Common use of Term of Restrictions Clause in Contracts

Term of Restrictions. (a) The term of the occupancy restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, which is the Required Number of Years after the Occupancy Date. During the Required Number of Years, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit. (b) Notwithstanding subsection (a) above, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year extended use period (30 years total); provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust); or (ii) after the expiration of the Qualified Contract Required Number of Years, if the Owner has properly requested in accordance with Code Section 42(h)(6) that the Authority assist in procuring a qualified contract for the acquisition of the low-income portion of such building and the Authority is unable to present a qualified contract within one (1) year after the date the written request was submitted to the Authority. In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure no less than 15 days prior to such foreclosure. (c) Notwithstanding subsections (a) and (b) above, the Code Section 42 rent requirements shall continue for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit (the “Vacancy Decontrol Rule”). (d) If the Project experiences financial trouble the Owner may request a waiver from the Authority of the applicable rent restrictions stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on written evidence submitted to the Authority by the Owner which must be evaluated and certified by an independent third-party CPA. The Authority may waive or adjust the rent restrictions stated on the Summary Page for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions include, but are not limited to the following: (i) Extraordinary changes in the operating expenses of the Project; (ii) Capital requirements that are necessary to maintain a safe and sanitary Dwelling Unit, suitable for occupancy; and (iii) A Project lender originates changes to the financial conditions and debt arrangement that substantially impacts the debt service coverage ratio requirements of the Project. Any dispute of a waiver decision by the Executive Director of the Authority can be appealed and settled by arbitration. The arbitration board shall consist of the following mutually acceptable representatives: (A) A representative selected by the Executive Director of the Authority; (B) A representative selected by the Owner of the Project; and (C) A representative from the American Arbitration Association (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Project to deviate from the rent restrictions stated on the Summary Page because of improved market conditions or for any reason other than an increase in the Project’s county area median income, without the prior approval of the Executive Director of the Authority.

Term of Restrictions. (a) The term of the occupancy restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, date which is the Required Number of Years after the Occupancy Date. During the Required Number of Years, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit. (b) Notwithstanding subsection (a) above, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year extended use period (30 years total); provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust); or (ii) after the expiration of the Qualified Contract Required Number of Years, if the Owner has properly requested in accordance with Code Section 42(h)(6) that the Authority assist in procuring a qualified contract for the acquisition of the low-income portion of such building and the Authority is unable to present a qualified contract within one (1) year after the date the written request was submitted to the Authority. In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure no less than 15 days prior to such foreclosure. (c) Notwithstanding subsections (a) and (b) above, the Code Section 42 rent requirements shall continue for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit (the “Vacancy Decontrol Rule”).or (d) If the Project experiences financial trouble the Owner may request a waiver from the Authority of the applicable rent restrictions stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on written evidence submitted to the Authority by the Owner which must be evaluated and certified by an independent third-third party CPA. The Authority may waive or adjust the rent restrictions stated on the Summary Page for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions include, but are not limited to the following:. (i) Extraordinary changes in the operating expenses of the Project;. (ii) Capital requirements that are necessary to maintain a safe and sanitary sanitary. Dwelling Unit, Units suitable for occupancy; and. (iii) A Project lender originates changes to the financial conditions and debt arrangement that substantially impacts impact the debt service coverage ratio requirements of the Project. Any dispute of a waiver decision by the Executive Director of the Authority can be appealed and settled by arbitration. The arbitration board shall consist of the following mutually acceptable representatives:. (A) A representative selected by the Executive Director of the Authority; (B) A representative selected by the Owner of the Project; and (C) A representative from the American Arbitration Association (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Project to deviate from the rent restrictions stated on the Summary Page because of improved market conditions or for any reason other than an increase in the Project’s county area median income, without the prior approval of the Executive Director of the Authority.

