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for the benefit of the Borrower and its members and neither the Trustee nor the Issuer <br /> shall have any obligation to enforce this covenant nor shall they incur any liability to any <br /> person, including without limitation, the Borrower, the members of the Borrower, any <br /> other affiliate of the Borrower or the holders of the Bonds for any failure to meet the <br /> intent expressed in the foregoing representation, covenant and warranty; and provided <br /> further, failure to comply with this representation, covenant and warranty shall not <br /> constitute a default or event of default under this Agreement or the Indenture. <br /> (k) The Borrower has received and reviewed a copy of the Indenture and <br /> approves the terms and conditions thereof and agrees to the terms thereof. <br /> (1) Neither the Borrower nor any related Person thereto shall acquire any <br /> Bonds in any amount. <br /> (m) The Borrower understands the nature and structure of the transactions <br /> relating to the financing of the Project; it is familiar with the provisions of all of the <br /> documents and instruments relating to such financing to which it, the Lender, the Issuer <br /> or the Trustee is a party or of which it is a beneficiary; it understands the risks inherent in <br /> such transactions, including, without limitation, the risk of loss of the Project; and it has <br /> not relied on the Lender, the Issuer, the Trustee or their counsel for any guidance or <br /> expertise in analyzing the financial or other consequences of the transactions <br /> contemplated by this Agreement and the Indenture or otherwise relied on the Lender, the <br /> Issuer, the Trustee or their counsel in any manner. <br /> (n) The Project is, as of the Closing Date, in compliance with all requirements <br /> of the Regulatory Agreement, including all applicable requirements of the Act and Code. <br /> The residential units in the Project are to and will be rented or available for rental on a <br /> basis which satisfies the requirements of the Regulatory Agreement, including all <br /> applicable requirements of the Act and the Code. All current leases comply, and all <br /> future leases will comply, with all applicable laws and the Regulatory Agreement. The <br /> Project meets the requirements of this Agreement, the Regulatory Agreement, the Act <br /> and the Code with respect to multifamily rental housing. <br /> The Borrower acknowledges that the representations and covenants herein made by the <br /> Borrower have been expressly and specifically relied upon by the Issuer in determining to make <br /> the Loan to the Borrower and the Loan would not have been made but for such representations <br /> and covenants. <br /> (End of Article II) <br /> 6 <br />