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SPECIFIC PERFORMANCE BY THE OWNER OF ITS OBLIGATIONS UNDER THIS AGREEMENT IN A STATE COURT OF COMPETENT JURISDIC 1 ION. The Owner hereby further specifically acknowledges that the beneficiaries of the Owner's obligations hereunder cannot be adequately compensated by monetary damages in the event of any default hereunder. (c) The Owner hereby agrees that the representations and covenants set forth herein may be relied upon by the MHFA and all persons interested in Project compliance under Section 42 of the Code and the applicable regulations. (d) The project Owner acknowledges that the MHFA is required, pursuant to Section 42(m)(1)(iii) of the Code, (i) to monitor the Project Owners and the Project's compliance with the requirements of Section 42 of the Code, and (ii) to notify the Service of any noncompliance which if found. In addition, Project Owner acknowledges that MHFA shall monitor the Project Owner's compliance with the MHFA Occupancy Restrictions, if any, set forth in Section 5 hereof. SECTION 9 - MISCELLANEOUS (a) Severabilitv. The invalidity of any clause, part or provision of this Agreement shall not affect the validity of the remaining portions thereof. (b) Notices. All notices to be given pursuant to this Agreement shall be in writing and shall be deemed given when mailed by certified or registered mail, return receipt requested, to the parties hereto at the addresses set forth below, or to such other place as a party may from time to time designate in writing. To the MHFA: To the Owner: ATTENTION: Low - Income Housing Credit Program Minnesota Housing Finance Agency 400 Sibley Street, Suite 300 St. Paul, MN 55101 A 1 LNTION: Terry 3. Schmid Cottage Homesteads of Willow Ponds Limited Partnership 101 2nd Street NW Avon, MN 56310 The MHFA and the Owner. may, by notice given hereunder, designate any further or different addresses to which subsequent notices, certificates or other communications shall be sent. (c) Amendment. Notwithstanding anything to the contrary contained herein, this Agreement may be amended by a written agreement between the MEIFA and the Owner, which agreement shall be effective upon execution thereof by the MHFA and the Owner and the recording/of the amendment with the County Recorder of the County in which the Project is Iocated. The Owner agrees that it will take all actions necessary to effect amendment of this Agreement as may be necessary to comply with the Code any and all applicable 091196 FIDATA'M 100VKh00091OCJM 8