Term of Restrictions. (a) The term of the occupancy restriction Occupancy Restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, date which is the Required Number of Years after the Occupancy Date. During the Required Number of Years, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit. (b) Notwithstanding subsection (a) above, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year extended use period (30 years total); provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust); or (ii) after the expiration of the Qualified Contract Required Number of Years, if the Owner has properly requested in accordance with Code Section 42(h)(6) that the Authority assist in procuring a qualified contract for the acquisition of the low-income portion of such building and the Authority is unable to present a qualified contract within contract, one (1) year after the date the written request was submitted to the Authority. The Owner hereby agrees that it will not request the Authority’s assistance in procuring a qualified contract prior to the expiration of the Required Number of Compliance Years as set forth on the Summary Page. In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure no less than 15 days prior to such foreclosure. (c) Notwithstanding subsections (a) and (b) above, the Code Section 42 rent requirements shall continue for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall 4832-2926-6180.1 Model Crown XXXX not increase the gross rent above the maximum allowed under the Code Section 42 of the Code with respect to such Dwelling Unit (the “Vacancy Decontrol Rule”). (d) If the Project experiences financial trouble the Owner may it can request a waiver from the Authority of the applicable rent restrictions restriction stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on the written evidence submitted to the Authority supplied by the Owner owner which must be is evaluated and certified by an independent third-third party CPA. The Authority may waive or adjust the specified rent restrictions stated on the Summary Page restriction for a period not to exceed 36 months. After 30 months, months a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions include, restriction include but are not limited to the followingto: (i) Extraordinary changes in the operating expenses of the Project;expenses. (ii) Capital requirements that are necessary to maintain a safe and safe, sanitary Dwelling Unitunit, suitable for occupancy; and. (iii) A Project lender originates Lender originated changes to the financial conditions and debt arrangement that substantially impacts the debt service coverage ratio requirements of the Projectratios. Any dispute of a the waiver decision by the Executive Director of the Authority can be appealed and settled by arbitration. The arbitration board shall consist of the following mutually acceptable representatives: (A1) A representative selected by the Executive Director of the Authority; (B2) A representative selected by the Owner of the Project; and (C3) A representative from the American Arbitration Association (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Project a project to deviate from the rent restrictions stated on the Summary Page restriction because of improved market conditions or for any reason other than an increase in the Project’s certain county area median income, without the prior approval of the Executive Director of the Authority.

Term of Restrictions. (a) The term of the occupancy restriction Occupancy Restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, date which is the Required Number of Years after the Occupancy Date. During the Required Number of Years, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit. (b) Notwithstanding subsection (a) above, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year extended use period (30 years total); provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust); or (ii) after the expiration of the Qualified Contract Required Number of Years, if the Owner has properly requested in accordance with Code Section 42(h)(6) that the Authority assist in procuring a qualified contract for the acquisition of the low-income portion of such building and the Authority is unable to present a qualified contract within one (1) year after the date the written request was submitted to the Authority. In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure no less than 15 days prior to such foreclosure. (c) Notwithstanding subsections (a) and (b) above, the Code Section 42 rent requirements shall continue for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit (the “Vacancy Decontrol Rule”). (d) If the Project experiences financial trouble the Owner may it can request a waiver from the Authority of the applicable rent restrictions restriction stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on the written evidence submitted to the Authority supplied by the Owner owner which must be is evaluated and certified by an independent third-party CPA. The Authority may waive or adjust the specified rent restrictions stated on the Summary Page restriction for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions restriction include, but are not limited to the followingto: (i) Extraordinary changes in the operating expenses of the Projectexpenses; (ii) Capital requirements that are necessary to maintain a safe and safe, sanitary Dwelling Unitunit, suitable for occupancy; and (iii) A Project lender originates Lender originated changes to the financial conditions and debt arrangement that substantially impacts the debt service coverage ratio requirements of the Projectratios. Any dispute of a the waiver decision by the Executive Director of the Authority can be appealed and settled by arbitration. The arbitration board shall consist of the following mutually acceptable representatives: (Ai) A representative selected by the Executive Director of the Authority; (Bii) A representative selected by the Owner of the Project; and (Ciii) A representative from the American Arbitration Association (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Project a project to deviate from the rent restrictions stated on the Summary Page restriction because of improved market conditions or for any reason other than an increase in the Project’s certain county area median income, without the prior approval of the Executive Director of the Authority.

