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06/07/2010 Council Packet
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06/07/2010 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
06/07/2010
Council Meeting Type
Work Session Regular
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(g) <br />transitional housing for the homeless) which are to be used on other than a transient <br />basis. <br />During the term of this Agreement, all units subject to the Credit shall be leased and <br />rented or made available to members of the general public who qualify as Low - Income <br />Tenants (or otherwise qualify for occupancy of the low - income units) under the <br />applicable election specified in Section 42 (g) of the Code. <br />The Owner agrees to comply fully with the requirements of the Fair Housing Act as it <br />may from time to time be amended. <br />The Owner will not during the term of this Agreement refuse to Iease a unit to the holder <br />of a voucher or certificate of eligibility under Section 8 of the United States Housing <br />Action of 1937 because of the status of the prospective tenant as such a holder. <br />During the term of this Agreement, the Owner covenants, agrees and warrants that each <br />low - income unit is and will remain suitable for occupancy. <br />Subject to the requirements of Section 42 of the Code and this Agreement, the Owner <br />may sell, transfer or exchange the entire Project at any time, but the Owner shall notify in <br />writing and obtain the agreement of any buyer or successor or other person acquiring the <br />Project or any interest therein that such acquisition is subject to the requirements of this <br />Agreement and to the requirements of Section 42 of the Code and applicable regulations. <br />This provision shall not act to waive any other restriction on sale, transfer or exchange of <br />the project or any Iow- income portion of the Project. The Owner agrees that the MHFA <br />may void any sale, transfer or exchange of the Project if the buyer or successor or other <br />person fails to assume in writing the requirements of this Agreement and the <br />requirements of Section 42 of the Code. <br />(1) The Owner agrees to notify the MHFA in writing of any sale, transfer or exchange of the <br />entire Project or any low - income portion of the Project. <br />(m) The Owner shall not demolish any part of the Project or substantially subtract from any <br />real or personal property of the Project or permit the use of any residential rental unit for <br />any purpose other than rental housing during the term of this Agreement unless required <br />by law. <br />(n) The Owner represents, warrants and agrees that if the Project, or any part thereof, shall be <br />damaged or destroyed or shall be condemned or acquired for public use, the Owner will <br />use its best efforts to repair and restore the Project to substantially the same condition as <br />existed prior to the event causing such damage or destruction, or to relieve the <br />condemnation, and thereafter to operate the Project in accordance with the terms of this <br />Agreement. <br />(o) The Owner warrants that it has not and will not execute any other agreement with <br />provisions contradictory to, or in opposition to, the provisions hereof, and that in any <br />091196 <br />FADATASM t 00VIU ,009100 IM <br />4 <br />
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