NORTH BROADWAY HOUSING PARTNERS LP (2)

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preservation by the City and/or costs of such cure, including a fifteen percent (15%) administrative charge. 18. Developer shall prepare, maintain and submit to the City, as appropriate, the following records and reports in compliance with the HOME -ARP Program and 24 CFR 92.504(c): 18.1. Annual Reports. Developer shall file with the City an Annual Report (herein referred to as the "Annual Report") by Junel 5th of each calendar year, commencing with the end of the calendar year (or portion thereof) in which the Ground Lease is executed. The Annual Report shall contain a certification by Developer as to such information as the City Executive Director may then reasonably require, including, but not limited to, the following: (a) The fiscal condition of the Project, including the Annual Budget and Project Cash Flow report required by Section 13.3 which shall include a financial statement for the previous calendar year that includes a balance sheet and a profit and loss statement indicating any surplus or deficit in operating accounts; a detailed itemized listing of income and expenses; and the amounts of any fiscal reserves. Such Annual Budget and financial statement shall be prepared in accordance with generally accepted accounting practices. The City Executive Director may require that the financial statement be audited at Developer's expense by an independent certified public accountant acceptable to the Executive Director. (b) Any substantial physical defects in the Project, including a description of any major repair or maintenance work undertaken or needed in the previous and current years. Such statement shall describe what steps Developer has taken in order to maintain the Project in a safe and sanitary condition in accordance with applicable housing and building codes and the property standards set forth in 24 CFR 92.251. (c) The occupancy of the units indicating the income of each current resident and the current rents charged each resident and whether those rents include utilities, including records that demonstrate that the Project meets the requirements of 24 CFR 92.253 for tenant and participant protection under the HOME -ARP Program. (d) General management performance, including tenant relations and other relevant information. (e) Records that demonstrate that the Restricted Units meet the applicable affordability requirements for the required period of affordability. (f) Evidence of a currently paid hazard insurance policy in accordance with the requirements of Section 3 of the City/HOME-ARP Deed of Trust, with a loss payable endorsement naming the City as a loss payee(s) together with other approved lenders (as their interests may appear), with a "Replacement Cost Endorsement" in amount sufficient to prevent Developer or City from becoming a co-insurer under the terms of the policy, but in any event in an amount not less than 100% of the then full replacement cost, to be determined at least once annually and subject to reasonable approval by the Executive 14 W ISEPlace Permanent Supportive Housing City HOME -ARP Affordability Restrictions on Transfer of Property