Term of Restrictions. (a) The term of the occupancy restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, date which is the Required Number of Years after the Occupancy Date. During the Required Number of Years, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit. (b) Notwithstanding subsection (a) above, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year extended use period (30 years total); provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust); or (ii) after the expiration of the Qualified Contract Required Number of Years, if the Owner has properly requested in accordance with Code Section 42(h)(6) that the Authority assist in procuring a qualified contract for the acquisition of the low-income portion of such building and the Authority is unable to present a qualified contract within one (1) year after the date the written request was submitted to the Authority. In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure no less than 15 days prior to such foreclosure. (c) Notwithstanding subsections (a) and (b) above, the Code Section 42 rent requirements shall continue for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit (the “Vacancy Decontrol Rule”). (d) If the Project experiences financial trouble the Owner may can request a waiver from the Authority of the applicable rent restrictions stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on the written evidence submitted to the Authority supplied by the Owner which must be evaluated and certified by an independent third-party CPA. The Authority may waive or adjust the rent restrictions stated on the Summary Page for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions include, but are not limited to the following: (i) Extraordinary changes in the operating expenses of the Project; (ii) Capital requirements that are necessary to maintain a safe and safe, sanitary Dwelling Unitunit, suitable for occupancy; and (iii) A Project lender originates changes to the financial conditions and debt arrangement that substantially impacts the debt service coverage ratio requirements of the Project. Any dispute of a the waiver decision by the Executive Director of the Authority can be appealed and settled by arbitration. The arbitration board shall consist of the following mutually acceptable representatives: (A) A representative selected by the Executive Director of the Authority; (B) A representative selected by the Owner of the Project; and (C) A representative from the American Arbitration Association (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Project to deviate from the rent restrictions stated on the Summary Page because of improved market conditions or for any reason other than an increase in the Project’s county area median income, without the prior approval of the Executive Director of the Authority.

Term of Restrictions. (a) The term of the occupancy restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, date which is the Required Number of Years after the Occupancy DateDate (the “Affordability Period”). During the Required Number of YearsAffordability Period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit.existing (b) Notwithstanding subsection (a) aboveFor the duration of the Affordability Period, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year an extended use period (30 a minimum of 15 years total)or such greater number of years as set forth on the Summary Page hereof) for a total Required Number of Years as set forth on the Summary Page; provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust), if the foreclosure or instrument in lieu of foreclosure is determined to be in compliance with Section 42(h)(6) of the Code; or (ii) after the expiration of the Qualified Contract Required Number of Years, but only if the Owner has properly requested requested, in accordance with Code Section 42(h)(6) of the Code, that the Authority assist in procuring a qualified contract for the acquisition of the lownon-low income portion of the building for fair market value and the low income portion of such building for an amount not less than the price specified in Section 42(h)(6) of the Code, and the Authority is unable to present a qualified contract within one (1) year after the date the written request was submitted to the Authority, and the request has been reviewed by the Authority and determined to be in compliance with the requirements of the Authority and Section 42(h)(6) of the Code. [If the option to request a Qualified Contract has been waived pursuant to the Application, delete (ii) above.] In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure from the Owner no less than 15 30 days prior to such foreclosure. (c) Notwithstanding the foregoing in subsections (a) and (b) above, the Code rent requirements set forth in Section 42 rent requirements of the Code shall continue with respect to the Qualified Units for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Qualified Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Qualified Unit (the “Vacancy Decontrol Rule”)., regardless of whether the tenant is an existing tenant or a new tenant occupying the Qualified Unit subsequent to the termination of this Agreement. In addition, during such three-year period, the Owner shall accept as tenants, on the same basis as all other prospective tenants, persons who are holders of vouchers or certificates for federal housing assistance payments for existing (d) If the Project experiences financial trouble the Owner may request a waiver from the Authority of the applicable rent restrictions stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on written evidence submitted to the Authority by the Owner which must be evaluated and certified by an independent third-party CPA. The Authority may waive or adjust the rent restrictions stated on the Summary Page for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions include, but are not limited to the following:. (i) Extraordinary changes in the operating expenses of the Project; (ii) Capital requirements that are necessary to maintain a safe and sanitary Dwelling Unit, suitable for occupancy; andor (iii) A Project lender originates changes to the financial conditions and debt arrangement that substantially impacts the debt service coverage ratio requirements of the Project. Any dispute of a waiver decision by the Executive Director of the Authority can be appealed and settled by arbitration. The arbitration board shall consist of the following mutually acceptable representatives:. (A) A representative selected by the Executive Director of the Authority, which representative shall not have any interest, direct or indirect, in the Project but shall have expertise in the area related to the dispute (e.g., finance, construction management or property management); (B) A representative selected by the Owner of the Project, which representative shall not have any interest, direct or indirect, in the Project but shall have expertise in the area related to the dispute (e.g., finance, construction management or property management) ; and (C) A representative from the American Arbitration Association or other agreed upon, certified mediator or arbitrator (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Project to deviate from the rent restrictions stated on the Summary Page because of improved market conditions or for any reason other than an increase in the Project’s county area median income, without the prior approval of the Executive Director of the Authority.

