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(o) it has disclosed all material facts related to the <br /> Development and all material transactions in connection with the <br /> Development to the Limited Partners; <br /> (p) the General Partner has set -aside all 200 of the <br /> residential units for households with incomes of 60% or less of <br /> area median income (as determined pursuant to Section 42 of the <br /> Code), adjusted for family size; <br /> (q) it will exercise good faith in all activities relating <br /> to the conduct of the business of the Partnership, including the <br /> operation and maintenance of the Development, and it will take no <br /> action with respect to the business and property of the <br /> Partnership which is not reasonably related to the achievement of <br /> the purpose of the Partnership; <br /> (r) the Development has received the requested allocation of <br /> federal and California Low Income Housing Credits from the <br /> Mortgage Bond and Tax Credit Allocation Committee; <br /> (s) to the best of its knowledge, the Development has no <br /> construction defects; <br /> (t) there are no mechanic's liens recorded against the <br /> Development; <br /> (u) other than obligations incurred in the ordinary course <br /> of business, the Partnership has no material outstanding <br /> obligations except for (i) the following Mortgages: $9,360,000 <br /> and $1,000,000 in favor of California Housing Finance Agency; and <br /> $4,000,000 in favor of the City of Pleasanton; (ii) the Ground <br /> Lease; and (iii) the fees due pursuant to Section 7.5;• <br /> -42- <br />