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public purposes of the Issuer, certain restrictions on the use and occupancy of the Project under <br /> the Code must be established; <br /> NOW, THEREFORE, in consideration of the mutual promises and covenants hereinafter <br /> set forth, and of other valuable consideration, the receipt and sufficiency of which are hereby <br /> acknowledged, the Borrower, the Issuer and the Trustee agree as follows: <br /> SECTION 1. Definitions. In addition to terms defined elsewhere in this Agreement, <br /> unless otherwise expressly provided herein or unless the context clearly requires otherwise, the <br /> following terms shall have the respective meanings set forth below for all purposes of this <br /> Agreement: <br /> "Actually Outstanding" shall mean, with respect to the Bonds, those Bonds the principal <br /> and interest on which has not yet been fully paid, whether or not such Bonds are deemed to be <br /> outstanding under the Indenture, the Loan Agreement or the Bond Purchaser and Loan <br /> Agreement, as applicable. <br /> "Adjusted Family Income" shall mean the adjusted gross income of all persons who <br /> reside in a single residential rental unit, calculated in the manner prescribed in Section <br /> 142(d)(2)(B) of the Code, and determined in accordance with Exhibit B attached hereto. <br /> "Affordable Units" shall mean those units in the Project set aside for occupancy by <br /> Lower-Income Tenants. <br /> "Agreement" or "Regulatory Agreement" means this Regulatory Agreement and <br /> Declaration of Restrictive Covenants, as it may be supplemented and amended from time to time. <br /> "Area" shall mean the Metropolitan Statistical Area in which the Project is located, as <br /> determined from time to time by HUD. <br /> "Available Units" shall mean residential units in the Project that are actually occupied <br /> and residential units in the Project that are unoccupied and have been leased at least once after <br /> becoming available for occupancy, provided that (i) a residential unit that is unoccupied on the <br /> later of(a) the date the Project is acquired or (b) the date of issuance of the Bonds, is not an <br /> Available Unit and does not become an Available Unit until it has been leased for the first time <br /> after such date, and (ii) a residential unit that is not available for occupancy due to renovations is <br /> not an Available Unit and does not become an Available Unit until it has been leased for the first <br /> time after the renovations are completed. <br /> "Bonds" means the City of South Bend, Indiana Multifamily Housing Revenue Bonds, <br /> Series 2020A and B (Cedar Glen Apartments Project). <br /> "Certificate of Continuing Program Compliance" means the certificate to be filed by the <br /> Borrower with the Issuer and the Trustee pursuant to Section 4(a) hereof, which shall be in the <br /> form required by the Indiana Housing and Community Development Authority or the Internal <br /> Revenue Service. <br /> 2 <br />