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TABLE OF CONTENTS <br /> <br />Page <br /> -i- <br /> <br />SECTION 1. DEFINITIONS ....................................................................................................... 2 <br />SECTION 2. REPRESENTATIONS BY THE BORROWER ................................................... 4 <br />SECTION 3. QUALIFIED RESIDENTIAL RENTAL PROJECT ............................................ 6 <br />SECTION 4. LOW INCOME TENANTS .................................................................................. 8 <br />SECTION 5. RESTRICTIONS IMPOSED BY MINNESOTA STATUTES, CHAPTER <br />474A ..................................................................................................................... 10 <br />SECTION 6. COVENANTS RUN WITH THE LAND ............................................................ 11 <br />SECTION 7. INDEMNIFICATION.......................................................................................... 12 <br />SECTION 8. CONSIDERATION ............................................................................................. 12 <br />SECTION 9. RELIANCE .......................................................................................................... 12 <br />SECTION 10. SALE OR TRANSFER OF THE PROJECT ....................................................... 12 <br />SECTION 11. TERM .................................................................................................................. 13 <br />SECTION 12. BURDEN AND BENEFIT .................................................................................. 14 <br />SECTION 13. ENFORCEMENT ................................................................................................ 14 <br />SECTION 14. THE FISCAL AGENT AND THE GOVERNMENTAL LENDER ................... 15 <br />SECTION 15. AMENDMENT.................................................................................................... 15 <br />SECTION 16. RIGHT OF ACCESS TO THE PROJECT AND RECORDS ............................. 15 <br />SECTION 17. NO CONFLICT WITH OTHER DOCUMENTS................................................ 16 <br />SECTION 18. SEVERABILITY ................................................................................................. 16 <br />SECTION 19. NOTICES ............................................................................................................. 16 <br />SECTION 20. GOVERNING LAW ............................................................................................ 17 <br />SECTION 21. PAYMENT OF FEES .......................................................................................... 17 <br />SECTION 22. LIMITED LIABILITY ........................................................................................ 17 <br />SECTION 23. ACTIONS OF GOVERNMENTAL LENDER ................................................... 18 <br />SECTION 24. COUNTERPARTS .............................................................................................. 18 <br />SECTION 25. RECORDING AND FILING .............................................................................. 18 <br />SECTION 26. THIRD-PARTY BENEFICIARY ....................................................................... 19 <br />EXHIBIT A LEGAL DESCRIPTION OF LAND ................................................................. A-1 <br />EXHIBIT B-1 FORM OF INITIAL INCOME CERTIFICATION ....................................... B-1-1 <br />EXHIBIT B-2 FORM OF INCOME RECERTIFICATION .................................................. B-2-1 <br />EXHIBIT C CERTIFICATE OF CONTUING PROGRAM COMPLIANCE ...................... C-1