 9.9 The Owner agrees to pay an annual monitoring fee in such amount and by such method as may be selected by DHCD pursuant to the applicable provisions set forth in The Commonwealth of Massachusetts Allocation Plan for the Low-Income Housing Tax Credit, as such provisions may be amended or superseded in a subsequent year’s Allocation Plan. DHCD reserves 9.10 DHCD expressly reserves the right to continue monitoring, during the term of this Agreement, for compliance with the provisions of this Agreement beyond any timeframe provided for monitoring in the Code or Applicable Regulations. 9.11 During the tax credit compliance period (as defined in Section 42 of the Code), the Owner will retain records in accordance with the requirements of the Applicable Regulations, DHCD monitoring plan and/or guidelines. After the end of the compliance period, the Owner will retain records adequate to demonstrate compliance with the terms and conditions of this Agreement, including, but not necessarily limited to, income and rent records pertaining to tenants.

Monitoring and Enforcement. 9.1 (a) The Owner agrees to comply with any monitoring plan, guidelines, procedures, or requirements as may be adopted or amended from time to time by DHCD in accordance with requirements of the Code or regulations promulgated thereunder by the U.S. Department of the Treasury, Internal Revenue Service (“Applicable Regulationsapplicable regulations”) and the requirements of the Massachusetts Act and the State Regulations or in order to monitor compliance with the provisions of this Agreement. 9.2 (b) The Owner covenants that it will not knowingly take or permit any action that would result in a violation of the requirements of Section 42 of the Code and applicable regulations or this Agreement. Moreover, Owner covenants to take any lawful action (including amendment of this Agreement as may be necessary, in the opinion of DHCD) to comply fully with the Code and with all applicable regulations, rules, rulings, policies, procedures, or other official statements promulgated or proposed by the United States Department of the Treasury, Internal Revenue Service, from time to time pertaining to Owner's obligations under Section 42 of the Code, Code and affecting the Project. 9.3 (c) The Owner will permit, during normal business hours and upon reasonable notice, any duly authorized representative of DHCD (or its authorized delegateAuthorized Delegate) to inspect any books and records of the Owner regarding the Project that which pertain to compliance with the Code, Applicable Regulationsapplicable regulations, and this Agreement. The Owner further agrees to cooperate with any on-site inspection of the Project by DHCD (or its authorized delegateAuthorized Delegate) during normal business hours and upon reasonable notice. 9.4 (d) The Owner will take any and all actions reasonably necessary and required by DHCD to substantiate the Owner's compliance under the Code, Applicable Regulationsapplicable regulations, and this Agreement. The Owner shall at least annually (or more frequently as required by DHCD) submit to DHCD a certification Certification concerning program compliance in such form, including such documentation, and within such timeframe, as may be required by DHCD pursuant to any monitoring plan, guidelines, or procedure adopted or amended by DHCD. At DHCD's request, the Owner will submit any other information, documents, forms or certifications which DHCD deems reasonably necessary toto substantiate the Owner's continuing compliance with the Code, applicable regulations, and this Agreement. 