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constituting "Cost Savings"). From the total amount of Cost Savings, the Developer shall <br />retain fifty percent (50%) and pay to City fifty percent (50%) ("City Share of Cost <br />Savings"). If any of the other soft lenders request a share of Cost Savings, the City shall <br />split the City Share of the Cost Savings (50%) on a pro rata basis with the other soft <br />lender(s) that are requesting a share of Cost Savings. The pro rata distribution shall be <br />based on the initial principal balances of each respective soft loan of the soft lender(s) that <br />are requesting a share of Cost Savings. If none of the other soft lenders request a share of <br />the Cost Savings, the City shall receive the full 50% of the Cost Savings. <br />Within one hundred and eighty (180) days following the issuance of Form 8609 by TCAC, <br />Developer shall cause its certified public accountant(s) to perform a final audit of the costs <br />of development of the Project in accordance with the requirements of the Tax Credits and <br />generally accepted auditing standards (GAAP) ("Audit"). If the Audit determines that the <br />total sources of permanent financing for the Project (including long-term permanent debt <br />and tax credit equity) exceed the total development cost for the Project required in <br />connection with the development of the Project, such excess shall be considered the "Cost <br />Savings" for the Project. <br />(c) Allocation of Cost Savings Amount. Once determined by the Audit <br />pursuant to Section 6.13 above, the full amount of Cost Savings shall be allocated and <br />remitted in the following order: (a) first, Developer shall retain fifty (50%) of Cost Savings, <br />and (b) second, Developer shall pay to the City the City Share of Cost Savings which shall <br />be utilized as principal payment due on the City/HOME-ARP Loan Note. <br />(d) Timing of Allocation and Payment of Cost Savings. In the event of <br />any Cost Savings, the payment of the City Share of Cost Savings shall become due and <br />payable no later than sixty (60) days after Developer receives its final Tax Credit equity <br />payment for the Project, and each of such payments shall be allocated and remitted in a <br />lump sum, and as applicable credited toward the respective amount outstanding under the <br />City/HOME-ARP Loan Note. <br />6.14. Standard Form Leases. On or before issuance of the Certificate of <br />Completion, Developer shall submit to City for its written approval (such approval not to <br />be unreasonably withheld or delayed) a standard form of residential lease to be used for <br />leasing of the Project (the "Standard Lease"). The Standard Lease shall be in compliance <br />with this Agreement, and any other agreement with the City regarding the Project, and all <br />applicable laws and Developer shall be obligated to revise said Standard Lease from time <br />to time to comply with any changes in said applicable laws. <br />6.15. Leasing Program. Developer shall market and lease the Project consistent <br />with the Management Plan described in Section 6.l (d) and Section 1 I of this Agreement. <br />6.16. No Changes. Developer shall not materially modify the approved Standard <br />Lease or materially deviate from the approved rental rate schedule for the units without the <br />City's prior written consent in each instance. <br />6.17. Landlord's Obligations. Developer shall timely and in good faith, perform <br />all obligations required to be performed by it as landlord under any lease affecting any part <br />15 <br />WISEPlace Peimanent Supportive Housing <br />City HOME -ARP Loan Agreement <br />