Term of Restrictions. (a) The term of the occupancy restriction Occupancy Restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, date which is the Required Number of Years after the Occupancy Date. During the Required Number of Years, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit. (b) Notwithstanding subsection (a) above, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year extended use period (30 years total); provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i1) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust); or (ii2) after the expiration of the Qualified Contract Required Number of Years, if the Owner has properly requested in accordance with Code Section 42(h)(6) that the Authority assist in procuring a qualified contract for the acquisition of the low-income portion of such building and the Authority is unable to present a qualified contract within one (1) year after the date the written request was submitted to the Authority. Project Owner agrees that Section 42(h)(6)(E)(i)(II) of the Code shall not apply to, and shall not cause the termination of, the extended use period applicable to any building of the Project. In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure no less than 15 days prior to such foreclosure. (c) Notwithstanding subsections (a) and subsection (b) above, the Code Section 42 rent requirements shall continue for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit low-income unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit (the “Vacancy Decontrol Rule”)low-income unit. (d) If the Project experiences financial trouble the Owner may it can request a waiver from the Authority of the applicable rent restrictions restriction stated on the Summary Page summary page (ii) of this Agreementdocument. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on the written evidence submitted to the Authority supplied by the Owner owner which must be is evaluated and certified by an independent third-party CPA. The Authority may waive or adjust the specified rent restrictions stated on the Summary Page restriction for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions restriction include, but are not limited to the followingto: (i1) Extraordinary changes in the operating expenses of the Projectexpenses; (ii2) Capital requirements that are necessary to maintain a safe and safe, sanitary Dwelling Unitunit, suitable for occupancy; and (iii3) A Project lender originates Lender originated changes to the financial conditions and debt arrangement that substantially impacts the debt service coverage ratio requirements of the Projectratios. Any dispute of a the waiver decision by the Executive Director of the Authority can be appealed and settled by arbitration. The arbitration board shall consist of the following mutually acceptable representatives: (A1) A representative selected by the Executive Director of the Authority; (B2) A representative selected by the Owner of the Project; and (C3) A representative from the American Arbitration Association (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Project a project to deviate from the rent restrictions stated on the Summary Page restriction because of improved market conditions or for any reason other than an increase in the Project’s certain county area median income, without the prior approval of the Executive Director of the Authority.

Term of Restrictions. (a) The term of the occupancy restriction Occupancy Restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, date which is the Required Number of Years after the Occupancy Date. During the Required Number of Years, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit. (b) Notwithstanding subsection (a) above, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year extended use period (30 years total); provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i1) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust); or (ii2) after the expiration of the Qualified Contract Required Number of Years, if the Owner has properly requested in accordance with Code Section 42(h)(6) that the Authority assist in procuring a qualified contract for the acquisition of the low-income portion of such building and the Authority is unable to present a qualified contract within one (1) year after the date the written request was submitted to the Authority. Project Owner agrees that Section 42(h)(6)(E)(i)(II) of the Code shall not apply to, and shall not cause the termination of, the extended use period applicable to any building of the Project.The Owner hereby agrees that it will not request the Authority’s assistance in procuring a qualified contract prior to the expiration of the Required Number of Years set forth on the forgoing Summary Page. In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure no less than 15 days prior to such foreclosure. (c) Notwithstanding subsections (a) and subsection (b) above, the Code Section 42 rent requirements shall continue for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit low-income unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit (the “Vacancy Decontrol Rule”)low-income unit. (d) If the Project experiences financial trouble the Owner may it can request a waiver from the Authority of the applicable rent restrictions restriction stated on the Summary Page summary page (ii) of this Agreementdocument. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on the written evidence submitted to the Authority supplied by the Owner owner which must be is evaluated and certified by an independent third-party CPA. The Authority may waive or adjust the specified rent restrictions stated on the Summary Page restriction for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions restriction include, but are not limited to the following:limited (i1) Extraordinary changes in the operating expenses of the Projectexpenses; (ii2) Capital requirements that are necessary to maintain a safe and safe, sanitary Dwelling Unitunit, suitable for occupancy; and (iii3) A Project lender originates Lender originated changes to the financial conditions and debt arrangement that substantially impacts the debt service coverage ratio requirements of the Projectratios. Any dispute of a the waiver decision by the Executive Director of the Authority can be appealed and settled by arbitration. The arbitration board shall consist of the following mutually acceptable representatives: (A1) A representative selected by the Executive Director of the Authority; (B2) A representative selected by the Owner of the Project; and (C3) A representative from the American Arbitration Association (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Project a project to deviate from the rent restrictions stated on the Summary Page restriction because of improved market conditions or for any reason other than an increase in the Project’s certain county area median income, without the prior approval of the Executive Director of the Authority.

