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Page 6 TCAC # CA-2003-899 fee prescribed by TCAC with respect to such monitoring. The TCAC Compliance Monitoring Procedures require, among other things, that the Owner annually certify to TCAC (on such forms as are prescribed by TCAC) the number of Units in the Projcct which arc Low-Income Units, the percentage of floor space in thc Project which is allocable to Low- Income Units, that the Project continues to he a Qualified Low-Income Housing Project; provided, however, that in the first year of the Credit Period, the Owner shall certify individually with respect to each month of such year the number of Low-Income Units in the Project and the percentage of floor space devoted to such Units on the last day ofthe month. The Owner is responsible for full adherence to the TCAC Compliance Monitoring Procedures without regard to whether particular requirements of those procedures are enumerated in this Agreement. The Owner agrees TCAC may, at any time during the construction, rehabilitation, or operation of the Project, enter and inspect the Project to evaluate its physical and financial condition, construction, rehabilitation, operation, management and maintenance. Section 7. Notification of Noncompliance. The Owner agrees to notify TCAC or its designee ifthere is a determination by the Service that the Project is not a "qualified low-income housing project" within the meaning of Section 42(g) of the Code. Notification to TCAC will be made within ten business days of receipt of any such determination. Section 8. Security for Performance. The Owner hereby assigns its interest in the rents from the Project to TCAC as security for the performance of the Owner's obligations under this Agreement. However, until and unless the Owner defaults in its obligations under this Agreement, the Owner is entitled to collect, retain and apply such rents. Section 9. Remedies. In the event the Owner defaults in its obligations under this Agreement and such default is not cured within a reasonable time period, the remedies of TCAC, the Tenants and any f()rmer or prospective Low-Income Tenants shall include, but are not limited to, the following: a. collecting all rents with respect to thc Project and applying them (i) to meet the ongoing costs of operating the Project, (ii) to pay debt service, (iii) to reimburse any Low-Income Tenants who may have been charged a Gross Rent above the applicable Rent-Restricted level or (iv) to assure the long-term, Low-Income use of the Project consistent with the requirements of Section 42 of the Code and this Agreement; b. taking possession of the Project and operating the Project in accordance with the requirements ofthis Agreement, including the collection and application of rents in accordance with subsection a of this Section 9, until the Owncr demonstrates that it will operate the Project in accordance with this Agreement; c. applying to any court for specific performance of any of the obligations herein set forth; d. securing the appointment of a receiver to operate the Project in a manner consistent with this Agreement, including subsections a and b of this Section 9; e. suit against the Owner for damages or f()r thc disgorgement of rents collected in excess of those which would have been received had the Owner complied with the requirements of this Agreement; and Revised 03/23/05