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Developer agrees to maintain records in a businesslike manner, to make such records available to the <br />Agency and City upon twenty-four (24) hours notice, and to maintain such records for the entire <br />Term of this Agreement. Developer shall cure any defects or deficiencies found by the Agency/City <br />while conducting such inspections within two weeks of written notice thereof, or such longer period <br />as is reasonable within the sole discretion of the Agency/City. <br />Without limiting the generality of the foregoing, Developer shall prepare, maintain and <br />submit to the Agency, as appropriate, the following records and reports in compliance with Health <br />and Safety Code Section 33418 and 24 CFR 92.504(c)(12): <br />1210.1 Annual Reports. Developer shall file with the Agency an Annual Report <br />(herein referred to as the "Annual Report") within one hundred fifty (150) days following the end of <br />each calendar year, commencing with the end of the calendar year (or portion thereof) in which the <br />first disbursement of the Loans occurs. The Annual Report shall contain a certification by Developer <br />as to such information as the Executive Director may then require, including, but not limited to, the <br />following: <br />(a) The fiscal condition of the Project, including the Annual Budget; an <br />updated Project cash flow projection; a financial statement for the previous calendar year that <br />includes a balance sheet and a profit and loss statement indicating any surplus or deficit in operating <br />accounts; a detailed itemized listing of income and expenses; and the amounts contained in any fiscal <br />reserves. Such Annual Budget and financial statement shall be prepared in accordance with <br />generally accepted accounting practices, consistently applied. The Executive Director may require <br />that the financial statement be audited at Developer's expense by an independent certified public <br />accountant acceptable to the Executive Director. <br />(b) Any substantial physical defects in the Project, including a description <br />of any major repair or maintenance work undertaken or needed in the previous and current years. <br />Such statement shall describe what steps Developer has taken in order to maintain the Project in a <br />safe and sanitary condition in accordance with applicable housing and building codes and the <br />property standards set forth in 24 CFR 92.251. <br />(c) A report regarding the occupancy of the Affordable Units indicating <br />the income of each current resident and the current rents charged each resident and whether those <br />rents include utilities, including records that demonstrate that the Project meets the requirements of <br />24 CFR 92.253 for tenant and participant protection under the HOME Program and the requirements <br />of the Agreement and these Restrictions. <br />(d) General management performance, including tenant relations and <br />other relevant information. <br />(e) Records that demonstrate that the Affordable Units meet the <br />affordability requirements of 24 CFR 92.252 and Section 50053 of the California Health and Safety <br />Code, for the required period of affordability according to Section 33334.3 of the California Health <br />and Safety Code. <br />(f) Evidence of a currently paid hazard insurance policy in accordance <br />with the requirements of the Agency Deed of Trust and the City Deed of Trust, with a loss payable <br />endorsement naming the Agency and City as a loss payees together with other approved lenders (as <br />250-47