Term of Restrictions. (a) The term of the occupancy restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, date which is the Required Number of Years after the Occupancy Date. During the Required Number of Years, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit. (b) Notwithstanding subsection (a) above, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year extended use period (30 years total); provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust); or (ii) after the expiration of the Qualified Contract Required Number of Years, if the Owner has properly requested in accordance with Code Section 42(h)(6) that the Authority assist in procuring a qualified contract for the acquisition of the low-income portion of such building and the Authority is unable to present a qualified contract within one (1) year after the date the written request was submitted to the Authority. In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure no less than 15 days prior to such foreclosure. (c) Notwithstanding subsections (a) and (b) above, the Code Section 42 rent requirements shall continue for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit (the “Vacancy Decontrol Rule”). (d) If the Project experiences financial trouble the Owner may request a waiver from the Authority of the applicable rent restrictions stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on written evidence submitted to the Authority by the Owner which must be evaluated and certified by an independent third-party CPA. The Authority may waive or adjust the rent restrictions stated on the Summary Page for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions include, but are not limited to the following: (i) Extraordinary changes in the operating expenses of the Project; (ii) Capital requirements that are necessary to maintain a safe and sanitary Dwelling Unit, suitable for occupancy; and (iii) A Project lender originates changes to the financial conditions and debt arrangement that substantially impacts the debt service coverage ratio requirements of the Project. Any dispute of a waiver decision by the Executive Director of the Authority can be appealed and settled by arbitration. The arbitration board shall consist of the following mutually acceptable representatives: (A) A representative selected by the Executive Director of the Authority; (B) A representative selected by the Owner of the Project; and (C) A representative from the American Arbitration Association (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Project to deviate from the rent restrictions stated on the Summary Page because of improved market conditions or for any reason other than an increase in the Project’s county area median income, without the prior approval of the Executive Director of the Authority.

Term of Restrictions. (a) The term of the occupancy restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, date which is the Required Number of Years after the Occupancy DateDate (the “Affordability Period”). During the Required Number of YearsAffordability Period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling any Qualified Unit. (b) Notwithstanding subsection (a) aboveFor the duration of the Affordability Period, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year an extended use period (30 a minimum of 15 years total)or such greater number of years as set forth on the Summary Page hereof) for a total Required Number of Years as set forth on the Summary Page; provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust), if the foreclosure or instrument in lieu of foreclosure is determined to be in compliance with Section 42(h)(6) of the Code; or (ii) after the expiration of the Qualified Contract Required Number of Years, but only if the Owner has properly requested requested, in accordance with Code Section 42(h)(6) of the Code, that the Authority assist in procuring a qualified contract for the acquisition of the lownon-low income portion of the building for fair market value and the low income portion of such building for an amount not less than the price specified in Section 42(h)(6) of the Code, and the Authority is unable to present a qualified contract within one (1) year after the date the written request was submitted to the Authority, and the request has been reviewed by the Authority and determined to be in compliance with the requirements of the Authority and Section 42(h)(6) of the Code. [If the option to request a Qualified Contract has been waived pursuant to the Application, delete (ii) above.] In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure from the Owner no less than 15 30 days prior to such foreclosure. (c) Notwithstanding the foregoing in subsections (a) and (b) above, the Code rent requirements set forth in Section 42 rent requirements of the Code shall continue with respect to the Qualified Units for a period of three (3) years following the termination or expiration of this Agreement. During such three-three year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Qualified Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Qualified Unit (the “Vacancy Decontrol Rule”), regardless of whether the tenant is an existing tenant or a new tenant occupying the Qualified Unit subsequent to the termination of this Agreement. In addition, during such three-year period, the Owner shall accept as tenants, on the same basis as all other prospective tenants, persons who are holders of vouchers or certificates for federal housing assistance payments for existing housing pursuant to Section 8 of the United States Housing Act of 1937 or a successor federal program or similar state or local voucher or certificate program, and, in connection therewith, the Owner will not apply tenant selection criteria to such voucher or certificate holders which are more burdensome than the criteria applied to any other prospective tenants. (d) If the Project experiences financial trouble the Owner may request a waiver from the Authority of the applicable rent restrictions stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on written evidence submitted to the Authority by the Owner which must be evaluated and certified by an independent third-party CPA. The Authority may waive or adjust the rent restrictions stated on the Summary Page for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions include, but are not limited to the following: (i) Extraordinary changes in the operating expenses of the Project; (ii) Capital requirements that are necessary to maintain a safe and sanitary Dwelling Unit, suitable for occupancy; andor (iii) A Project lender originates changes to the financial conditions and debt arrangement that substantially impacts the debt service coverage ratio requirements of the Project. Any dispute of a waiver decision by the Executive Director of the Authority can be appealed by the Owner of the Project and settled by arbitration. Absent agreement to a different forum or arbitration panel, such arbitration proceeding shall be conducted under the Commercial Rules of the American Arbitration Association. Regardless of the forum, the prevailing party (if there is a prevailing party as determined by the arbitration panel) shall be entitled to reimbursement of its filing fees and arbitrator’s fees from the non-prevailing party, to be assessed as part of the arbitration award. The arbitration board panel shall consist of the following mutually acceptable representatives: (A) A representative selected by the Executive Director of the Authority, which representative shall not have any interest, direct or indirect, in the Project but shall have expertise in the area related to the dispute (e.g., finance, construction management or property management); (B) A representative selected by the Owner of the Project, which representative shall not have any interest, direct or indirect, in the Project but shall have expertise in the area related to the dispute (e.g., finance, construction management or property management); and (C) A representative from the American Arbitration Association or other agreed upon, certified mediator or arbitrator (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Owner of the Project to deviate from the rent restrictions stated on the Summary Page applicable to the tenants in the Project because of improved market conditions or for any reason other than an increase in the Project’s county area median incomeincome of the county in which the Project is located, without the prior approval of the Executive Director of the Authority.

