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Item 68 - Crossroads at Washington Affordable Housing Project at 1126, 1136, & 1146 East Washigton Ave.
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Item 68 - Crossroads at Washington Affordable Housing Project at 1126, 1136, & 1146 East Washigton Ave.
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City Clerk
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Agenda Packet
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Clerk of the Council
Item #
68
Date
6/21/2022
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<br />Page | 45 <br />4894-6811-3695v.2 0017787-000542 <br />Unless otherwise specifically provided herein, the period for performance of any <br />nonmonetary obligation by either Party shall be extended by the period of any delay in performance <br />caused by Acts of God, strikes, boycotts, lock-outs, inability to procure materials not related to the <br />price thereof, failure of electric power, riots, civil unrest, acts of terrorism, insurrection, war, <br />declaration of a state or national emergency, weather that could not have reasonably been anticipated, <br />changes in the Laws which would prevent the Premise from being operated in accordance with this <br />Lease, or other reasons beyond the reasonable control of County, Agency, Tenant, or their respective <br />agents or representatives (collectively, “Force Majeure Events”). In no event, however, shall Force <br />Majeure Events include the financial inability of a Party to this Lease to pay or perform its <br />obligations hereunder. Further, nothing herein shall extend the time for performance of any <br />monetary obligation owing under this Lease (including Tenant’s obligation to pay Rent owing <br />hereunder). <br /> <br />ARTICLE XV <br />RECORDS AND ACCOUNTS <br /> <br />15.1 Financial Statements. Within one hundred eighty (180) days after the end of each <br />accounting year, Tenant shall at its own expense submit to Auditor-Controller and the Agency a <br />balance sheet, income statement and cash flow statement prepared by a Certified Public Accountant <br />(“CPA”) who is a member of the American Institute of Certified Public Accountants (“AICPA”) and <br />the California Society of CPAs, reflecting business transacted on or from the Premises during the <br />preceding accounting year. The Certified Public Accountant must attest that the balance sheet and <br />income statement submitted are an accurate representation of Tenant's records and financial position <br />as reported to the United States of America for income tax purposes and are in accordance with <br />GAAP. Tenant shall provide Lessor with copies of any CPA's management letters prepared in <br />conjunction with their audits of Tenant's operations from the Premises. Copies of management letters <br />shall be provided directly to Lessor by the CPA at the same time Tenant’s copy is provided to <br />Tenant. In the event that when such financial statements are submitted, the Tenant has a budget for <br />the following accounting year, Tenant, at the same time, shall also provide Lessor with such budget. <br />15.1.1. Tenant acknowledges its understanding that any and all of the Financial <br />Statement submitted to the Lessor pursuant to this Lease become Public Records and may be subject <br />to public inspection and copying pursuant to §§ 6250 et. seq. of the California Government Code. <br />15.1.2. All Tenant's books of account and records and supporting source documents <br />related to this Lease or to business operations conducted within or from the Premises shall be kept <br />and made available at one location within the limits of the County unless an alternative location is <br />approved in writing by the Lessor. Lessor shall, through their duly authorized agents or <br />representatives, have the right to examine and audit said books of account and records and supporting <br />source documents at any and all reasonable times for the purpose of determining the accuracy thereof <br />in connection with such Sections of this Lease as the Parties mutually and reasonably agree the audit <br />is relevant thereto. <br />15.2 Reports. In the event that the Tenant commissions, requests or is required to produce <br />any reports related to the physical condition of the Improvements or Premises, Tenant shall submit <br />copies of such reports to Lessor along with the financial statements required above in Section 15.1. <br />EXHIBIT 15
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