Common use of Reliance; Compliance Clause in Contracts

Reliance; Compliance. The Trustee and the Borrower hereby recognize and agree that the representations and covenants set forth herein may be relied upon by all persons interested in the legality and validity of the Bonds and in the exclusion from gross income for federal income tax purposes of the interest on the Bonds. In performing their duties and obligations hereunder, the Trustee may rely upon statements and certificates of the Borrower and the Low and Moderate Income Tenants and upon audits of the books and records of the Borrower pertaining to the Facility. In addition, the Issuer and the Trustee may consult with Qualified Bond Counsel, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by the Trustee hereunder in good faith and in conformity with such opinion. Promptly following its receipt thereof, the Trustee will review each Income Certificate and compliance certificate delivered pursuant to this Restriction Agreement in order to determine that each such document is complete and to determine that the percentage set forth in paragraph 2 of the compliance certificate is at least 20%. Promptly upon determining that any report or certificate submitted to it is incomplete or that the percentage set forth in paragraph 2 of any compliance certificate is less than 20%, the Trustee shall give written notice by certified mail, return receipt requested, of such deficiency or lack of completeness to the Borrower and direct the Borrower to correct or complete the same, as the case may be, within a reasonable period of time thereafter. If the Borrower fails to submit to the Trustee any certification required pursuant to this Restriction Agreement within forty-five (45) days of the time set forth herein, the Trustee shall immediately give written notice of that fact to the Issuer and the Borrower. If any compliance certificate reflects that the occupancy of the Facility has ceased to meet the requirements of this Restriction Agreement that at least 20% of the units therein be “occupied” or previously occupied by Low and Moderate Income Tenants or that the Borrower has not certified on a quarterly basis to the non-occurrence of any of the events described in paragraph (3) of the compliance certificate or that the compliance certificate is incomplete, the Trustee shall immediately give written notice of such fact or facts to the Issuer and the Borrower.

Reliance; Compliance. (a) The Trustee Issuer and the Borrower hereby recognize and agree that the representations and covenants set forth herein may be relied upon by all persons interested in the legality and validity of the Bonds and in the exclusion from gross income for federal income tax purposes of the interest on the Series 2007A Bonds. In performing their duties and obligations hereunder, the Issuer and the Trustee may rely upon statements and certificates of the Borrower and the Low and or Moderate Income Tenants Tenants, unless the Issuer and the Trustee have reason to doubt them, and upon audits of the books and records of the Borrower pertaining to the FacilityProject. In addition, the Issuer and the Trustee may consult with Qualified Bond Counselcounsel, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by the Issuer or the Trustee hereunder in good faith and in conformity with such opinion. . (b) Promptly following its receipt thereof, the Trustee will review each Income Certificate and compliance certificate Compliance Certificate delivered pursuant to this Restriction Agreement in order to determine that each such document is complete and to determine verify that the percentage set forth in paragraph 2 of the compliance certificate Compliance Certificate is at least 20%. The Trustee will maintain such documents on file and open to the inspection of the Issuer and the Borrower. (c) Promptly upon determining that any report or certificate submitted to it is incomplete inaccurate or that the percentage set forth in paragraph 2 of any compliance certificate is less than 20%incomplete, the Trustee shall give written notice by certified mail, return receipt requested, of such deficiency inaccuracy or lack of completeness to the Borrower and direct the Borrower to correct or complete the same, as the case may be, within a reasonable period of time thereafter. If the Borrower fails fail to submit to the Trustee any certification required pursuant to this Restriction Agreement within forty-five (45) 45 days of the time set forth herein, the Trustee shall immediately give written notice of that fact to the Issuer Issuer, the Credit Provider and the Borrower. If any compliance certificate documentation filed with the Trustee reflects that the occupancy of the Facility Project has ceased to meet the requirements of this Restriction Agreement that at least 20% of the units therein be “occupied” or previously occupied by Low and Moderate Income Tenants or that the Borrower has not certified on a quarterly basis to the non-occurrence of any of the events described in paragraph (3) of the compliance certificate or that the compliance certificate is incompleteAgreement, the Trustee shall immediately give written notice of such that fact or facts to the Issuer Issuer, the Credit Provider and the BorrowerCompany.

Reliance; Compliance. (a) The Trustee Issuer and the Borrower Developer hereby recognize and agree that the representations and covenants set forth herein may be relied upon by all persons interested in the legality and validity of the Bonds and in the exclusion from gross income for federal income tax purposes of the interest on the Bonds. In performing their duties and obligations hereunder, the Issuer and the Trustee may rely upon statements and certificates of the Borrower Developer and Low or Moderate Income Tenants, unless the Issuer and the Low and Moderate Income Tenants Trustee have reason to doubt them, and upon audits of the books and records of the Borrower Developer pertaining to the FacilityProject. In addition, the Issuer and the Trustee may consult with Qualified Bond Counselcounsel, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by the Issuer or the Trustee hereunder in good faith and in conformity with such opinion. . (b) Promptly following its receipt thereof, the Trustee will review each Income Certificate and compliance certificate Compliance Certificate delivered pursuant to this Restriction Agreement in order to determine that each such document is complete and to determine verify that the percentage set forth in paragraph 2 clause (ii) of the compliance certificate first paragrpah of the Compliance Certificate is at least 20%. The Trustee will maintain such documents on file and open to the inspection of the Issuer and the Developer; provided, however, that the Trustee shall have no obligation to request or review such other information, documents or certificates. The Trustee shall hold such certifications and certificates solely for the benefit of, and review by, the Holders of the Bonds. (c) Promptly upon determining that any report or certificate submitted to it is incomplete or that the percentage set forth in paragraph 2 of any compliance certificate is less than 20%incomplete, the Trustee shall give written notice by certified mail, return receipt requested, of such deficiency or lack of completeness to the Borrower Developer and direct the Borrower Developer to correct or complete the same, as the case may be, within a reasonable period of time thereafter. If the Borrower Developer fails to submit to the Trustee any certification required pursuant to this Restriction Agreement within forty-five (45) 45 days of the time set forth herein, the Trustee shall immediately give written notice of that fact to the Issuer and the BorrowerDeveloper. If any compliance certificate reflects documentation filed with the Trustee states that the occupancy of the Facility Project has ceased to meet the requirements of this Restriction Agreement that at least 20% of the units therein be “occupied” or previously occupied by Low and Moderate Income Tenants or that the Borrower has not certified on a quarterly basis to the non-occurrence of any of the events described in paragraph (3) of the compliance certificate or that the compliance certificate is incompleteAgreement, the Trustee shall immediately give written notice of such that fact or facts to the Issuer and the BorrowerDeveloper.