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(f) that the Project will consist of one or more discrete edifices or other man-made
construction, each consisting of an independent foundation, outer walls and roof, all of which will be
(i) owned by the same person for federal tax purposes, (ii) located on a common tract of land or two or
more tracts of land which are contiguous except for being separated only by a road, street, stream or similar
property (tracts are contiguous if their boundaries meet at one or more points), and (iii) financed by the
Loan of the Issuer or otherwise pursuant to a common plan of financing, and which will consist entirely of:
(i) units which are similarly constructed; and
(ii) facilities functionally related and subordinate in purpose and size to property
described in (i) above, e.g., parking areas, laundries and other Recreational Facilities (none of
which may be unavailable to any person because such person is a Low Income Tenant) and other
facilities which are reasonably required for the Project, e.g., heating and cooling equipment, trash
disposal equipment or units for residential managers or maintenance personnel;
(g) that during the Qualified Project Period the Project will not include a unit in a building
where all units in such building are not also included in the Project;
(h) that during the Qualified Project Period the Borrower will not convert the Project from
residential rental property to condominium ownership or other use;
(i) that during the Qualified Project Period no Dwelling unit in the Project shall be occupied
by the Borrower at any time unless the Borrower resides in a Dwelling Unit in a building or structure which
contains at least five dwelling units and unless the resident of such dwelling unit is a resident manager or
other necessary employee (e.g., maintenance and security personnel);
(j) that less than 25% of the proceeds of the Bonds will be used for the acquisition of land;
(k) that during the Qualified Project Period, the Borrower will not discriminate on the basis of
age, race, creed, religion, color, sex, marital status, or national origin in the lease, use or occupancy of the
Project or in connection with the employment or application for employment of persons for the operation
and management of the Project;
(l) that during the Qualified Project Period, the Borrower will require all tenants moving into
units with existing leases, which units have previously qualified as Low Income Tenant units, to be put on
the lease in addition to the current tenant on the lease and to require recertification of said unit.
Unless the above provisions of this Section 3 are amended as permitted under Section 17 hereof,
the above provisions of this Section shall remain in effect during the Qualified Project Period; provided,
however, the Borrower may be discharged from its obligations under the above provisions of this Section 3
and Section 4 hereof to the extent only that the same are assumed by any successor in interest to the
Borrower pursuant to Section 7 hereof.
4. Low Income Tenants. In order to satisfy the requirements of the Act and Section 142(d)
of the Code, the Borrower hereby represents, covenants and agrees that, as follows:
(a) (i) commencing on the later of the first date on which 10% of the units in the Project
are occupied or the issue date of the Bonds, (1) at least 40% of the Available Units in the Project shall be
occupied by Low Income Tenants before any Available Units are rented or leased to any other tenants and
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