05 - JOINT PH - Vista Del Rio DDA

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written approval of the Executive Directors, Further, Vista Del Rio shall obtain the prior written approval of the Executive Directors for any expenditure from the Project Operating Account that exceeds by ten percent (10%) or more the amount set forth for the applicable line item in the Operating Budget and/or for any expenditure that would, cumulatively with all prior expenditures in the applicable year, exceed the total approved annual Operating Budget for the Project by ten percent (10%) or more. (d) Tenant Selection Policies. Vista Del Rio shall include in the Management Plan the tenant selection policies in accordance with Section 5, above, 12. If at any time the City or Agency determines that the Assisted Units are not being managed or maintained in accordance with the approved Management Plan, Vista Del Rio shall change the Management Agent or the practices complained of, upon receipt of written notice from the Executive Directors, The Executive Directors may require Vista Del Rio to change management practices or to terminate the management contract and designate and retain a different Management Agent. The management agreement shall provide that it is subject to termination by Vista Del Rio without penalty, upon thirty (30) days prior written notice, at the direction of the Executive Directors. Within ten (10) days following a direction of the Executive Directors to replace the Management Agent, the Vista Del Rio shall select another Management Agent or make other arrangements satisfactory to the Executive Directors or designee for continuing management of the Assisted Units. 13. COVENANTS. The covenants established in these Restrictions and any amendments hereto approved by the City, Agency and Vista Del Rio shall, without regard to technical classification and designation, be binding for the benefit and in favor of the City, the Agency, and their respective successors and assigns. These Restrictions shall remain in effect for fifty-five (55) years from the recordation of the Release of Construction Covenants ("Term"). In its discretion, the City may defer repayment of the Loans or the City and Agency may agree to such reasonable modifications to the requirements of these Restrictions, as they may determine are necessary for the continued maintenance and operation of the Assisted Units. The covenants against discrimination shall remain in effect for the Term of these Restrictions. 14. DISBURSEMENT. Vista Del Rio shall not request disbursement of any proceeds of the Loans until the funds are needed to pay eligible costs. The City shall have the right to disapprove any request if the City determines the request is for an ineligible item or is otherwise not in compliance with or inconsistent with the Loan Agreement and these Restrictions [24 CFR 92,504 (c)(10)]. 15. REPORTS. Vista Del Rio shall prepare, maintain and submit to the City, as appropriate, the following records and reports in compliance with 24 CFR 92,504 (c) (12): a. Annual Reports. Vista Del Rio shall file with the City an Annual Report (herein referred to as the "Annual Report") within one hundred twenty (120) days following the end of each calendar year, commencing with the end of the calendar year (or portion thereof) in which the Real Estate Closing occurs, The Annual Report shall contain a certification by Vista Del Rio as to such information as the City Executive Director may then require, including, but not limited to, the following: (1) The fiscal condition of the Project, including the Annual Budget and Project Cash Flow report required by Section 12.5 of the Loan Agreement which shall include an audited B-14 DOCS 0 C/ 1475221 v5/200272-0004