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accordance with proposed Treasury Regulation Section 1.103 - <br />8(b)(4)(v) and shall consist of the residential units in the <br />Development, all other property of the Development benefiting only <br />such units and the allocable portion of the property of the <br />Development benefiting both such units and other portions of the <br />Development, as provided by said proposed regulations. <br />(b) Each of the dwelling <br />be similarly constructed, and shall <br />distinct facilities for living, <br />sanitation for a single person or a <br />(c) Each of the dwelling units in the Development shall <br />be available for rental to members of the general public. None of <br />the dwelling units in the Development shall at any time be <br />utilized on a transient basis, shall ever be leased or rented for <br />a period of less than thirty (30) days, or shall ever be used <br />other than for housing purposes. The Development shall not be <br />used as a hotel, motel, dormitory, fraternity or sorority house, <br />rooming house, hospital, nursing home, sanitarium, rest home, or <br />trailer park or court for use on a transient basis. <br />(d) The Development consists of a parcel or parcels <br />that are contiguous except for the interposition of a road, street <br />or stream, and all of the Development's facilities comprise a <br />single geographically and functionally integrated project for <br />residential rental property, as evidenced by the common ownership, <br />management, accounting and operation of the Development. <br />(e) The Borrower shall not convert the Development <br />condominium or other individual unit ownership during the term <br />this Agreement. No part of the Development shall at any time <br />owned or used by a cooperative housing corporation except <br />compliance with the provisions of Section 143(k)(9) of the Code. <br />(f) If the Development comprises fewer than five (5) <br />dwelling units, the Borrower shall not occupy any dwelling unit in <br />the Development. <br />(g) All of the amounts advanced for the Development <br />from the proceeds of the Loan shall be used to provide amounts <br />paid or incurred on or after May 14, 1987 [date of the Bond <br />resolution or Development inducement resolution] which are <br />chargeable to the residential rental portion of the Development's <br />capital account or would be so chargeable either with a proper <br />election by the Borrower (for example under Section 266 of the <br />Code) or but for a proper election by the Borrower to deduct such <br />amounts. <br />CHFA 53SLP /RIDGEVIEW <br />12/2/88 <br />V01517(DNB) <br />-4- <br />units in the Development shall <br />contain complete, separate and <br />sleeping, eating, cooking and <br />family. <br />to <br />of <br />be <br />in <br />(h) On the basis of the cost and economic life of each <br />asset of the Development (under midpoint lives under the ADR <br />System or guideline lives under Treasury Revenue Procedure 62 -21, <br />