FULL PACKET_2019-04-16 - Laserfiche WebLink

Home Browse Search

(2) All records pertaining to each Calendar Year of Agency funds must be retained for the most recent five year period, except that for rental housing projects, records may be retained for five years after the Project completion date; except that records of individual tenant income verifications, Project rents and Project inspections must be retained for the most recent five year period, until five years after the Affordability Period terminates. Developer shall cooperate with the Agency to retain all books and records relevant to the Loan Agreement for a minimum of five years after the expiration of the Loan Agreement and any and all amendments hereto, or for five years after the conclusion or resolution of any and all audits or litigation relevant to the Loan Agreement, whichever is later. The Agency, the State, and/or their representatives shall have unrestricted reasonable access to all locations, books, and records for the purpose of monitoring, auditing, or otherwise examining said locations, books, and records with or without prior notice. (3) If so directed by the Agency upon termination of the Loan Agreement, Developer shall cause all records, accounts, documentation and all other materials relevant to the work to be delivered to the Agency, as depository. (4) All records, accounts, documentation and other materials relevant to the Project shall be accessible at any time to the authorized representatives of the Agency on reasonable prior notice, for the purpose of examination or audit. (5) , The Agency shall perform an annual audit at the close of each Calendar Year in which these Restrictions are in effect. Developer shall reasonably cooperate with Agency in performing such audit. (6) Developer shall permit the Agency to perform an Annual Physical Inspection of the Property with at least ten (10) Business Days notice. Developer shall cooperate with this Inspection and shall take all steps necessary to quickly correct any code deficiencies identified during the Inspection. F. If there is a discrepancy between local, state and federal law with regard to any of the aforementioned covenants, the more stringent shall apply. G. The Agency is the beneficiary of the terms and provisions of these Restrictions and the covenants herein, both for and in its own right and for the purposes of protecting the interests of the community and other parties, public or private, for whose benefit these Restrictions and the covenants running with the land have been provided. The Agency shall have the right if the covenants are breached, to exercise all rights and remedies, and to maintain any actions or suits at law or in equity or other proper proceedings to enforce the curing of such breaches to which they or any other beneficiaries of these Restrictions and covenants are entitled. 16 80A-156