Term of Restrictions. (a) The term of the occupancy restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, date which is the Required Number of Years after the Occupancy DateDate (the “Affordability Period”). During the Required Number of YearsAffordability Period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling any Qualified Unit. (b) Notwithstanding subsection (a) aboveFor the duration of the Affordability Period, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year an extended use period (30 a minimum of 15 years total)or such greater number of years as set forth on the Summary Page hereof) for a total Required Number of Years as set forth on the Summary Page; provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust), if the foreclosure or instrument in lieu of foreclosure is determined to be in compliance with Section 42(h)(6) of the Code; or (ii) after the expiration of the Qualified Contract Required Number of Years, but only if the Owner has properly requested requested, in accordance with Code Section 42(h)(6) of the Code, that the Authority assist in procuring a qualified contract for the acquisition of the lownon-low income portion of the building for fair market value and the low income portion of such building for an amount not less than the price specified in Section 42(h)(6) of the Code, and the Authority is unable to present a qualified contract within one (1) year after the date the written request was submitted to the Authority, and the request has been reviewed by the Authority and determined to be in compliance with the requirements of the Authority and Section 42(h)(6) of the Code. [If the option to request a Qualified Contract has been waived pursuant to the Application, delete (ii) above.] In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure from the Owner no less than 15 30 days prior to such foreclosure. (c) Notwithstanding the foregoing in subsections (a) and (b) above, the Code rent requirements set forth in Section 42 rent requirements of the Code shall continue with respect to the Qualified Units for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Qualified Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Qualified Unit (the “Vacancy Decontrol Rule”), regardless of whether the tenant is an existing tenant or a new tenant occupying the Qualified Unit subsequent to the termination of this Agreement. In addition, during such three-year period, the Owner shall accept as tenants, on the same basis as all other prospective tenants, persons who are holders of vouchers or certificates for federal housing assistance payments for existing housing pursuant to Section 8 of the United States Housing Act of 1937 or a successor federal program or similar state or local voucher or certificate program, and, in connection therewith, the Owner will not apply tenant selection criteria to such voucher or certificate holders which are more burdensome than the criteria applied to any other prospective tenants. (d) If the Project experiences financial trouble the Owner may request a waiver from the Authority of the applicable rent restrictions stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on written evidence submitted to the Authority by the Owner which must be evaluated and certified by an independent third-party CPA. The Authority may waive or adjust the rent restrictions stated on the Summary Page for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions include, but are not limited to the following: (i) Extraordinary changes in the operating expenses of the Project; (ii) Capital requirements that are necessary to maintain a safe and sanitary Dwelling Unit, suitable for occupancy; andor (iii) A Project lender originates changes to the financial conditions and debt arrangement that substantially impacts the debt service coverage ratio requirements of the Project. Any dispute of a waiver decision by the Executive Director of the Authority can be appealed by the Owner of the Project and settled by arbitration. Absent agreement to a different forum or arbitration panel, such arbitration proceeding shall be conducted under the Commercial Rules of the American Arbitration Association. Regardless of the forum, the prevailing party (if there is a prevailing party as determined by the arbitration panel) shall be entitled to reimbursement of its filing fees and arbitrator’s fees from the non-prevailing party, to be assessed as part of the arbitration award. The arbitration board panel shall consist of the following mutually acceptable representatives: (A) A representative selected by the Executive Director of the Authority, which representative shall not have any interest, direct or indirect, in the Project but shall have expertise in the area related to the dispute (e.g., finance, construction management or property management); (B) A representative selected by the Owner of the Project, which representative shall not have any interest, direct or indirect, in the Project but shall have expertise in the area related to the dispute (e.g., finance, construction management or property management) ; and (C) A representative from the American Arbitration Association or other agreed upon, certified mediator or arbitrator (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Project to deviate from the rent restrictions stated on the Summary Page because of improved market conditions or for any reason other than an increase in the Project’s county area median income, without the prior approval of the Executive Director of the Authority.

