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WHEREAS,pursuant to 26 U.S.C. §42 and the Extended Use Agreement,the Project will <br /> be available for rent to residents whose incomes average sixty percent (60%) or less of the <br /> applicable area median income(the"Restricted Residents"); <br /> WHEREAS,pursuant to 26 U.S.C. §42 and the Extended Use Agreement,the Project will <br /> be limited to charging rents as determined, from time-to-time by the United States Department of <br /> Housing and Urban Development(the"Restricted Rents"); <br /> WHEREAS, since the Project will constitute property described in 26 U.S.C. § 42, the <br /> Project will be subject to the Extended Use Agreement, and the Parties have entered into this <br /> PILOT Agreement, the Owner qualifies as a "property owner" under Indiana Code § 36-1-8- <br /> 14.3(d); <br /> WHEREAS, the Owner has agreed to make certain payments-in-lieu-of-taxes as set forth <br /> in this PILOT Agreement; <br /> WHEREAS,the City is authorized to enter into this PILOT Agreement pursuant to Indiana <br /> Code § 36-1-8-14.3 et seq.; and <br /> WHEREAS, in order to provide for the successful development, financing and operation <br /> of the Project, the Owner and the City are entering into this PILOT Agreement, which the City <br /> represents has been ratified by the Common Council. <br /> NOW,THEREFORE, in consideration of the foregoing premises, mutual covenants, and <br /> other good and valuable consideration, the receipt and sufficiency of which are hereby <br /> acknowledged,the Parties hereby agree as follows: <br /> AGREEMENT <br /> Section 1. Owner Compliance. <br /> Section 1.1 (a) Owner acknowledges that in order to qualify for property tax <br /> exemption for the Property under Indiana Code§6-1.1-10-16.7,the Project must be in compliance <br /> with the requirements of§6-1.1-10-16.7. <br /> (b) Owner further acknowledges that: <br /> (i) the mere execution of this PILOT Agreement does not confer any property <br /> tax exemption on the Property under Indiana Code § 6-1.1-10-16.7; <br /> (ii) in order to obtain any such property tax exemption or partial exemption <br /> under Indiana Code § 6-1.1-10-16.7, the Owner must timely file its property tax exemption <br /> application, including renewal applications, if any are required, with the St. Joseph County <br /> Assessor requesting an exemption pursuant to Indiana Code § 6-1.1-10-16.7 from Owner's <br /> obligation to pay all or any portion of its real and personal property taxes on the Property; and <br /> 2 <br />