9.5 (e) The Owner covenants and agrees to inform DHCD by written notice of any violation of the Owner's obligations hereunder within seven (7) business days of first discovering such violation. In accordance with the provisions of any monitoring plan, guidelines, or procedures as then may be in effect, DHCD covenants and agrees to inform the Owner by written notice of any violation of the Owner's obligations hereunder and to provide the Owner a period of time in which to correct such violation. If any violation is not corrected to the satisfaction of DHCD within the period of time specified by DHCD in a notice, or within such further time as DHCD determines is necessary to correct the violation, but not to exceed any time limitation set by Applicable Regulationsapplicable regulations, then without further notice, DHCD may declare a default under this Agreement effective on the date of such declaration of default, and DHCD may apply to any court, state or federal, for specific performance of this Agreement, or any other remedies at law or in equity, or take any other action as may be necessary or desirable to correct noncompliance with this Agreement. The foregoing is not intended to limit in any way DHCD's obligation to notify the Internal Revenue Service, pursuant to Applicable Regulationsapplicable regulations, of a noncompliance on the part of the Owner. 9.6 (f) The Owner acknowledges that the primary purpose for requiring compliance by the Owner with the restrictions provided in this Agreement is to assure compliance of the Project and the Owner with Section 42 of the Code and the Applicable Regulationsapplicable regulations, and by reason thereof, the Owner in consideration for receiving Low-Income Housing Tax Credits for this Project hereby agrees and consents that DHCD and any individual who meets the income limitation applicable under Section 42 of the Code (whether a prospective, present or former occupant) shall be entitled, for any breach of the provisions hereof, and in addition to all other remedies provided by law or in equity, to enforce specific performance by the Owner of its obligations under this Agreement in a court of competent jurisdiction. The Owner hereby further specifically acknowledges that the beneficiaries of the Owner's obligations hereunder cannot be adequately compensated by monetary damages in the event of any default hereunder. In the event of a breach of this Agreement, the Owner shall reimburse DHCD for all costs and attorneys' fees incurred associated with such breach. 9.7 (g) The Owner hereby agrees that the representations and covenants set forth herein may be relied upon by DHCD and all persons interested in Project compliance under Section 42 and the Applicable Regulationsapplicable regulations. 9.8 (h) Notwithstanding anything in this Agreement to the contrary, in the event that the Owner fails to comply fully with the covenants and agreements contained herein or with the Code, all Applicable Regulationsapplicable regulations, rules, rulings, policies, procedures, or other official statements promulgated by the Department of the Treasury, the Internal Revenue Service or DHCD from time to time pertaining to the obligations of the Owner as set forth therein or herein, DHCD may, in addition to all of the remedies provided by law or in equity, report such noncompliance to the Internal Revenue Service which could result in penalties and/or re-capture of tax creditcredits. 9.9 (i) The Owner agrees to pay an annual monitoring fee in such amount and by such method as may be selected by DHCD pursuant to the applicable provisions set forth in The the Commonwealth of Massachusetts 2003 Allocation Plan for the Low-Income Housing Tax Credit, as such provisions may be amended or superseded in a subsequent year’s Allocation Plan. DHCD reservesreserves the right to charge a reasonable monitoring fee to perform compliance monitoring functions after the completion of the tax credit compliance period (as defined in Section 42 of the Code) for the remainder of the term of this Agreement. 9.10 (j) DHCD expressly reserves the right to continue monitoring, during the term of this Agreement, for compliance with the provisions of this Agreement beyond any timeframe provided for monitoring in the Code or Applicable Regulationsapplicable regulations. 9.11 (k) During the tax credit compliance period (as defined in Section 42 of the Code), the Owner will retain records in accordance with the requirements of the Applicable Regulationsapplicable regulations, DHCD monitoring plan and/or guidelines. After the end of the compliance period, the Owner will retain records adequate to demonstrate compliance with the terms and conditions of this Agreement, including, but not necessarily limited to, income and rent records pertaining to tenants.

