This page uses extracted PDF text. Text can misread numbers, dates or table columns. Check the PDF before quoting or interpreting it. Redacted areas remain redacted.
Section 1.6 Reasonable Expectations and Reliance on Other Parties.
(a) Unless otherwise indicated, the representations and expectations of the
Issuer regarding the amount and use of the proceeds of the Bonds and other amounts described in
this Tax Certificate and the use of the Project are based entirely on representations of the Borrower
herein and discussions of the undersigned officer of the Issuer and with (i) employees and officers
of the Borrower, (ii) counsel to the Borrower, (iii) the Verification Report provider, and (iv) the
Remarketing Agent, and such other discussions and investigations as any officer of the Issuer or
the Borrower has determined is required in order to enable such individuals in good faith to certify
as to the representations set forth herein.
(b) Except as set forth in Section 1.6(a) above, the expectations of the Issuer set
forth herein are based in part upon representations of the Underwriter and other parties set forth
herein and in the exhibits attached hereto. The Issuer and the Trustee are not aware of any facts
or circumstances that would cause it to question the accuracy or reasonableness of any
representation made herein or in the exhibits attached hereto.
(c) The expectations of the Borrower described herein are based in part upon
representations of the Underwriter and representations of other parties as set forth herein and in
the exhibits attached hereto. The parties other than the Issuer are not aware of any facts or
circumstances that would cause them to question the accuracy or reasonableness of any
representation made herein or in the exhibits attached hereto.
Section 1.7 Capitalized Terms. Capitalized terms used in this Tax Certificate and not
otherwise defined herein shall have the meanings given to them in the Trust Indenture, Loan
Agreement or the Regulatory Agreement and the Declaration of Restrictive Covenants by and
among the Borrower, the Issuer and the Trustee and dated as of July 1, 2026 (the “Regulatory
Agreement”).
PART II QUALIFIED RESIDENTIAL RENTAL PROJECT REQUIREMENTS
Section 2.1 Qualification of Project as Qualified Residential Rental Project. The
Project qualifies as a "qualified residential rental project" within the meaning of Section
142(a)(7) of the Internal Revenue Code of 1986, as amended (the "Code") based in part on the
following representations, warranties and covenants of the Borrower:
(a) All of the buildings in the Project will be rehabilitated, renovated,
constructed, improved and equipped and owned for federal income tax purposes by the same
person (the Borrower or an affiliate thereof) and will be located on a single tract of land as
described in the Legal Description attached as Exhibit C to the Regulatory Agreement.
Additionally, (i) all of the apartment units in the Project will be residential units or functionally
related and subordinate facilities; (ii) the land on which the Project is located, and the portions of
the Project that will be functionally related and subordinate facilities will be commensurate with
the character and size of the Project; (iii) none of the apartment units in the Project will be used on
a transient basis by being leased for a period of less than 30 days or by being used as a hotel, motel,
dormitory, fraternity or sorority house, rooming house, hospital, nursing home, sanitarium or rest
3Jump to an indexed page (744 of 744)