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C-2 518333v9 DTA MU205-47 adjusted for family size; and (2) rents for those low income units cannot exceed 30% of 60% of the area median income as adjusted for family size. The Party may be the Developer, or if the EDA chooses to retain ownership during development, the Party is the legal entity to which the EDA transfers ownership of the Property once it first becomes available for rent. 5. If in subsequent years after the Property first becomes available for rent, the household income for a family increases to more than 80% of the area median income as adjusted for family size, the Party may convert the rent to “Fair Market” rent as established by the U.S. Department for Housing and Urban Development. If this conversion occurs, “Fair Market” rent will continue even if the household income subsequently decreases below the 80% threshold. 6. The Party that agrees to accept Section 8 vouchers is deemed to meet income and rent limit requirements for those housing units for which such Party accepts vouchers. 7. The Party must abide by the Fair Housing Act in rental decisions. The income qualification must be satisfied at the time of each written application to lease any unit in the Property. A yearly certification of low-income rental property from the Housing Finance Agency as provided in Minnesota Statutes Section 273.128 is required to be provided to the EDA. 8. The Party will continue to qualify even if there is temporary noncompliance caused by an increase in incomes of existing tenants as long as all vacancies are filled by qualifying low income renters until the noncompliance is corrected. 9. Any resale or other conveyance of the Property during the seven (7) years after the Property first becomes available for rent must be to an owner who meets the requirements in this Memorandum and Section 4.57.60.b.2. of the Ramsey County Administrative Code. 10. The EDA will place a Declaration of Restrictive Covenants of record to assure compliance with the terms of this Memorandum. In the case of non- compliance with these terms by the Party or a subsequent owner during the seven-year period, the EDA will, at its discretion, either enforce the Declaration or require the non-compliant owner to pay for a pro-rated share of the discounted market value provided by the County for its sale of the property and the recaptured benefits, as described in Section 4.57.60.b.2 of the Ramsey County Administrative Code, that are payable to the County within 90 days of notification of non-compliance. Ramsey County has no obligation to enforce the Declaration.