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(b) Management Agreement. Vista Del Rio shall submit a copy of the proposed management agreement specifying the amount of the management fee, and the relationship and division of responsibilities between Vista Del Rio and Management Agent. Such management agreement (including the management fee) shall be reasonably acceptable to the Executive Director. (c) Project Operating Budget. Prior to the Closing, and annually thereafter not later than 60 days prior to the beginning of the next Calendar Year, Vista Del Rio shall submit a projected operating budget and cash flow ( "Operating Budget') to the Executive Director. The Operating Budget and cash flow shall be in a form that is reasonably acceptable to the Executive Director. Vista Del Rio must promptly deposit all revenue received with respect to the Project directly into a segregated, interest - bearing depository account established exclusively for the Project ( "Project Operating Account'). Withdrawals from the Project Operating Account may be made only in accordance with the provisions of the Loan Agreement and the Operating Budget approved annually by the Executive Director, as it may be revised from time to time with City, Authority, and Successor Agency approval. Vista Del Rio may make withdrawals from the Project Operating Account solely for the payment of Project expenses and Project fees included in the approved Operating Budget. Withdrawals from the Project Operating Account for other purposes may be made only with the prior written approval of the Executive Director. Further, Vista Del Rio shall obtain the prior written approval of the Executive Director 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. If at any time the City, Authority, or Successor 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 Director. The Executive Director 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 Director. Within ten (10) days following a direction of the Executive Director to replace the Management Agent, the Vista Del Rio shall select another Management Agent or make other arrangements satisfactory to the Executive Director or designee for continuing management of the Assisted Units. 12. COVENANTS. The covenants established in these Restrictions and any amendments hereto approved by the City, Authority, Successor Agency and Vista Del Rio shall, without regard to technical classification and designation, be binding for the benefit and in favor of the City, Authority, the Successor 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 "). With the consent of Vista Del Rio, the City, Authority, or Successor Agency may, in its discretion, agree to defer repayment of the Loans or the City, Authority, and Successor 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. B -14 DOC SOC/ 1475221 v 10/200272 -0004