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In addition to the tenant income limits imposed upon the Project by the Regulatory Agreement, <br /> the Project will be further encumbered by a tax credit restrictive covenant,to be executed by the Borrower <br /> in connection with the low-income housing tax credits anticipated to be granted for the Project and in <br /> compliance with the requirements of Section 42 of the Code. Under the tax credit restrictive covenant, <br /> the Borrower will agree to restrict the income levels of tenants in 100% of the units in the Project (the <br /> "Tax Credit Units"). All of the Tax Credit Units shall be held available for rental to persons whose <br /> adjusted family income is equal to or less than 60% of the AMI adjusted for family size and the rents <br /> which may be charged for occupancy of units in the Project will be restricted to not more than 30% of <br /> 60%of AMI, adjusted for family size. <br /> The Property Manager <br /> The Project will be managed by [ ] or its affiliates (the <br /> "Property Manager"). The Property Manager has been involved in the management of apartment <br /> complexes since [ The Property Manager currently manages more than [ ] <br /> units <br /> throughout [locations]. The Property Manager is [un]affiliated with the Borrower. The Borrower has <br /> entered into a Management Agreement with the Property Manager to engage the Property Manager to <br /> manage the Project. Under the Management Agreement, the Property Manager will manage the day-to- <br /> day operations of the Project. <br /> The General Contractor <br /> The general contractor for the Project will be [ ] (the"General <br /> Contractor"). The General Contractor has been constructing and rehabilitating multifamily rental <br /> housing developments for more than [ ] years. The General Contractor is [un]affiliated with the <br /> Borrower. <br /> The Architect <br /> The architect for the Project is [ ] (the "Architect"). The <br /> Architect has been a licensed architect since [ ] and has been the principal architect for a substantial <br /> number of multifamily developments throughout [locations]. The Architect is [un]affiliated with the <br /> Borrower. <br /> THE TRUSTEE <br /> The Huntington National Bank will serve as Trustee under the Indenture. The Trustee is a <br /> national banking association organized under the laws of the United States of America. <br /> - 7- <br />