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the State of California, and its status as a CHDO under federal law and Developer shall provide documentation of such status annually to the Agency/City. 1502. Protection of Lien. Developer shall maintain the lien of the Agency/City Deed(s) of Trust as a valid second and third priority deed of trust on the Property and take all actions, and execute and deliver to Agency/City all documents, reasonably required by Agency/City from time to time in connection therewith. 1503. Notice of Certain Matters. Developer shall give notice to Agency/City, within ten (10) days of Developer's learning thereof, of each of the following: (a) any filed litigation or claim affecting or relating to the Property and involving an amount in excess of $5,000; and any litigation or claim that might subject Developer or any general partner to liability in excess of $5,000, whether covered by insurance or not; (b) any dispute between Developer and a Governmental Authority relating to the Property, the adverse determination of which might materially affect the Property; (c) any change in Developer's principal place of business; (d) any aspect of the Improvements that is not in substantial conformity with the plans or code; (e) any Event of Default or event which, with the giving of notice or the passage of time or both, would constitute an Event of Default; (f) any material default by Developer or any other party under any Senior Loan document, or the receipt by Developer of any notice of default under any Senior Loan document; (g) the creation or imposition of any mechanics' or materialmans' lien or other lien against the Property which might materially affect the Property; and/or (h) any material adverse change in the financial condition of Developer. 1504. Further Assurances. Developer shall execute and acknowledge (or cause to be executed and acknowledged) and deliver to Agency/City all documents, and take all actions, reasonably required by Agency/City from time to time to confirm the rights created or now or hereafter intended to be created under the Loan Documents; to protect and further the validity, priority and enforceability of the Agency/City Deeds of Trust; to subject to the Deed(s) of Trust any property intended by the terms of any Loan Documents to be covered by the Agency/City Deeds of Trust or otherwise to carry out the purposes of the Loan Documents and the transactions contemplated thereunder. 1505. Annual Financial Statements. Developer shall deliver to Agency/City, within one hundred fifty (150) days after the end of each Calendar Year, (a) a certified public accountant reviewed balance sheet for Developer as of the end of such Calendar Year and a certified public accountant reviewed statement of profit and loss for Developer and for Developer's operations in connection with the Property for such Calendar Year, together with all supporting schedules, (b) a certificate of such certified public accountant that such documents were reviewed by such certified 48 DOC SOC/ 1469583v5/200272-0003