Laserfiche WebLink
4) Costs incurred in connection with such actions shall be considered an operating <br />expense. <br />---.-~ 6. TENANT QUALIFICATION. <br />C. Upon initial occupancy of the Subject Property by each tenant, the Borrower shall obtain <br />a certification that the tenant's household income does not exceed sixty percent (60%) of <br />the County Median Income as adjusted for household size. At all times during the term <br />of the Loan, Borrower shall require that the Assisted Dwelling Units are rented to <br />households with incomes of sixty percent (60%) or less of the Sherburne County Median <br />Income as adjusted for household size. Tenant qualifications will follow Section 42 of <br />the IRS Code. Upon written request, Borrower shall provide annual certifications to <br />Lender of compliance with the tenant income requirements of Title 26, Section 42 of the <br />United States Code. <br />7. AFFIRMATIVE COVENANTS OF BORROWER. <br />Borrower covenants and agrees that: <br />A. Borrower is legally organized under the laws of the State of Minnesota. <br />B. There are no actions, suits, or proceedings pending or threatened against or affecting <br />Borrower and Borrower is in good standing under the laws of the State of Minnesota. <br />C. The undersigned is an authorized signer of Borrower. <br />D. The Development will comply with all federal, state, and local laws and regulations <br />concerning air and water quality; and will not result in the alteration of lands defined as <br />wetlands without prior consultation with the appropriate federal, state, and local <br />authorities. <br />E. Borrower will comply with the provisions of any federal, state, or local law prohibiting <br />discrimination in housing on the grounds of race, color, sex, creed, religion, marital <br />status, physical or mental disability, economic status, or national origin, including Title <br />VI of the 1964 Civil Rights Act (Public Law 88-352, 78 Stat. 241); all requirements <br />imposed by or pursuant to the Regulations of HUD (24 C.F.R., Subtitle A, Part I) issued <br />pursuant to that Title; regulations issued pursuant to Executive Order 11063; and Title <br />VIII of the 1968 Civil Rights Act and: <br />8 <br />