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12, If at any time the City determines that the units are not being managed or <br />maintained in accordance with the approved Management Plan, the City shall send the <br />Developer a detailed description of the management deficiencies (a "Deficiency Notice "), <br />If the deficiencies set forth in the Deficiency Notice are not cured within thirty (30) days <br />(or such longer period as may be reasonably designated by the City), with the exception of <br />HOME regulations that require a shorter period, the Executive Director may require <br />Developer to change management practices or to terminate the management contract and <br />designate and retain a different management agent. The management agreement shall <br />provide that it is subject to termination by Developer without penalty, upon thirty (30) <br />days prior written notice, at the direction of the Executive Director. Within ten (10) days <br />following a direction of the Executive Director to replace the management agent in <br />accordance with the terms hereof, the Developer shall select another management agent or <br />make other arrangements satisfactory to the Executive Director or designee for continuing <br />management of the units. <br />13. The covenants established in these Restrictions and any amendments hereto <br />approved by the City and Developer shall, without regard to technical classification and <br />designation, be binding for the benefit and in favor of the City and their respective <br />successors and assigns, These Restrictions shall remain in effect for fifty -five (55) years. <br />In its discretion, the City may defer repayment of the HOME Loan or the City may agree <br />to such reasonable modifications to the requirements of these Restrictions, as they may <br />detenine are necessary for the continued maintenance and operation of the Assisted <br />Units. The covenants against discrimination shall remain in effect for the period of these <br />Restrictions. <br />14. Developer shall not request disbursement of HOME funds until the funds <br />are needed to pay eligible costs. The City shall have the right to disapprove any request if <br />the City determines the request is for an ineligible item or is otherwise not in compliance <br />with or inconsistent with the Loan Agreement and these Restrictions [24 CFR 92.504 <br />(c)(10)]. <br />15. Developer shall prepare, maintain and submit to the City, as appropriate, <br />the following records and reports in compliance with 24 CFR 92.504 (c) (12): <br />a. Annual Reports. Developer shall file with the City an Annual Report <br />(herein referred to as the "Annual Report ") within one hundred twenty (120) days <br />following the end of each calendar year, commencing with the end of the calendar year (or <br />portion thereof) in which the Real Estate Closing occurs, The Annual Report shall contain <br />a certification by Developer as to such information as the City Executive Director may <br />then require, including, but not limited to, the following: <br />(1) The fiscal condition of the Project, including the Annual Budget and <br />Project Cash Flow report required by Section 10 (c) of the Affordable Housing <br />Restrictions which shall include a financial statement for the previous calendar year that <br />includes a balance sheet and a profit and loss statement indicating any surplus or deficit in <br />operating accounts; a detailed itemized listing of income and expenses; and the amounts of <br />any fiscal reserves. Such Annual Budget and financial statement shall be prepared in <br />7of12 <br />25C -92 <br />