Term of Restrictions. (a) The term of the occupancy restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, date which is the Required Number of Years after the Occupancy Date. During the Required Number of Years, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit. (b) Notwithstanding subsection (a) above, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year extended use period (30 years total); provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust); or (ii) after the expiration of the Qualified Contract Required Number of Years, if the Owner has properly requested in accordance with Code Section 42(h)(6) that the Authority assist in procuring a qualified contract for the acquisition of the low-income portion of such building and the Authority is unable to present a qualified contract within contract, one (1) year after the date the written request was submitted to the Authority. The Owner hereby agrees that it will not request the Authority’s assistance in procuring a qualified contract prior to the expiration of the Required Number of Compliance Years as set forth on the Summary Page. In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure no less than 15 days prior to such foreclosure. (c) Notwithstanding subsections (a) and (b) above, the Code Section 42 rent requirements shall continue for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under the Code Section 42 of the Code with respect to such Dwelling Unit (the “Vacancy Decontrol Rule”). (d) If the Project experiences financial trouble the Owner may can request a waiver from the Authority of the applicable rent restrictions stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on the written evidence submitted to the Authority supplied by the Owner which must be evaluated and certified by an independent third-third party CPA. The Authority may waive or adjust the rent restrictions stated on the Summary Page for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions include, includes but are is not limited to the following: (i) Extraordinary changes in the operating expenses of the Project;. (ii) Capital requirements that are necessary to maintain a safe and safe, sanitary Dwelling Unitunit, suitable for occupancy; and. (iii) A Project lender originates changes to the financial conditions and debt arrangement that substantially impacts the debt service coverage ratio requirements of the Project. Project Any dispute of a the waiver decision by the Executive Director of the Authority can be appealed and settled by arbitration. The arbitration board shall consist of the following mutually acceptable representatives: (A) A representative selected by the Executive Director of the Authority; (B) A representative selected by the Owner of the Project; and (C) A representative from the American Arbitration Association (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Project to deviate from the rent restrictions stated on the Summary Page because of improved market conditions or for any reason other than an increase in the Project’s county area median income, without the prior approval of the Executive Director of the Authority.

Term of Restrictions. (a) The term of the occupancy restriction set forth in Section 4 of this Agreement shall (i) commence on the Occupancy Date and (ii) end on the date, date which is the Required Number of Years after the Occupancy Date. During the Required Number of Years, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit. (b) Notwithstanding subsection (a) above, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year extended use period (30 years total); provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust); or (ii) after the expiration of the Qualified Contract Required Number of Years, if the Owner has properly requested in accordance with Code Section 42(h)(6) that the Authority assist in procuring a qualified contract for the acquisition of the low-income portion of such building and the Authority is unable to present a qualified contract within one (1) year after the date the written request was submitted to the Authority. or In the event foreclosure proceedings are initiated, the Owner shall provide to the Authority shall receive written notice of such foreclosure no less than 15 days prior to such foreclosure. (c) Notwithstanding subsections (a) and (b) above, the Code Section 42 rent requirements shall continue for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under the Code Section 42 of the Code with respect to such Dwelling Unit (the “Vacancy Decontrol Rule”). (d) If the Project experiences financial trouble the Owner may request a waiver from the Authority of the applicable rent restrictions stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on written evidence submitted to the Authority by the Owner which must be evaluated and certified by an independent third-third party CPA. The Authority may waive or adjust the rent restrictions stated on the Summary Page for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions include, includes but are is not limited to the following: (i) Extraordinary changes in the operating expenses of the Project;. (ii) Capital requirements that are necessary to maintain a safe and sanitary sanitary. Dwelling Unit, Units suitable for occupancy; and. (iii) A Project lender originates changes to the financial conditions and debt arrangement that substantially impacts impact the debt service coverage ratio requirements of the Project. Any dispute of a waiver decision by the Executive Director of the Authority can be appealed and settled by arbitration. The arbitration board shall consist of the following mutually acceptable representatives: (A) A representative selected by the Executive Director of the Authority; (B) A representative selected by the Owner of the Project; and (C) A representative from the American Arbitration Association (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Project to deviate from the rent restrictions stated on the Summary Page because of improved market conditions or for any reason other than an increase in the Project’s county area median income, without the prior approval of the Executive Director of the Authority.

