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12/02 13:48 1897 FROM: 812 347 0800 7O: 8122238460 PAGE: 4 <br />Sant by: WINTHROP WEINSTINE 812 347 0800 12/02!97 1:42PU *ear Job 747 Page 4/5 <br />M <br />COVENANTS <br />NOW THEREFORE, in consideration of the premises set forth above. the parties agree as <br />follows. <br />(1) Restrictions an Law Income. The Partnership will not claa n Credits with regard <br />to the Project, in any taxable year, in scams of sixty-five percent (65%) of the C edits <br />which would ho gaterated by a onahundrad (WOO) percent qualified low - income <br />occrtpancy of the Project. In fLutheran et t hereof, the Parntsn erstdp Agrees that the <br />"applicable fraction" as that term is defined in Cade Saaioa 42 shall not <br />exceed 65% for any taxable year in the credit period. On or before February 15 of <br />each year. the Owner shall certify to the City that it is in compliance with this <br />provision and the Owner shall grant the Cary, or ins professional advisors, reasonable <br />access to its books and meads for the limited papa of confuting compliance with <br />this provision. <br />(2) OFcndon• The Partnership will adhere to its nunsl customary product business <br />practices in connection with the operation and mtmaganau of the Project including <br />tenant selection and retention policies, !awing, repairs end maintenance. <br />(3) Itehgaegjgg. The Partnaship hereby cantos drat all work listed the Scope of Work <br />has been convicted in its tarty. <br />(4) 42fm1 Determination. Contemporaneously with the wanton of this Agreement, the <br />City will issue the 42(m) Determination based upon final financial information received <br />by the City u squired by the Code, subject to the limitation on Credits u provided <br />for in this Agteemem. <br />(5) Suecnaan and A4signs. This Agra:ma t shell hear to the benefit of and shall be <br />binding upon the Partnership and the City and their respective successors and assigns. <br />(6) Countaparts. This Agreement may be accusal in several counterparts, each of which <br />shall be an original and all of which shall constitute btu one and the same insautnem. <br />9/9 d LOSZELI99E'oN/SE 9f'IS/S7 :91 do,EB't (G u) Page 59 <br />NVOU07t ? S90[E9 MEd <br />