25H - AGMT - AFFORDABLE HOUSING 2151 E 1ST ST

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HOME t:egul,ritortS that, require a shorter period, the p;xecutivc Director may require Developer to cbaange manaapmient practices or to terminate the management contract and designate and retain a differctat management a);ent. Fhe ntanagument aft ecmett s1aa11 Provide that it is snprject to termination by Developer ww. ithowtl pemalf.y, upon thirty (30) days prior written notice, at the direction of the h'xectttive Director. Within teas (10) days follaowwirtg as direction (11 the Exectitive Director to replace the management: ageitt ill aucrordance ww tth the terms hereof, the Deveioher .shalt select another ritana gernerit ,agent or make anther arrangements satisfactory= to the Esccutrvc Director or desagalee I'm- uontilatuing manap;enient of the emits, 13. The covenants established in these and any amoudmcops hereto approved by the �C'ity and Developer shall, without regard to tachaaicad Chassiflcatiou and dcsut;natiors, be binding for true benefit and in favor of the City and their respective SUCeutiSOI -S, Mid these Rcstxlctions shall remain in effoct for fifty- fivrc(s5) years. In its discretion, the City may defer repayment of"the T94]ME Loan or the City raaay agree to Butch reasonable mochticatirnws to the rccluirurrWl*,' of these RQ,,arictions, as they may dctuninne are necessary finr the contineted maintemance wid operation of the Assistcd. Units. Thw cow etrants against discrimination shall remain in effect for tlae period of these Restrictiolis. 14. Developer shalt not request disbursenaenl of I i0 ml` funds until the linacts are needed to Nary eligible cwrsts The C`i@y shall have the right to disapprove any request if' the City determinc,; the t Qgoest is k)r all ineligible item or is otherwise not in compliance with or inconsistent with the Loan Agreement and these lac trietions [24 CFR 92,504 (c)(1U')]• 15. Developer shall hrepuare, ni atnfain and submit to the City, as appropriate, the pollowioag records and report,, oa compliance with 24 C YR 92.504 (e) (12): au. AitnAp;aj ItepoI,s. Developer sialt life with the City all Annual R3 ,port (herent ref'crred to as the "Manual Report -) within erne hundred tweoty (120) days finlhrwutnf; tite end of each calendar eonamescing ww,ith the end of the eatendar year (or Porticos thereol) its which the ReM l =state Closing occurs 'I he Atsrna:al ]Zcpan °t shall contaritl . to certification by Developer as to such infirtntation as the City Exoouttve ]director may then reel }airs, including, but not limited to, the laollowving: (1) The fu�scal Condition of the Project, including the Annual Budget and Project Cash How report required by Scetion 10 (c) ofthc Affordable Housing Restrictions which shall include a finiancial statcntent fisr the pi- Qvious catendar year that includes a haleaaee sheet anal a Profit sand lows staawmts nt indicating any surplus or deficit in operating ucanunts; as deaaieal ilcnu;^ed fisting of income: ttnd expenses, and the atnotttuts of array tiscal 'Such Annual Budget and rinaanenil statettent ,,]tall he prepared ill accordance with generally accepted accounting practices. Tile City Fxecutive Director may require that the lmanc'iail stattenoent be 41.1dile11 at Nveloper's exheasse by an hhlependent curtitied public ac.cotsntaut aaeceptable to the L "XCCUtive Director.. (2) Any substantial. physical defects in the Project, including au description of any nutpoa repair or maintenance ruin k undertaken or needed in the previous 2� =88