CONSTRUCTION DEED OF TRUST - Laserfiche WebLink

154953 5. Notwithstanding anything to the contrary contained herein, in the event of an uncorrected Substantive Violation (which term is defined in the Owner- Grantee Agreement) by the Trustor of obligations specified in the Owner- Grantee Agreement, the Trustor shall repay to the Beneficiary the princi- pal amount outstanding, as of the date the Trustor is notified of the viola- tion, plus interest, which is determined by HUD by adding two percent to the average yield on outstanding marketable long -term obligations of the United States during the month preceding the date on which the initial Grant Funds were released. Funds paid to the Beneficiary pursuant to this paragraph shall be used by the Beneficiary in accordance with the HDG Grant Agreement. 6. Trustor hereby represents, covenants, warrants and agrees that: a. It has obtained, or prior to construction will obtain, all Federal, State and local approvals and reviews required by law; b. The Property will be developed in accordance with plans approved by Beneficiary, and applicable State and local building codes; c. At all times during the construction period, it shall comply with the minority and women -owned business provisions of the Owner- Grantee Agreement, Grant Agreement between Beneficiary and the Secretary of the Department of Housing and Urban Development, and the appropriate HUD regulations; d. It shall comply with the requirements of Title VIII of the Civil Rights Act of 1968, 42 U.S.C. 3601 -19 (Public Law 90 -284) and implementing regulations; Executive Order 11063 and implementing regulations at 24 CFR Part 107; Title VI of the Civil Rights Act of 1964 (Public Law 88 -352) and implementing regulations at 24 CFR Part 1; the Age Discrimination Act of 1975 (42 U.S.C. 6101 -07); Section 504 of the Rehabilitation Act of 1973, 29 U.S.C. 794; Executive Order 11246 and the implementing regulations at 41 CFR Chapter 60; and the requirements of section 3 of the Housing and Urban Development Act of 1968; e. During the Project Term (as defined in the Owner- Grantee Agreement), forty percent (40 or eighty (80) of the rental housing units to be constructed on the Property in accordance with the Agreements shall be occupied by lower income households, in accordance with the Grant Agreement; f. Rents (including utilities paid by the tenants) for the lower income units shall be reviewed and approved by the Beneficiary or its designee, within permissible limits, in accordance with HUD regulations, in particular 24 CFR Part 850, and instructions from HUD with respect to standard deductions (provided Beneficiary shall be deemed to have approved the lower income rents if it fails to inform the Trustor of any objections thereto within sixty (60) days of receipt of a schedule of such rents); g. Lower income units shall be leased only to tenants who have lower or very low income at the time of initial occupancy; h. It shall take appropriate action in accordance with HUD regulations, if upon reexamination of household income a tenant no longer qualifies as a lower income household in accordance with 24 C.F.R. Part 850; c:HDGDT.EHI Page 11.