Monitoring and Enforcement. 9.1 The Owner Grantor agrees to comply with any monitoring plan, guidelines, procedures, or requirements as may be adopted or amended from time to time by DHCD in accordance with requirements of the Code or regulations promulgated thereunder by the U.S. Department of the Treasury, Internal Revenue Service (the “Applicable Federal Regulations”) and the requirements of the Massachusetts Act and the State Regulations or in order to monitor compliance with the provisions of this Agreement.the 9.2 The Owner Grantor covenants that it will not knowingly take or permit any action that would result in a violation of the requirements of Section 42 of the Code Code, the Massachusetts Act and applicable regulations or this Agreement. Moreover, Owner Grantor covenants to take any lawful action (including amendment of this Agreement as may be necessary, in the opinion of DHCD) to comply fully with the Code and with all applicable regulations, rules, rulings, policies, procedures, or other official statements promulgated or proposed by the United States Department of the Treasury, Internal Revenue Service, from time to time pertaining to OwnerGrantor's obligations under Section 42 of the Code, the Massachusetts Act, and affecting the Project. 9.3 The Owner Grantor will permit, during normal business hours and upon reasonable notice, any duly authorized representative of DHCD (or its authorized delegate) to inspect any books and records of the Owner Grantor regarding the Project that pertain to compliance with the Code, the Massachusetts Act, Applicable Regulations, and this Agreement. The Owner Grantor further agrees to cooperate with any on-site inspection of the Project by DHCD (or its authorized delegate) during normal business hours and upon reasonable notice. 9.4 The Owner Grantor will take any and all actions reasonably necessary and required by DHCD to substantiate the OwnerGrantor's compliance under the Code, the Massachusetts Act, Applicable Regulations, and this Agreement. The Owner Grantor shall at least annually (or more frequently as required by DHCD) submit to DHCD a certification concerning program compliance in such form, including such documentation, and within such timeframe, as may be required by DHCD pursuant to any monitoring plan, guidelines, or procedure adopted or amended by DHCD. At DHCD's request, the Owner Grantor will submit any other information, documents, forms or certifications which DHCD deems reasonably necessary toto substantiate the Grantor's continuing compliance with the Code, the Massachusetts Act, Applicable Regulations, and this Agreement. 9.5 The Owner Grantor covenants and agrees to inform DHCD by written notice of any violation of the OwnerGrantor's obligations hereunder within seven (7) business days of first discovering such violation. In accordance with the provisions of any monitoring plan, guidelines, or procedures as then may be in effect, DHCD covenants and agrees to inform the Owner Grantor by written notice of any violation of the OwnerGrantor's obligations hereunder and to provide the Owner Grantor a period of time in which to correct such violation. If any violation is not corrected to the satisfaction of DHCD within the period of time specified by DHCD in a notice, or within such further time as DHCD determines is necessary to correct the violation, but not to exceed any time limitation limit ation set by Applicable Regulations, then without further notice, DHCD may declare a default under this Agreement effective on the date of such declaration of default, and DHCD may apply to any court, state or federal, for specific performance of this Agreement, or any other remedies at law or in equity, or take any other action as may be necessary or desirable to correct noncompliance with this Agreement. The foregoing is not intended to limit in any way DHCD's obligation to notify the Internal Revenue ServiceService or the Massachusetts Department of Revenue, pursuant to Applicable Regulations, of a noncompliance on the part of the OwnerGrantor. 9.6 The Owner Grantor acknowledges that the primary purpose for requiring compliance by the Owner Grantor with the restrictions provided in this Agreement is to assure compliance of the Project and the Owner Grantor with Section 42 of the Code Code, the Massachusetts Act and the Applicable Regulations, and by reason thereof, the Owner Grantor in consideration for receiving Low-Income Housing Tax Credits for this Project hereby agrees and consents that DHCD and any individual who meets the income limitation applicable under Section 42 of the Code Code, the Massachusetts Act (whether a prospective, present or former occupantoccupant or the City of Springfield) shall be entitled, for any breach of the provisions hereof, and in addition to all other remedies provided by law or in equity, to enforce specific performance by the Owner Grantor of its obligations under this Agreement in a court of competent jurisdiction. The Owner Grantor hereby further specifically acknowledges that the beneficiaries of the OwnerGrantor's obligations hereunder cannot be adequately compensated by monetary damages in the event of any default hereunder. In the event of a breach of this Agreement, the Owner Grantor shall reimburse DHCD for all costs and attorneys' fees incurred associated with such breach. 