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135260700v3 9 certification set forth in the attached EXHIBIT B–1 for initial certifications and EXHIBIT B–2 for recertifications or another form approved by Bond Counsel (each, an “Income Certification”) and will provide such additional information as may be required by Section 142(d) of the Code, as the same may be amended from time to time, or in such other form and manner as may be required by applicable rules, rulings, policies, procedures, Treasury Regulations now or hereafter promulgated, proposed or made by the Department of the Treasury or the Internal Revenue Service applicable to the Note. Such Income Certification shall be obtained prior to initial occupancy. If requested by the Fiscal Agent or Governmental Lender, a copy of such Income Certification shall be filed with the Fiscal Agent and the Governmental Lender prior to occupancy by the tenant whenever possible but in no event more than one month after initial occupancy by the tenant. A copy of each re-certification of income shall be attached to each report filed with the Governmental Lender and the Fiscal Agent pursuant to Section 4(a) above. The Borrower shall make a good-faith effort to verify that the income reported by an applicant in an income certification is accurate by taking at least one of the following steps as a part of the verification process: (1) obtain a pay stub for the most recent pay period, (2) obtain an income tax return for the most recent tax year, (3) conduct a credit or similar search, (4) obtain an income verification form from the applicant’s current employer, (5) obtain an income verification form from the Social Security Administration if the applicant receives assistance from such agency, or (6) if the applicant is unemployed and has no such tax return, obtain another form of independent verification. If the Low Income Tenant is a Section 8 Certificate Holder, the Borrower shall retain a copy of the certificate or voucher for verification of income in lieu of an income verification. The Borrower understands that failure to file the Annual Certification of a Residential Rental Project, Form 8703 (Rev. December 2021), or successor form, as required by Section 142(d)(7) of the Code at the times stated therein may subject it to the penalty described in Section 6652(j) of the Code. (d) The Borrower will maintain complete and accurate records pertaining to the Low Income Units and will permit, upon reasonable prior notice, any duly authorized representative of the Governmental Lender, the Fiscal Agent, the Funding Lender, the Department of the Treasury, or the Internal Revenue Service to inspect the books and records of the Borrower pertaining to the Project, including those records pertaining to the occupancy of the Low Income Units. This section is not intended to create any additional duties to inspect records. (e) The Borrower will prepare and submit to the Governmental Lender and the Fiscal Agent, and if requested, the Funding Lender on or before December 1 of each year during the Qualified Project Period, beginning the first December 1 following commencement of the Qualified Project Period, a Continuing Program Compliance Certificate in the form of EXHIBIT C attached hereto and executed by the Borrower, and, if requested by the Fiscal Agent or Governmental Lender the Income Certifications described in Section 4(c) above. The Fiscal Agent may solely rely on the Continuing Program Compliance Certificate delivered hereunder as evidence of compliance by the Borrower with this Regulatory Agreement. (f) The Borrower, upon becoming aware of an Event of Default, will notify the Governmental Lender, the Funding Lender and a Responsible Officer of the Fiscal Agent, in writing, of the occurrence of any such Event of Default hereunder or any event which, with the passage of time or service of notice, or both, would constitute an Event of Default hereunder,