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would: (i) change a material term of any Loan Document; (ii) change or impair any material <br />right of Developer; and/or, (iii) increase the liability of Developer or any partner thereof. <br />15.5. Annual Financial Statements. Developer shall deliver to City, within one <br />hundred twenty (120) days after the end of each Calendar Year following issuance of a <br />Certificate of Completion: (a) a certified public accountant reviewed balance sheet for <br />Developer as of the end of such Calendar Year and a certified public accountant reviewed <br />statement of profit and loss for Developer and for Developer's operations in connection <br />with the Property for such Calendar Year, together with all supporting schedules; (b) a <br />certificate of such certified public accountant that such documents were reviewed by such <br />certified public accountant in accordance with generally accepted accounting principles <br />and otherwise comply with generally accepted accounting principles review requirements; <br />and, (c) a certificate of Developer's Managing General Partner that such documents: (i) <br />were prepared in accordance with generally accepted accounting principles applied on a <br />consistent basis or in accordance with such other principles or methods as are reasonably <br />acceptable to City; (ii) fairly present Developer's financial condition; (iii) show all material <br />liabilities, direct and contingent; and, (iv) fairly present the results of Developer's <br />operations. Developer shall also provide the City with any other annual audit reports <br />issued by other monitoring agencies upon written request. <br />15.6. Audits and Access to Records. Developer agrees that City, the U.S. <br />Department of Housing and Urban Development, the Comptroller General of the United <br />States or any of their authorized representatives shall have the right of access, upon <br />reasonable notice, to any books, documents, papers, or other records of Developer that are <br />pertinent to this Agreement in order to make audits, examinations, abstracts, excerpts or <br />transcripts. Developer will maintain all books and records pertaining to this Agreement for <br />a period of not less than five (5) years after all matters pertaining to this Agreement (i.e., <br />audit, disputes or litigation) are resolved in accordance with applicable federal or state <br />laws, regulations or policies, and when a period of affordability or recapture applies to <br />Developer's activities, for a period of not less than five (5) years after the Affordability <br />Period ends. <br />15.7. Compliance with Federal and State Laws. Nothing contained herein <br />shall require the Developer to do anything contrary to or refrain from doing anything <br />required by federal and state laws and regulations promulgated thereunder applicable to <br />the management, maintenance, operation and rental of the Project or the Property. <br />Without limiting the foregoing, the Developer shall operate the Project, and cause all <br />work to be performed on the Project, in complianfce with (i) all applicable laws, <br />ordinances, rules and regulations of federal, state, or municipal governments or agencies <br />now in force or that may be enacted hereafter, including (without limitation and where <br />applicable) state prevailing wage provisions and 24 CFR 92,354, (ii) the HUD housing <br />quality standards set out in 24 CFR 982.401 , and (iii) all directions, rules and regulations <br />of any fire marshal, health officer, building inspector, or other officer of every <br />governmental agency now having or hereafter acquiring jurisdiction. Any construction, <br />renovation, or capital improvement at the Project shall proceed only after procurement of <br />each permit, license, or other authorization that may be required by any governmental <br />agency having jurisdiction. <br />41 <br />WISEPlace Permanent Supportive housing <br />City HOME -ARP Loan Agreement <br />