FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 accounting principles applied on a consistent basis or in accordance with such other principles ill-methodsas are reasonably acceptable to City, in accordance with 2 CFR part 200 and 24 CFR 570.5W 12.4 Proicct Operating Account. Subject to the requirements of a Senior I.ender, Developer must promptly deposit all project income directly into a segregated depository account established exclusively for the Project ('Project Operating Account") Withdrawals from this account may be made only in accordance with the provisions of this Ageement and the approved Project Budget, as it may be revised from tine to tine with City approval. Prior to the repayment of the City/CDRG Loan in full, Developer may make withdrawals from this account solely for the payment Ofproject expenses (including, without limitation, funding reserves and the making of debt service payments), project lees and permitted distributions to the partners of the Develuper. Withdrawals from this account for other purposes may be made only with the prior written approval of the City. 12.5 Replacement Reserve Account. Developer- roust establish or cause to be established with JPMorgan Chase Bank. N.A., a segregated interest -bearing replacement reserve depnsitory account ("Replacement Reserve Account") no later than the date the JPMorgan Chase Hank, N.A. loan converts from a construction loan to a permanent loan - Developer roust make monthly deposits horn project income into the Replacement Reserve in dre amount 01'$500 per unit per year. Devclopct may withdraw funds lium the Replacement Reserve Account solely to fitnd capital improvements for the Project, such as replacing or repairing structural elements, furniture, Iixtures or equipment ol'the Project that are reasonably required to preserve the Project- Developer may not withdraw fitnds floor the Replacement Reserve Account for any other purpose without the prior written approval of the City. 13. NO NDISCRIMINATIION COVENANTS I3. I Oblination to Refrain from Discrimination. Developer covenants and agrees that. A. in Use of Property. There shall be no discrimination against or segregation of any person, or group Of persons, on account of race, color, creed, religion, scx, mental or physical disability, marital scants, national origin, or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Property, nor shall Developer or any person claiming under or through it, estahlish or permit any such practice or practices of clisciminatiota or segregation with reference to the selection, lucaliola, number, rue or occupancy of tenants, lesseeN, Subtenants, sublessees, ur vendors of the Property. H. In Affordable Housing Restrictions. 'fhe foregoing covenant shall (a) be included in the Affordability Restrictions on Transfer of Property, (b) run with the land, and (c) ramdin effective for the term of the Contract (for 55 years). C. In Emolovment. In construction of the City Council 32 21 — 36 4/20/2021