14-20 Cedar Glen Bond Ordinance Addendums

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(gg) Developer is a duly o r anized and validly existing under the laws of the State of Indiana, and has full power under its articles of incorporation and by-laws to perform its obligations under the Loan Documents; (hh) The Tax Credits are available to the Project; (ii) The Project has received an allocation of private activity bond volume in an aggregate amount of not less than and 00/100 Dollars ($ ), of which Three Million Eighty-One Thousand Seven Hundred Thirty-Two and 00/100 Dollars ($3,081,732.00)and 00/100 Dollars is being used for the Bonds and the allocation for such bonds has not expired and remains in full force and effect; (jj) The provision of financial assistance to be made available to it under this Agreement and the commitments therefor made by the Issuer have induced the Borrower to undertake the transactions contemplated by this Agreement; (kk) Borrower presently intends to use or operate the Project in a manner consistent with the Act and in accordance with the LURA for the life of the Bonds, or for such longer period as may be required by the LURA and knows of no reason why the Project will not be so operated. If, in the future, while the Bonds are outstanding, there is a cessation of that operation, Borrower will use its best efforts to resume that operation or accomplish an alternate use by the Borrower or others approved by the Issuer which will be consistent with the Act and the LURA; (11) The Project will be completed in accordance with the Plans and Specifications and the portion of the Project funded with the proceeds of the Bonds will constitute a qualified residential rental project within the meaning of Section 142(d) of the Code and will be operated and maintained in such manner as to conform in all material respects with all applicable zoning, planning, building, environmental and other applicable governmental regulations and as to be consistent with the Act; (mm) The Project will be located entirely within the boundaries of the Issuer; (nn) At least 95% of the net proceeds of the Bonds (as defined in Section 150 of the Code)will be used to provide a qualified residential rental project(as defined in Section 142(d)of the Code), and the Borrower will not request or authorize any disbursement pursuant to Section 9.1 hereof,which, if paid,would result in less than 95%of the net proceeds of the Bonds being so used; (oo) The costs of issuance financed by the Bonds will not exceed 2% of the proceeds i n the meaningof Section 147(g) of the Code), and the Borrower will not of the Bonds (within request or authorize any disbursement pursuant to Section 4.1 hereof or otherwise, which, if paid, would result in more than 2%of the proceeds of the Bonds being so used; (pp) At least 95% of the proceeds of the Bonds shall be used or deemed used exclusively to pay costs that are (A) capital expenditures (as defined in Section 1.150-1(a) of the Code's regulations) and (B) not made for the acquisition of existing property, to the extent prohibited in Section 147(d) of the Code; (qq) The proceeds of the Bonds shall be used or deemed used exclusively to pay costs that are made exclusively with respect to a "qualified residential rental project" within the meaning of Section 142(d) of the Code and that for the greatest number of buildings the proceeds of the Bonds shall be deemed allocated on a pro rata basis to each building in the Project and the Page 39