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(c) The provision of financial assistance to be made available to it under this <br /> Agreement and the commitments therefor made by the Issuer have induced the Borrower <br /> to undertake the transactions contemplated by this Agreement. <br /> (d) It presently intends to use or operate the Project in a manner consistent <br /> with the Act and in accordance with the Regulatory Agreement for the life of the Bonds, <br /> or for such longer period as may be required by the Regulatory Agreement and knows of <br /> no reason why the Project will not be so operated. If, in the future, there is a cessation of <br /> that operation, it will use its best efforts to resume that operation or accomplish an <br /> alternate use by the Borrower or others approved by the Issuer which will be consistent <br /> with the Act and the Regulatory Agreement. <br /> (e) The Project will be completed substantially in accordance with the Plans <br /> and Specifications and the portion of the Project funded with the proceeds of the Bonds <br /> will constitute a qualified residential rental project within the meaning of Section 142(d) <br /> of the Code and will be operated and maintained in such manner as to conform in all <br /> material respects with all applicable zoning, planning, building, environmental and other <br /> applicable Governmental regulations and as to be consistent with the Act. <br /> (f) The Project will be located entirely within the boundaries of the Issuer's <br /> jurisdiction. <br /> (g) At least 95% of the net proceeds of the Bonds (as defined in Section 150 <br /> of the Code) will be used to provide a qualified residential rental project (as defined in <br /> Section 142(d) of the Code), and the Borrower will not request or authorize any <br /> 3.4 hereof, which, if paid, would result in less than 95% <br /> disbursement pursuant to Section <br /> of the net proceeds of the Bonds being so used. <br /> (h) The costs of issuance financed by the Bonds will not exceed 2% of the <br /> proceeds of the Bonds (within the meaning of Section 147(g) of the Code), and the <br /> Borrower will not request or authorize any disbursement pursuant to Section 3.4 hereof or <br /> otherwise, which, if paid, would result in more than 2% of the proceeds of the Bonds <br /> being so used. <br /> (i) At least 95% of the proceeds of the Bonds shall be used or deemed used <br /> exclusively to pay costs that are (A) capital expenditures (as defined in Section 1.150- <br /> 1(a) of the Code's regulations) and (B) not made for the acquisition of existing property, <br /> to the extent prohibited in Section 147(d) of the Code, <br /> (j) The proceeds of the Bonds shall be used or deemed used exclusively to <br /> pay costs that are made exclusively with respect to a"qualified residential rental project" <br /> within the meaning of Section 142(d) of the Code and that for the greatest number of <br /> buildings the proceeds of the Bonds shall be deemed allocated on a pro rata basis to each <br /> building in the Project and the land on which it is located so that each building and the <br /> land on which it is located will have been financed fifty percent (50%) or more by the <br /> proceeds of the Bonds for the purpose of complying with Section 42(h)(4)(B) of the <br /> Code; provided, however, the foregoing representation, covenant and warranty is made <br /> 5 <br />