9.7 The Owner Grantor hereby agrees that the representations and covenants set forth herein may be relied upon by DHCD and all persons interested in Project compliance under Section 42 42, the Massachusetts Act and the Applicable Regulations. 9.8 Notwithstanding anything in this Agreement to the contrary, in the event that the Owner Grantor fails to comply fully with the covenants and agreements contained herein or with the Code, the Massachusetts Act, all Applicable Regulations, rules, rulings, policies, procedures, or other official statements promulgated by the Department of the Treasury, the Internal Revenue Service Service, the Massachusetts Department of Revenue or DHCD from time to time pertaining to the obligations of the Owner Grantor as set forth therein or herein, DHCD may, in addition to all of the remedies provided by law or in equity, report such noncompliance to the Internal Revenue Service and/or to the Massachusetts Department of Revenue which could result in penalties and/or re-re- capture of federal and/or state tax credit. 9.9 The Owner Grantor agrees to pay an annual monitoring fee in such amount and by such method as may be selected by DHCD pursuant to the applicable provisions set forth in The Commonwealth of Massachusetts Allocation Plan for the Low-Income Housing Tax Credit, as such provisions may be amended or superseded in a subsequent year’s Allocation Plan. DHCD reservesreserves the right to charge a reasonable monitoring fee to perform compliance monitoring functions after the completion of the tax credit compliance period (as defined in Section 42 of the Code) for the remainder of the Low-Income Tenant Rental Period. 9.10 DHCD expressly reserves the right to continue monitoring, during the term of this AgreementLow-Income Tenant Rental Period, for compliance with the provisions of this Agreement beyond any timeframe provided for monitoring in the Code Code, the Massachusetts Act or Applicable Regulations. 9.11 During the tax credit compliance period (as defined in Section 42 of the Code), the Owner Grantor will retain records in accordance with the requirements of the Applicable Regulations, DHCD monitoring plan and/or guidelines. After the end of the compliance period, the Owner Grantor will retain records adequate to demonstrate compliance with the terms and conditions of this Agreement, including, but not necessarily limited to, income and rent records pertaining to tenants.

Monitoring and Enforcement. 9.1 The Owner Grantor agrees to comply with any monitoring plan, guidelines, procedures, or requirements as may be adopted or amended from time to time by DHCD in accordance with requirements of the Code or regulations promulgated thereunder by the U.S. Department of the Treasury, Internal Revenue Service (“Applicable Regulations”) and the requirements of the Massachusetts Act and the State Regulations or in order to monitor compliance with the provisions of this Agreement. 9.2 The Owner Grantor covenants that it will not knowingly take or permit any action that would result in a violation of the requirements of Section 42 of the Code and applicable regulations or this Agreement. Moreover, Owner Grantor covenants to take any lawful action (including amendment of this Agreement as may be necessary, in the opinion of DHCD) to comply fully with the Code and with all applicable regulations, rules, rulings, policies, procedures, or other official statements promulgated or proposed by the United States Department of the Treasury, Internal Revenue Service, from time to time pertaining to OwnerGrantor's obligations under Section 42 of the Code, and affecting the Project. 9.3 The Owner Grantor will permit, during normal business hours and upon reasonable notice, any duly authorized representative of DHCD (or its authorized delegate) to inspect any books and records of the Owner Grantor regarding the Project that pertain to compliance with the Code, Applicable Regulations, and this Agreement. The Owner Grantor further agrees to cooperate with any on-site inspection of the Project by DHCD (or its authorized delegate) during normal business hours and upon reasonable notice. 9.4 The Owner Grantor will take any and all actions reasonably necessary and required by DHCD to substantiate the OwnerGrantor's compliance under the Code, Applicable Regulations, and this Agreement. The Owner Grantor shall at least annually (or more frequently as required by DHCD) submit to DHCD a certification concerning program compliance in such form, including such documentation, and within such timeframe, as may be required by DHCD pursuant to any monitoring plan, guidelines, or procedure adopted or amended by DHCD. At DHCD's request, the Owner Grantor will submit any other information, documents, forms or certifications which DHCD deems reasonably necessary toto substantiate the Grantor's continuing compliance with the Code, Applicable Regulations, and this Agreement. 