Tax Credit Regulatory Agreement. Funding Lender agrees that if the Tax Credit Regulatory Agreement recorded, or to be recorded, against the Mortgaged Property, by its terms, terminates upon foreclosure under the Security Instrument or upon a transfer of the Mortgaged Property by instrument in lieu of foreclosure, in accordance with Tax Code Section 42(h)(6)(E), the lien of the Security Instrument and this Continuing Covenant Agreement will be subordinate to such Tax Credit Regulatory Agreement, regardless of the order of recording of the Security Instrument and the Tax Credit Regulatory Agreement document; provided, however, Funding Lender reserves the right not to subordinate the lien of the Security Instrument to the Tax Credit Regulatory Agreement if remedies reserved to Tax Credit Agency under the Tax Credit Regulatory Agreement exceed those of specific performance or injunctive relief. In such event, Borrower acknowledges that Funding Lender may require the Tax Credit Agency to enter into a subordination agreement in form and substance satisfactory to Funding Lender. To the extent a Tax Credit Regulatory Agreement is not recorded as of the date of this Continuing Covenant Agreement, Borrower will first obtain Funding Lender’s consent prior to recording the Tax Credit Regulatory Agreement.
Tax Credit Regulatory Agreement. Lender agrees that if the Tax Credit Regulatory Agreement recorded, or to be recorded, against the Mortgaged Property, by its terms, terminates upon foreclosure under the Security Instrument or upon a transfer of the Mortgaged Property by instrument in lieu of foreclosure, in accordance with Tax Code Section 42(h)(6)(E), the lien of the Security Instrument and this Loan Agreement will be subordinate to such Tax Credit Regulatory Agreement, regardless of the order of recording of the Security Instrument and the Tax Credit Regulatory Agreement document; provided, however, Lender reserves the right not to subordinate the lien of the Security Instrument to the Tax Credit Regulatory Agreement if remedies reserved to Tax Credit Agency under the Tax Credit Regulatory Agreement exceed those of specific performance or injunctive relief. In such event, Borrower acknowledges that Lender may require the Tax Credit Agency to enter into a subordination agreement in form and substance satisfactory to Lender. To the extent a Tax Credit Regulatory Agreement is not recorded as of the date of this Loan Agreement, Borrower will first obtain Lender’s consent prior to recording the Tax Credit Regulatory Agreement.
Tax Credit Regulatory Agreement any Land Use Restriction Agreement, Tax Credit Regulatory Agreement or similar use and affordability restriction in connection with an award of Low Income Housing Tax Credits under section 42 of the Internal Revenue Code as amended (the “Code”), between the Owner and the State Allocating Agency.
Tax Credit Regulatory Agreement. Applicant shall be required to comply with the terms and conditions of the Tax Credit Regulatory Agreement for the duration of its term.
Tax Credit Regulatory Agreement. Housing Successor Agency hereby further agrees to subordinate the Covenant to a Tax Credit Regulatory Agreement (or similar agreement) reasonably required by Original Borrowers or Borrower.
Tax Credit Regulatory Agreement. Lender agrees that if the Tax Credit Regulatory Agreement recorded, or to be recorded, against the Mortgaged Property, by its terms, terminates upon foreclosure under the Security Instrument or upon a transfer of the Mortgaged Property by instrument in lieu of foreclosure, in accordance with Tax Code Section 42(h)(6)(E), the lien of the Security Instrument and this Loan Agreement will be subordinate to such Tax Credit Regulatory Agreement, regardless of the order of recording of the Security Instrument and the Tax Credit Regulatory Agreement document; provided, however, Lender reserves the right not to subordinate the lien of the Security Instrument to the Tax Credit Regulatory Agreement if remedies reserved to Tax Credit Agency under the Tax Credit Regulatory Agreement exceed those of specific performance or injunctive relief. In such event, Borrower acknowledges that Lender may require the Tax Credit Agency to enter into a subordination agreement in form and substance satisfactory to Lender. To the extent a Tax Credit Regulatory Agreement is not recorded as of the date of this Loan Agreement, Borrower will first obtain Lender’s consent prior to recording the Tax Credit Regulatory Agreement. [IF THE TAX CREDIT INVESTOR IS NO LONGER IN THE BORROWER OWNERSHIP STRUCTURE ON THE CLOSING DATE, DELETE THE FOLLOWING SECTION 6.34(e), AND XXXX “RESERVED.”]
