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EXHIBIT 4 <br />which these Restrictions are attached as Exhibit G, which, along with all of its attachments, <br />is incorporated herein by this reference (any capitalized term that is not otherwise defined <br />in these Restrictions shall have the meaning ascribed to such term in the Loan Agreement). <br />E. In connection with the Assignment, the Agency and Developer desire to <br />amend and restate the Original Restrictions. <br />F. The Loan Agreement provides, among other things, for the use of the <br />Property for affordable housing with all Assisted Units being restricted to Very -Low Income <br />households, at Affordable Rent(s). <br />G. The Loan Agreement contains certain provisions relating to the use of the <br />Property. <br />NOW, THEREFORE, AGENCY AND DEVELOPER COVENANT AND <br />AGREE AS FOLLOWS: <br />1. The Restrictions amend, restate and supersede in their entirety the Original <br />Restrictions. Developer covenants and agrees (for itself, its successors, its assigns, and <br />every successor in interest to the Property or any part thereof) that Developer, such <br />successors, and such assigns shall use the Property exclusively to provide affordable <br />housing of Very -Low Income households, as provided in these Restrictions and in the <br />Loan Agreement. <br />2. Developer, for itself and its successors and assigns, hereby covenants and <br />agrees that all of the apartments in the Property (less one manager's unit) (the "Units") <br />shall be rented exclusively, at Affordable Rent, to Very -Low Income households to the <br />extent provided for herein. Area median income levels and Affordable Rents are subject <br />to adjustment from time to time as provided in Section 3 below. <br />3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROPERTY <br />3.1 Use Covenants and Restrictions <br />A. Developer agrees and covenants, which covenants shall run with the land and bind <br />Developer, its successors, its assigns and every successor in interest to the Property that <br />Developer will make all rental units on the Property available to very low-income households <br />at rents affordable to such households for fifty-five (55) years from the issuance of the <br />Certificate of Completion. The Agency permits the Developer to limit the eligibility and/or <br />give preference to a particular segment of the population in accordance with 24 CFR 92.253(d) <br />B. The Project shall consist of one -hundred, twenty-six (126) units, including one (1) <br />on -site manager's unit(s). <br />C. Rental increases shall be in conformance with federal and state law. <br />2of11 <br />80A-245 <br />