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thereof, the Developer shall in?rnediately deliver' to the Agency a copy of any n?o.tgage holder's <br />notice of defa??lt and the Agency shall h.ve tl?e eight b??t tea obligation to c??r'e tl?e default if the <br />Developer fails to cure ??vithin thirty ???} da.ys after the Agency notifies the Developer' of its <br />intention t? c?lt'e. In s?rch event, tl?e Agency shall be entitled to reir?bursement frorn tl?e <br />Developer of all p??ope?i costs arrd exper?ses incurred by the Agency ire curing suer default The <br />Agency shall also be er?titled to a lien ?rpan the applicable Phase to the extent of s??ch casts arld <br />disbl?rsen?errts, Any srrcl? yen shall be junior and suhordrnate to tl?e r??or•tgaes or deeds of trust <br />?ri?'sua??t to this ectio?? ? ? G? <br />?00? ???RAT??N I` T?? PROJC?T <br />4D?. ?rav?slarr of x#?'cxnely and ?ct? ?a?? riconie Rental Horrsrrrg-Rerx#aI <br />far'#loz? of the Prajec#, <br />?U1,1 Niru?I?e?• of Affordable Rcri#al ?riits, Pursuant to t1Yis Agreement at?d tl?e <br />Regulatory Agreer?e??t, tl?e Developer cove??ar?ts and agrees to make available, ??estrict <br />occupancy to, a??d Vent the Rental U??its t an affordable r'et?t pursuant to ectlon X01,5 a <br />falla?s, <br />?a? Thirty-Mine X39} of tl?e tea ??? bedroot Rental units ire Phase R-1 <br />to ?e??y I???v Income I?ousel?olds at an Affordable Rer?t; twenty X20} of the vo ??? bedroom <br />Rental Units t?l Phase R-2 to fiery Lo?v Ir?cor?re PIorrsel?olds at an Affordable Rent; <br />?? Eleven ?1 ?} of the t?vo ?2? bedraor?? Rental Units l?1 Pl?se R-1 to <br />?xtren?ely ?o?v Income Hor?seholcis a? are Affoz?dable Rent; five ??} of the t?vo ??} bedroom <br />Rel?tal Units ire Phase R?? to Extremely Lo?v Income Plousehalds at an. Affordable Rent; <br />?c? Nri?eteen ?19? of the three ??} bedroom Rental I?r?its in Phase R-1 <br />to'?ery Lo?v It?co???e households at n Affor•?lable Rent; ?????e ?9} ofthe three ?? bedroom Rental <br />Units in Phase R?2 to fiery I?a??r ?nconle ?.ouseholds at an Affordable Rent; and <br />?d? ?oul• ??} of tl?e three ?3} bedroot? Rentai Units in Phase R-I to <br />Extrer??ely Lo?v ?ncotrre I?or?seholds at an Affordable Rent; three ?? of tl?e three ?? bedroom <br />Rental Units its Pease R-2 to Extremely Lo?v Ir?corrre I?or?seholds at an Affo?'dal?le Rerrt? <br />?01,? fur{a#ior? of Affor?iabili#y Re?ulr'eirlents, The Rental Units shall be <br />sr?bject to tl?e requirements of this Agreement for' the later of ?i? fifty-eve ?55? years fr'arn tl?e <br />date of tl?e pity's ?ssua?lce of a certificate of occupancy for tl?e applicable Phase or err} <br />repayment in full ofthe Note. <br />?U1.3 ele?iorr of Terran#s, The Developer shall be responsible for' tl?e <br />selection of tenants far the Rental Units in cotr?plia?ice with lawful and reasonable criteria, as set <br />forth i?l tl?e Reg??latary Agreement and the anagetent Flan which is re?rtlred to be submitted <br />and. approved by tl?e Age??cy pt?ais?zar?t to Section ?? 1,9, <br />?0??? I?a?lsehaid Ir?coznc Req?llremen??? ?ollov?ing the initial lease-??p of the <br />Rental Units in each of Phase R? 1 at?d 1-'base -, and an????ally thereafte?i, tt?e Developer shall <br />subr??it to the Agenc?r, at the Developer's expense a su?r?rrlar{y of file income, household sire acid <br />D?C?C#?????7??i131?4????-???1