SANTA ANA WBBB, LP 4 - Laserfiche WebLink

Home Browse Search

public accountant in accordance with generally accepted accounting principles and otherwise comply with generally accepted accounting principles review requirements, and (c) a certificate of Developer'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 Agency/City, (ii) fairly present Developer's financial condition, (iii) show all material liabilities, direct and contingent, and (iv) fairly present the results of Developer's operations. Developer shall also provide the Agency/City with any other annual audit reports issued by other monitoring agencies. Developer shall include in said reports a residual receipts report. In addition to the foregoing, Developer shall comply with the requirements set forth in Section 1210. 1506. Audits and Access to Records. Developer agrees that Agency/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 Developer which are pertinent to this Agreement in order to make audits, examinations, abstracts, excerpts or transcripts. Developer 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 Developer's activities, for a period of not less than five (5) years after the affordability or recapture period ends. In addition to the foregoing, Developer shall comply with the requirements set forth in Section 1210. 1507. Termite Inspection Report. Developer shall deliver a termite report pertaining to the Property to the Agency/City every fifth (5th) year beginning January 2016. 1600. OTHER NEGATIVE COVENANTS While any obligation of Developer under the Promissory Notes or Deeds of Trust remain outstanding, the following provisions shall apply, except to the extent that Executive Director otherwise consents in writing: 1601. Default on Senior Loan. Developer shall not default on any of the Senior Loan documents, provided however, that Developer shall have such period as is provided in the Senior Loan Documents during which to effectuate a cure. 1602. Transfers of Interest in Property or Agreement. 1602.1 Prohibition. The qualifications and identity of the Developer are of particular concern to the Agency and City. It is because of those qualifications and identity that Agency and City have entered into this Agreement and the other Project Documents with the Developer. For the period commencing upon the date of this Agreement and until the expiration of the Term hereof, no voluntary or involuntary successor in interest of the Developer shall acquire any rights or power under this Agreement, nor shall the Developer make any total or partial sale, transfer, conveyance, assignment, subdivision, refinancing or lease of the whole or any part of the Property or the Improvements thereon without prior written approval of the Agency/City, except as expressly set forth herein. Any proposed total or partial sale, transfer, conveyance, assignment, subdivision, refinancing or lease of the whole or any part of the Property or the Improvements will constitute a Default pursuant to Article 2000 hereof. 49 DOCSOC/ I469583v5/200272-0003