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the Purchaser shall not, take any actions to adversely impact the tax-exempt status of the Bonds,
and the Authority has waived its right to request the delivery of any Bond Counsel opinion as to
the tax status of the Bonds.
6.
All costs and expenses in connection with the purchase of the Project and the
acquisition, renovation, rehabilitation, equipping and improvement of the Project, including the
fees and expenses of the Authority, Bond Counsel, the Purchaser and its counsel; the Investor
Limited Partner and its counsel shall be paid by the Purchaser. If for any reason the Project is not
acquired by the Purchaser, it is understood that all such expenses shall be paid by the Purchaser
and that the Authority shall have no responsibility therefore.
7.
The Purchaser intends to comply with all requirements associated with the LIHTC
proceeds provided to the Seller in conjunction with the financing of the Bonds in 2019 or other
debt incurred or equity obtained to pay the costs of the Project.
8.
The acquisition of the Project by the Purchaser shall not be a general obligation
debt of the Commonwealth or any political subdivision thereof, including the Authority or the
City, and neither the Commonwealth, nor any political subdivision thereof, including the Authority
or the City, nor any officials, officers, commissioners and/or employees, past, present or future, of
any or all of them, are or shall be personally liable thereon. The Bonds, together with the premium,
if any, and the interest payable thereon, shall be a limited obligation of the Authority payable solely
by the Borrower from revenues, receipts and payments specifically pledged therefor pursuant to
the terms of the Bonds and the related financing documents. Neither the faith and credit nor the
taxing power of the Commonwealth, or any political subdivision thereof, including the City, shall
be pledged to the payment of the principal of the Bonds, the premium, if any, or the interest thereon
or other costs incident thereto. The Bonds shall not constitute an indebtedness within the meaning
of any constitutional or statutory debt limitation or restriction.
9.
The Purchaser hereby agrees to satisfy all applicable federal, state and local laws
with respect to the Project, including, but not limited to, any applicable fair housing requirements.
10.
No public hearing is required to be conducted by the Authority to provide its
Consent Agreement as requested by the Purchaser to purchase the Project, since such a public
hearing regarding the issuance of the Bonds was previously conducted by the Authority in
accordance with Section 147(f) of the Internal Revenue Code and Section 15.2-4906 of the Code
of Virginia and the governing body approval of the City Council was obtained.
11.
Any obligation of the Authority to provide the authorization, approval and
execution of the Consent Agreement as requested by the Purchaser is contingent upon the
satisfaction of all legal requirements and the Authority (including its officers, commissioners,
employees and agents) shall not be liable and hereby disclaims all liability to the Borrower and all
other persons or entities for any damages, direct or consequential, with respect to the Project for
any reason.
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