80A - JT PH VISTA DEL RIO HOUSING

Home Browse Search

requirements, and (c) a certificate of Vista Del Rio's chief financial officer that such documents: (i) were prepared in accordance with generally accepted accounting principles applied on a consistent basis or in accordance with such other principles or methods as are reasonably acceptable to City, (ii) fairly present Vista Del Rio's financial condition, (iii) show all material liabilities, direct and contingent, and (iv) fairly present the results of Vista Del Rio's operations. Vista Del Rio shall also provide the City with any other annual audit reports issued by other monitoring agencies. 15.6 Audits and Access to Records. Vista Del Rio agrees that City, the U.S. Department of Housing and Urban Development, the Comptroller General of the United States or any of their authorized representatives shall have the right of access, upon reasonable notice, to any books, documents, papers, or other records of Vista Del Rio which are pertinent to this Agreement in order to make audits, examinations, abstracts, excerpts or transcripts. Vista Del Rio will maintain all books and records pertaining to this Agreement for a period of not less than five (5) years after all matters pertaining to this Agreement (i.e., audit, disputes or litigation) are resolved in accordance with applicable federal or state laws, regulations or policies, and when a period of affordability or recapture applies to Vista Del Rio's activities, for a period of not less than five (5) years after the affordability or recapture period ends. 15,7 Termite Inspection Report. Vista Del Rio shall deliver a termite report pertaining to the Property to the City every fifth (5th) year beginning January 2013. 16. OTHER NEGATIVE COVENANTS While any obligation of Vista Del Rio under the City Notes or City Deeds of Trust remain outstanding, the following provisions shall apply, except to the extent that Executive Director otherwise consents in writing: 16.1 Default on Senior Loan. Vista Del Rio shall not default on any of the Senior Loan documents, provided however, that Vista Del Rio shall have such period as is provided in the Senior Loan Documents during which to effectuate a cure. 16.2 Sale or Lease of Property. Unless and until Vista Del Rio has received a Certificate of Completion for the Construction from City, Vista Del Rio shall not sell, lease, sublease or otherwise transfer all or any part of the Property or any interest therein without the prior written consent of the Executive Director, which consent may be withheld in the Executive Director's reasonable discretion. In connection with the foregoing consent requirements, Vista Del Rio acknowledges that City relied upon Vista Del Rio's particular expertise in entering into this Agreement and continues to rely on such expertise to ensure the satisfactory completion of the Construction. Notwithstanding anything to the contrary contained herein, a "transfer" shall not include (i) a transfer of a General Partner's interest in Vista Del Rio when made in connection with the exercise by the Vista Del Rio's limited partner (the "Limited Partner") of "its rights upon a default by a General Partner under the Vista Del Rio's Partnership Agreement (the "Partnership Agreement") or upon a General Partner's withdrawal in violation of the Partnership Agreement, 31 80A-107