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EXHIBIT 3 <br />with a bond or other security satisfactory in an amount not less than 100% of the <br />applicable claim (including interest and penalties). <br />12.1.3.2 Evidence of Payment. Upon demand by City from <br />time to time, Developer shall deliver to City, within thirty (30) days following the due <br />date of any Imposition, evidence of payment reasonably satisfactory to City. <br />12.1.3.3 Books and Records. Developer shall maintain complete books of <br />account and other records reflecting its operations (in connection with any other <br />businesses as well as with respect to the Property), in accordance with generally accepted <br />accounting principles applied on a consistent basis or in accordance with such other <br />principles or methods as are reasonably acceptable to City, in accordance with 24 CFR <br />92.508. <br />12.4 Project Operating Account. Subject to the requirements of the Senior <br />Lender, Developer must promptly deposit all project income directly into a segregated <br />depository account established exclusively for the Project ("Project Operating Account"). <br />Withdrawals from this account may be made only in accordance with the provisions of <br />this Agreement and the approved Project Budget, as it may be revised from time to time <br />with City approval. Prior to the repayment of the City/HOME Loan in full, Developer <br />may make withdrawals from this account solely for the payment of project expenses <br />(including, without limitation, funding reserves and the making of debt service <br />payments), project fees and permitted distributions to the partners of the Developer. <br />Withdrawals from this account for other purposes may be made only with the prior <br />written approval of the City. <br />12.5 Replacement Reserve Account. Developer must establish or cause to be <br />established a segregated interest -bearing replacement reserve depository account <br />("Replacement Reserve Account") no later than the date of the Senior Loan converts <br />from a construction loan to a permanent loan. Developer must make monthly deposits <br />from project income into the Replacement Reserve in the amount of one -twelfth (1/12) <br />$500 per unit per year (the $500 is an annual fee paid on a monthly basis). Developer <br />may withdraw funds from the Replacement Reserve Account solely to fund capital <br />improvements for the Project, such as replacing or repairing structural elements, <br />furniture, fixtures or equipment of the Project that are reasonably required to preserve the <br />Project. Developer may not withdraw funds from the Replacement Reserve Account for <br />any other purpose without the prior written approval of the City. <br />13. NONDISCRINIINATION COVENANTS <br />13.1 Obligation to Refrain from Discrimination. Developer covenants and <br />agrees that: <br />A. In Use of Property. There shall be no discrimination <br />against or segregation of any person, or group of persons, on account of race, color, <br />creed, religion, sex, mental or physical disability, marital status, national origin, or <br />ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the <br />Property, nor shall Developer or any person claiming under or through it, establish or <br />24 <br />FOODIA .1 <br />