9.5 The Owner Grantor covenants and agrees to inform DHCD by written notice of any violation of the OwnerGrantor's obligations hereunder within seven (7) business days of first discovering such violation. In accordance with the provisions of any monitoring plan, guidelines, or procedures as then may be in effect, DHCD covenants and agrees to inform the Owner Grantor by written notice of any violation of the OwnerGrantor's obligations hereunder and to provide the Owner Grantor a period of time in which to correct such violation. If any violation is not corrected to the satisfaction of DHCD within the period of time specified by DHCD in a notice, or within such further time as DHCD determines is necessary to correct the violation, but not to exceed any time limitation set by Applicable Regulations, then without further notice, DHCD may declare a default under this Agreement effective on the date of such declaration of default, and DHCD may apply to any court, state or federal, for specific performance of this Agreement, or any other remedies at law or in equity, or take any other action as may be necessary or desirable to correct noncompliance with this Agreement. The foregoing is not intended to limit in any way DHCD's obligation to notify the Internal Revenue Service, pursuant to Applicable Regulations, of a noncompliance on the part of the OwnerGrantor. 9.6 The Owner Grantor acknowledges that the primary purpose for requiring compliance by the Owner Grantor with the restrictions provided in this Agreement is to assure compliance of the Project and the Owner Grantor with Section 42 of the Code and the Applicable Regulations, and by reason thereof, the Owner Grantor in consideration for receiving DHCD's approval for the use of Low-Income Housing Tax Credits for this Project hereby agrees and consents that DHCD and any individual who meets the income limitation applicable under Section 42 of the Code (whether a prospective, present or former occupant) shall be entitled, for any breach of the provisions hereof, and in addition to all other remedies provided by law or in equity, to enforce specific performance by the Owner of its obligations under this Agreement in a court of competent jurisdiction. The Owner hereby further specifically acknowledges that the beneficiaries of the Owner's obligations hereunder cannot be adequately compensated by monetary damages in the event of any default hereunder. In the event of a breach of this Agreement, the Owner shall reimburse DHCD for all costs and attorneys' fees incurred associated with such breach.Income 9.7 The Owner Grantor hereby agrees that the representations and covenants set forth herein may be relied upon by DHCD and all persons interested in Project compliance under Section 42 and the Applicable Regulations. 9.8 Notwithstanding anything in this Agreement to the contrary, in the event that the Owner Grantor fails to comply fully with the covenants and agreements contained herein or with the Code, all Applicable Regulations, rules, rulings, policies, procedures, or other official statements promulgated by the Department of the Treasury, the Internal Revenue Service or DHCD from time to time pertaining to the obligations of the Owner Grantor as set forth therein or herein, DHCD may, in addition to all of the remedies provided by law or in equity, report such noncompliance to the Internal Revenue Service which could result in penalties and/or re-capture of tax credit. 9.9 The Owner Grantor agrees to pay an annual monitoring fee in such amount and by such method as may be selected by DHCD pursuant to the applicable provisions set forth in The Commonwealth of Massachusetts Allocation Plan for the Low-Income Housing Tax Credit, as such provisions may be amended or superseded in a subsequent year’s Allocation Plan. DHCD reservesreserves the right to charge a reasonable monitoring fee to perform compliance monitoring functions after the completion of the tax credit compliance period (as defined in Section 42 of the Code) for the remainder of the Low-Income Tenant Rental Period. 9.10 DHCD expressly reserves the right to continue monitoring, during the term of this AgreementLow-Income Tenant Rental Period, for compliance with the provisions of this Agreement beyond any timeframe provided for monitoring in the Code or Applicable Regulations. 9.11 During the tax credit compliance period (as defined in Section 42 of the Code), the Owner Grantor will retain records in accordance with the requirements of the Applicable Regulations, DHCD monitoring plan and/or guidelines. After the end of the compliance period, the Owner Grantor will retain records adequate to demonstrate compliance with the terms and conditions of this Agreement, including, but not necessarily limited to, income and rent records pertaining to tenants.