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73850847v2 7 Section 4.05. Use of TIF Loan Proceeds. All TIF Loan Proceeds shall be used solely to pay Eligible Project Costs actually incurred by Borrower, and as shown on Exhibit C, attached hereto. Section 4.06. Performance. Borrower will (i) keep, perform, enforce and maintain in full force and effect all of the terms, covenants, conditions and requirements of this Agreement; (ii) not amend, cancel, change, terminate, supplement or waive any of the terms, covenants or conditions of this Agreement, except as herein provided, without the consent of the Lender, which consent will not be unreasonably withheld; and (iii) execute such amendments, modifications and extensions of this Agreement as may be requested by the Lender Section 4.07. Refinancing. Unless otherwise agreed to by the Lender in writing, in the event the Borrower refinances the Project, the principal amount of the TIF Loan will be immediately due and payable. Section 4.08. Compliance with Low and Moderate Income Requirements. The Borrower agrees that the Project must satisfy, or be treated as satisfying, the income requirements for a qualified residential rental project as defined in Section 142(d) of the Internal Revenue Code. The Developer must meet the above requirements as follows: (a) At least 10% of the units of the Project must be occupied or available for occupancy by persons whose incomes do not exceed 30% of the Median Income for the Area (as defined by the Regulatory Agreement); and (b) The remaining units of the Project must be occupied or available for occupancy by persons whose incomes do not exceed 60% of the Median Income for the Area; The limits described above must be satisfied through July 1, 2048. After the execution of this Agreement and on or before each July 1, the Developer or an agent of the Developer must deliver or cause to be delivered to the City a Certificate of Continuing Program Compliance, the form of which is Exhibit C attached to the Regulatory Agreement, executed by the Developer covering the preceding twelve (12) months together with written evidence satisfactory to the City of compliance with the covenants in this Section. This evidence must include a statement of the household income of each qualifying renter, a written determination that each qualifying renter's household income falls within the qualifying limits of this Section (and Section 142(d) of the Internal Revenue Code), and certification that the income documentation is correct and accurate (and that the determination of qualification was made in compliance with Section 142(d) of the Internal Revenue Code). The City may review, upon request, all documentation supporting the Developer submissions and statements. In determining compliance with this Section, the Developer must use the Median Income for the Area. This Section 4.08 shall survive the expiration or earlier termination of this Agreement. Section 4.09. Books and Records. Borrower will establish and maintain accurate and complete books, accounts and records pertaining to the Project in manner acceptable to the Lender. The Lender and its representatives, shall have the right but not the obligation, at all reasonable