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management agreement shall provide that it is subject to termination by Developer without <br />penalty, upon thirty (30) days prior written notice, at the direction of the Executive <br />Director. Within ten (10) days following a direction of the Executive Director to replace <br />the management agent in accordance with the terms hereof, the Developer shall select <br />another management agent or make other arrangements reasonably satisfactory to the <br />Executive Director or designee for continuing 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 reasonable discretion, the City may defer repayment of the HOME Loan or the City <br />may agree to such reasonable modifications to the requirements of these Restrictions, as <br />the City reasonably determines are necessary for the continued maintenance and operation <br />of the Assisted Units. The covenants against discrimination shall remain in effect for the <br />period of these Restrictions. <br />14. Developer shall not request disbursement of HOME funds until the finds <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 Close of Loan occurs. The Annual Report shall contain a <br />certification by Developer as to such information as the City Executive Director may then <br />reasonably 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 11 (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 />accordance with generally accepted accounting practices. The City Executive Director <br />may require that the financial statement be audited at Developer's expense by an <br />independent certified public accountant acceptable to the Executive Director. <br />(2) Any substantial physical defects in the Project, including a <br />description of any major repair or maintenance work undertaken or needed in the previous <br />and current years. Such statement shall describe what steps Developer has taken in order <br />to maintain the Project in a safe and sanitary condition in accordance with applicable <br />housing and building codes and the property standards set forth in 24 CFR 92.251. <br />7of1.2 <br />