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EXHIBIT 3 <br />budget and cash flow to the Executive Director. The budget and cash flow shall be in a <br />form that is acceptable to the Executive Director. <br />(d) Tenant Selection Policies. Developer shall include in the <br />Management Plan the tenant selection policies in accordance with Section 5, above. <br />12. If at any time the City determines that the units are not being managed or <br />maintained in accordance with the approved Management Plan, the City shall send the <br />Developer a detailed description of the management deficiencies (a "Deficiency Notice"). <br />If the deficiencies set forth in the Deficiency Notice are not cured within thirty (30) days <br />(or such longer period as may be reasonably required to cure the deficiency), with the <br />exception of HOME regulations that require a shorter period, the Executive Director may <br />require Developer to change management practices or to terminate the management <br />contract and designate and retain a different management agent. The management <br />agreement shall provide that it is subject to termination by Developer without penalty, <br />upon thirty (30) days prior written notice, at the direction of the Executive Director upon <br />failure to cure a Deficiency Notice within the time period specified above. Within ten (10) <br />days following a direction of the Executive Director to replace the management agent in <br />accordance with the terms hereof, the Developer shall select another management agent or <br />make other arrangements satisfactory to the Executive Director or designee for continuing <br />management of the units. <br />13. The covenants established in these Restrictions and any amendments hereto <br />approved by the City and Developer shall, without regard to technical classification and <br />designation, be binding for the benefit and in favor of the City and their respective <br />successors and assigns. These Restrictions shall remain in effect for fifty-five (55) years. <br />In its discretion, the City may defer repayment of the HOME Loan or the City may agree <br />to such reasonable modifications to the requirements of these Restrictions, as they may <br />determine are necessary for the continued maintenance and operation of the Assisted <br />Units. The covenants against discrimination shall remain in effect for the period of these <br />Restrictions. <br />14. Developer shall not request disbursement of HOME funds until the funds <br />are needed to pay eligible costs. The City shall have the right to disapprove any request if <br />the City determines the request is for an ineligible item or is otherwise not in compliance <br />with or inconsistent with the Loan Agreement and these Restrictions [24 CFR 92.504 <br />(c)(10A. <br />15. Developer shall prepare, maintain and submit to the City, as appropriate, <br />the following records and reports in compliance with 24 CFR 92.504 (c) (12): <br />a. Annual Reports. Developer shall file with the City an Annual Report <br />(herein referred to as the "Annual Report") within one hundred twenty (120) days <br />following the end of each calendar year, commencing with the end of the calendar year (or <br />portion thereof) in which the Real Estate Closing occurs. The Annual Report shall contain <br />a certification by Developer as to such information as the City Executive Director may <br />then require, including, but not limited to, the following: <br />7of14 <br />80A-130 <br />