Laserfiche WebLink
(b) At. no time will either the Borrower or any related party occupy a unit in <br />the Project other than units occupied or to be occupied by agents, employees or representatives <br />of the Borrower and reasonably required for the proper maintenance or management of the <br />Project. In the event a unit within the Project is occupied by the Borrower, the Project must <br />include no fewer than four units not occupied by the Borrower. <br />(c) The Project consists of one "development" and, for this purpose, <br />proximate buildings or structures are part of the same development only if owned for federal <br />income tax purposes by the same person and if the buildings are financed pursuant to a common <br />plan; buildings or structures are proximate if they are all located on a single parcel of land or <br />several parcels of land which are contiguous except for the interposition of a road, street, stream <br />or similar property. <br />(d) All of the units in the Project will contain complete living, sleeping, <br />eating, cooking; and sanitation facilities for a single person or a family. <br />(e) None of the units in the Project will at any time be utilized on a transient <br />basis, or used as a hotel, motel, dormitory, fraternity house, sorority house, rooming house, <br />hospital, sanitarium or rest. home. <br />(f) The Borrower shall not restrict Qualifying Tenants (as defined in Section <br />3(a) hereof) from the enjoyment of unrestricted access to all common facilities and common <br />areas of the Project. <br />(g) The Borrower shall not discriminate on the basis of race, creed, color, sex, <br />or national origin in the lease, use or occupancy of the Project or in connection with the <br />employment or application for employment of persons for the operation and management of the <br />Project. <br />(h} No part of the Project constitutes commercial property, and no health care <br />services will be furnished by the Borrower to residents of the Project.. <br />(i) All records of the Borrower relating to the Project, including all tenant <br />lists and applications, shall be maintained in the State in a reasonable condition for proper audit <br />and subject to examination during business hours by representatives of the Issuer or Trustee. <br />(j) All tenant leases shall be expressly subordinate to any mortgage on the <br />Project, with the exception of any restrictions imposed under Section 42(h}(6) of the Code, and <br />all leases of units to Qualifying Tenants shall contain clauses, among others, wherein each <br />individual lessee: <br />(1 } certifies the accuracy of the statements made in its application and <br />Certification of Tenant Eligibility {as hereinafter defined}; <br />(2) agrees that. the family income, family composition and other <br />eligibility requirements at the time the lease is executed shall be deemed substantial and <br />material obligations of his or her tenancy; that he or she will comply promptly with all <br />requests for income, family composition and other information relevant to determining <br />202997>vl <br />