FULL AGENDA_2018-01-16 - Laserfiche WebLink

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11 (c) Annual Budget and Projected Cash Flows. Prior to the issuance of a certificate of occupancy for the Project, and annually thereafter not later than one hundred fifty (150) days after the close of each calendar year thereafter, Owner shall submit a projected operating budget and cash flow to the City Project Manager. The budget and cash flow shall be in a form that is acceptable to the City Project Manager. (d) Tenant Selection Policies. Owner shall include in the Management Plan the tenant selection policies in accordance with Section 4 above. H. If at any time the Agency determines that the units are not being managed or maintained in accordance with the approved Management Plan, Agency shall provide Owner with notice thereof which notice shall include a reasonable cure period not less than thirty (30) calendar days. If the deficiencies have not been cured within the cure period provided in the Agency notice Owner shall change the management agent or the practices complained of, upon receipt of written notice from the City Manager. The Agency may require Owner 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 Owner without penalty, upon thirty (30) calendar days prior written notice, at the direction of the City Project Manager. Within ten (10) Business Days following a direction of the City Project Manager to replace the management agent, the Owner shall select another management agent or make other arrangements satisfactory to the City Project Manager or designee for continuing management of the units. I. The covenants established in these Restrictions and any amendments hereto approved by the Agency, and Owner shall, without regard to technical classification and designation, be binding for the benefit and in favor of the Agency and their respective successors and assigns. These Restrictions shall remain in effect for fifty-five (55) years from the effective date of issuance of the Certificate of Occupancy. The covenants against discrimination shall remain in effect for the period of these Restrictions. J. Owner shall not request disbursement of Agency funds until the funds are needed to pay eligible costs. The Agency shall have the right to disapprove any request if the Agency determines the request is for an ineligible item or is otherwise not in compliance with or inconsistent with the Loan Agreements and these Restrictions. K. Owner shall prepare, maintain and submit to the Agency, as appropriate, the following records and reports: a. Annual Reports. Owner shall file with the Agency an Annual Report (herein referred to as the "Annual Report") within one hundred fifty (150) days following the end of each calendar year, commencing the Calendar Year following the issuance of the Certificate of Completion. The Annual Report shall contain a certification by Owner as to such information as the City Project Manager may then require, including, but not limited to, the following: (1) The fiscal condition of the Project, including the Annual Budget and Project Cash Flow report required by Section 4.G. (c) of this Agreement which shall include an audited financial statement for the previous calendar year that includes a balance sheet and a EXHIBIT 3 3-72