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(b) The Project will consist solely and exclusively of Qualified Zone Property. No <br />portion of the Project will be operated for Prohibited Activities. <br />(c) The Owner reasonably expects as of the Date of Issuance that (i) the Owner will <br />meet the Empowerment Zone Business Restrictions and the Qualified Zone Property Restrictions <br />on or before the Initial Testing Date and (ii) the Owner will exercise due diligence to meet those <br />requirements. <br />(d) The Owner will not knowingly take or permit to be taken any action which would <br />have the effect, directly or indirectly, of subjecting the Owner or the Project to non-compliance <br />with Section 1394 of the Code and applicable Treasury Regulations promulgated thereunder. - If <br />the Owner becomes aware of any situation, event or condition which would -result' in <br />non-compliance of the Project or the Owner with Section 1394 of the Code or applicable <br />Treasury Regulations thereunder, the Owner shall promptly give notice thereof to the Issuer and <br />the Qualified Empowerment Zone (or any Compliance Agent). <br />(e) The Owner shall notify the Qualified Empowerment Zone (or any Compliance <br />Agent) of the date on which the Project is first placed in service and of the date on which <br />substantial completion of the Project occurs, and shall deliver such notice to the Issuer and the <br />Qualified Empowerment Zone (or any Compliance Agent). <br />(f) The Owner will not change or permit a change in the use, ownership, nature or <br />abandonment of any portion of the Project during the Bond Term unless the Owner delivers in a <br />form acceptable to the Issuer and the Qualified Empowerment Zone a written opinion of Bond <br />Counsel that such change will not adversely affect the tax-exempt status of interest on the Bonds; <br />provided, however, that the Owner may dispose of or abandon any personal property portion of <br />the Project to the extent that the Owner replaces the disposed of or abandoned personal property <br />portion of the Project with substantially similar personal property concurrently therewith. <br />(g) The Owner will not expend Proceeds of the Bonds in excess of 2% of the Issue <br />Price for costs of issuance of the Bonds. <br />(h) The Owner will maintain records of the expenditures of Proceeds of the Bonds for <br />the term of this Compliance Agreement. <br />(i) The Owner agrees that any office space financed with Proceeds of the Bonds will <br />be located at the site of the Project and that not more than a de minimis amount of functions to be <br />performed at such office will be directly related other than to the day -today operations of the <br />Proj ect. <br />0) The Owner will not expend the Proceeds of the Bonds for the cost of any land that <br />is not functionally related and subordinate to the Project. <br />(k) The Original Use of the Project begins with the Owner. <br />(1) The Owner will not lease the Project, and, thus will not be subject to the Real <br />Property Expenditure Limitations. <br />06-4514.05 5 <br />