Tax Credit Requirements. The Mortgagor and Mortgagee agree, notwithstanding any other provision herein to the contrary, that in the event of a foreclosure, that no tenant may be evicted for the three year period following foreclosure if such eviction would be contrary to the provisions of Section 42(h)(6)(E) of the Internal Revenue Code of 1986, as amended, and that this Subordinate Mortgage, the Loan Agreement, and the Subordinate Bonds are expressly subordinate to this provision.
Tax Credit Requirements. Manager acknowledges the Owner's objective of obtaining Tax Credits for 422 Units in the Property. Manager represents and warrants that it is familiar with Section 42 of the Code and the requirements thereto including without limitation (i) the Minimum Set-Aside Test, (ii) the Rent Restriction Test, (iii) the requirements in Section 42 (g)(2)(D) that the next available unit must be rented to a low-income tenant if income rises above 140 percent of income limit; (iv) rules and regulations regarding qualification for Tax Credits where units are vacant; and (v) rules and regulations by the Agency, HUD and the Project Lenders (collectively referred to herein as the "Regulatory Requirements"). Manager agrees to operate the Property in a manner which meets the Regulatory Requirements, including but not limited to the following:
a. To cause the required number of apartment units in the Property to be leased to suitable tenants who comply with all regulations regarding eligibility of the Property for the Tax Credits;
b. To obtain from all qualified tenants in the Property the right to receive annual reports from such tenants concerning their incomes and family sizes and any other information needed to verify eligibility;
c. To execute a lease for any rental unit in respect of which Tax Credits have been allocated to the Owner only upon first obtaining certification from the tenant, and such other information as may be necessary for the Manager to determine income criteria for low-income housing, that he or she satisfies the income criteria for low-income housing;
d. To prepare for Owner's signature, and then to file in a proper manner, the annual certifications required by the provisions of law referred to in Code Section 42(l) (2); and
e. To cause the Property to be operated in a manner that complies with all other statutes, regulations and agreements which must be complied with in order for Owner to obtain the Tax Credits with respect to 422 Units in the Property. The responsibilities and services included in this Article III are part of Manager's duties and shall not entitle Manager to any additional compensation over and above the Management Fee; provided, however, that the Manager shall be reimbursed for reasonable costs and expenses incurred by it in connection with any sale or refinancing of the Property. 4.
Tax Credit Requirements. In performing its duties under this manag'ement agreement, the Agent will comply with all relevant requirements Qfthe iRS Section 42 Tax Credit Program, Tax Credit Syndicator requirements include and are not limited to monthly compliance reviews and year-end compliance reports in the format that the Tax Credit Syndicator requires. in the escrow account at the time the interest is earned and it shall accrue and be part of the account.
Tax Credit Requirements. Notwithstanding any provision in the Mortgage or other documents evidencing the Loan, Lender acknowledges that the Loan and the Mortgage are subordinate to the requirements of Section 42(h)(6)(E) of the Internal Revenue Code of 1986, as amended (“Code”) pertaining to limitations on eviction of tenants and increases in rent for the three- year period following foreclosure. Lender represents that, to the best of its knowledge, the Loan has not and will not be funded or subsidized, in whole or in part, directly or indirectly, by the proceeds of any obligation the interest on which is exempt from taxes under Code Section 103.
Tax Credit Requirements. Notwithstanding any provision in the Mortgage or other documents evidencing the Loan, the Mortgagee acknowledges that the Loan and the Mortgage is subordinate to the requirements of Section 42(h)(6)(E) of the Internal Revenue Code pertaining to limitations on eviction of tenants and increases in rent for the three-year period following foreclosure.
Tax Credit Requirements. The Borrower shall comply and cause each other Borrower Entity and Major Project Participant, as applicable, to take all necessary actions to comply with the requirements set out in Section 45X of the Code and to maximize the amount of Section 45X Tax Credits thereunder with respect to the Project.
