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land on which it is located so that each building and the land on which it is located will have been <br /> financed fifty percent (50%) or more by the proceeds of the Bonds for the purpose of complying <br /> with Section 42(h)(4)(B) of the Code; <br /> (rr) [This paragraph is intentionally left blank]. <br /> (ss) Neither the Borrower nor any related person thereto shall acquire any Bonds in <br /> any amount; <br /> (tt) The Borrower understands the nature and structure of the transactions relating to <br /> the financing of the Project; it is familiar with the provisions of all of the documents and <br /> instruments relating to such financing to which it is a party or of which it is a beneficiary, <br /> including the Loan Documents; it understands the risks inherent in such transactions, including, <br /> without limitation, the risk of loss of the Project; and it has not relied on any other party to the <br /> transaction or their counsel for any guidance or expertise in analyzing the financial or other <br /> consequences of the transactions contemplated by this Agreement or otherwise relied on any <br /> other party to the transaction or their counsel in any manner; <br /> (uu) The Project is, as of the date hereof, in compliance with all requirements of the <br /> LURA, including all applicable requirements of the Act and Code. The residential units in the <br /> Project are to and will be rented or available for rental on a basis which satisfies the requirements <br /> of the LURA, including all applicable requirements of the Act and the Code. All current leases <br /> comply, and all future leases will comply, with all applicable laws and the LURA. The Project <br /> pp J <br /> meets the requirements of this Agreement, the LURA, the Act and the Code with respect to <br /> multifamily rental housing; <br /> (vv) The Borrower hereby represents that it has taken or caused to be taken, and <br /> covenants that it will take or cause to be taken, all actions that may required uired of it, alone or in <br /> q <br /> conjunction with the Issuer, for the interest on the Bonds to be and to remain excluded from gross <br /> income for federal income tax purposes, and represents that it has not taken or permitted to be <br /> taken on its behalf, and covenants that it will not take or permit to be taken on its behalf, any <br /> actions that would adversely affect such exclusion under the provisions of the Code. <br /> Section 13.2 Representations of the Issuer. The Issuer represents and warrants to Borrower <br /> and MBI that: <br /> (a) It is a municipal corporation of the State of Indiana (the "State") organized and <br /> validly existing and, pursuant to the Act, has full legal right, power and authority(i) to enter into <br /> this Agreement; (ii) to adopt the ordinance authorizing the Bonds (the "Bond Legislation") and <br /> cause the delivery of the Bonds pursuant to the Bond Legislation and this Agreement as provided <br /> herein; (iii) to loan the proceeds of the Bonds to the Borrower for the purpose set forth in this <br /> Agreement; and (iv) to carry out and consummate the transactions contemplated by the Loan <br /> Documents; <br /> (b) The Issuer, with respect to the Bonds, as advised by Bond Counsel, has <br /> complied, and will, on the date of issuance of the Bonds, be in compliance in all material respects <br /> with the Loan Documents and the relevant laws of the State; <br /> (c) (i) On or prior to the date of issuance of the Bonds, the Issuer will have taken all <br /> action required to be taken by it to authorize the issuance and sale of the Bonds and the <br /> performance of its obligations hereunder; (ii)the Issuer has full legal right,power and authority to <br /> enter into the Loan Documents, will have full legal right, power and authority to deliver the <br /> Page 40 <br />