§ 453. Conditions precedent to making such loans. No such loan shall
be made by a municipality to an owner of an existing multiple dwelling
unless the owner of such multiple dwelling shall covenant in writing
that so long as any part of such loan shall remain unpaid or for a
period of at least ten years from the date of the loan, whichever is
later:

1. Each dwelling unit in such multiple dwelling shall be available
solely for occupancy by persons of low income;

2. No person who lives in such multiple dwelling at the time the loan
is made shall be required to move because of the rehabilitation or
improvement financed thereby, except that a temporary relocation may be
required in connection with such rehabilitation or improvement;

3. All persons operating or managing such multiple dwelling will
permit the duly authorized officers, employees, agents or inspectors of
the municipality to enter in or upon and inspect such multiple dwelling
at all reasonable hours;

4. The municipality by such duly authorized representatives as
aforesaid shall have full power to investigate into and order the owner
of such multiple dwelling to furnish such reports and information as it
may require concerning such rehabilitation or improvement and shall have
full power to audit the books of said owner with respect to such
matters; and

5. The owner will submit to the supervising agency annually a
statement of the income and expenses of such multiple dwelling, in such
form as shall be approved by such agency.