Term of Restrictions. (a) The term Except as otherwise provided herein, this Agreement, including the occupancy restrictions set forth in Sections 5 and 6 hereof, shall be in effect for each building which is part of the Project for the Compliance Period and for an additional period of ( ) taxable years thereafter (the "Additional Compliance Period"). The Owner hereby waives any rights under Section 42(h)(6)(E)(i)(II) of the Code to terminate the "extended use period," as defined in Section 42(h)(6)(D) of the Code ("Extended Use Period") during such Additional Compliance Period. (b) If the Additional Compliance Period described in subsection (a) above is less than fifteen (15) taxable years, the Owner shall continue to comply with the occupancy restriction requirements set forth in Section 4 5 and 6 hereof at all times during the remaining term of the Extended Use Period. (c) Except as provided in subsection (d) of this Section 3, this Agreement and the Extended Use Period for any building which is part of the Project shall terminate: (iI) commence on the Occupancy Date and date the Project or the building is acquired by foreclosure or deed in lieu of foreclosure unless the Secretary (hereinafter defined) determines that such acquisition is part of an arrangement with the Owner a purpose of which is such termination; or (ii) end on the last day of the one-year period beginning on the date, after the date which is one (1) year prior to the Required Number end of Years after the Occupancy Date. period described in subsection (a) above, the Owner submits a written request to the Authority to find a person to acquire the Owner's interest in the low- income portion of the building and the Authority is unable to present during such period a "qualified contract" as such term is defined in Section 42(h)(6)(F) of the Code. (d) During the Required Number period of Yearsthree (3) years following any termination pursuant to subsection (c) above, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Low-Income Unit (hereinafter defined) other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Low-Income Unit. (b) Notwithstanding . This subsection (a) above, the Owner shall comply with the requirements of Section 42(h) of the Code relating to a 15-year extended use period (30 years total); provided, however, that, with respect to any building that is part of the Project, this Agreement shall terminate: (i) on the date such building is acquired by foreclosure or instrument in lieu of foreclosure (including a deed of trust); or (ii) after the expiration of the Qualified Contract Required Number of Years, if the Owner has properly requested in accordance with Code Section 42(h)(6) that the Authority assist in procuring a qualified contract for the acquisition of the low-income portion of such building and the Authority is unable to present a qualified contract within one (1) year after the date the written request was submitted to the Authority. In the event foreclosure proceedings are initiated, the Authority shall receive notice of such foreclosure no less than 15 days prior to such foreclosure. (c) Notwithstanding subsections (a) and (b) above, the Code Section 42 rent requirements shall continue for a period of three (3) years following the termination or expiration of this Agreement. During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to such Dwelling Unit (the “Vacancy Decontrol Rule”). (d) If the Project experiences financial trouble the Owner may request a waiver from the Authority of the applicable rent restrictions stated on the Summary Page of this Agreement. The right to grant a rent restriction waiver is vested in the Executive Director of the Authority. A waiver will be based on written evidence submitted to the Authority by the Owner which must be evaluated and certified by an independent third-party CPA. The Authority may waive or adjust the rent restrictions stated on the Summary Page for a period not to exceed 36 months. After 30 months, a review by the Authority of the current evidence will be conducted to determine if the waiver should be extended. Conditions justifying a waiver of the rent restrictions include, but are not limited to the following: (i) Extraordinary changes in the operating expenses of the Project; (ii) Capital requirements that are necessary to maintain a safe and sanitary Dwelling Unit, suitable for occupancy; and (iii) A Project lender originates changes to the financial conditions and debt arrangement that substantially impacts the debt service coverage ratio requirements of the Project. Any dispute of a waiver decision by the Executive Director of the Authority can be appealed and settled by arbitration. The arbitration board shall consist of the following mutually acceptable representatives: (A) A representative selected by the Executive Director of the Authority; (B) A representative selected by the Owner of the Project; and (C) A representative from the American Arbitration Association (moderator or voting member). Under no circumstances shall the waiver process provide an opportunity for the Project to deviate from the rent restrictions stated on the Summary Page because of improved market conditions or for survive any reason other than an increase in the Project’s county area median income, without the prior approval of the Executive Director of the Authoritysuch termination.