FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 Escrow, and annually thereafter not later than ninety (90) days after the close of each calendar year thereafter until the Loan is repaid in lull, Developer shall submit a projected uperating budget and cash flow to the EXWLlti%c Director- The budget and cash Clow shall be in a torm that is reasonably acceptable to the executive Director. (d) Tenant Selection Policies- Developer shall include in the Management Plane the tenant selection policies in accordance with Section 5, above- 12. Manaacment and Maintenance Deficiencies. if at ally time the City determines that the units are not being managed or maintained in accordance with the approved Management Plan, the City shall send the Developer a detailed description of the management deficiencies (a "Deficiency Notice"). if the deficiencies set fords in the Deficiency Notice are not erred within thirty (30) days (or such lunges period as may be reasonably required to cure the deficiency), with the exception ofCMIG regnlatioos that require a shorlerperiod, the Executive Director may require Developer to change management practices or to terminate the management contract and designate and retain a different management agent. The management agrecntatt shall provide that it is subject to termination by Developer without penalty, upon thirty (30) days prior written notice, it the direction of the Executive Director upon failure to cure a Deficiency Notice within the time period specified above- Within ten (10) days following a direction ofthe Executive Director to replace the management agetu in accordance with the teens hereof, the Dcx'clupci shall scluct another manzigcincm agent Ur snake odlci- arrangcinent i sausfactory to the lxecutive Director or designee for Cot tirrtting rnanagel ent of the units. 13- Restriction Terns. The covenants established in these Restrictions and any aniendlnents hereto approved by the City and Developer shall, without regard to technical classification and designation, be binding for die benefit and inn favor of the City and their respective successors and assigps. These Restrictions shall remain in effect for fifty-five (55) years. In its discretion, the City may defer repayment of the CDBG Loan or the City tray agree to such reasonable modifications to the requirements of these Restrictions, as they ina-y determine are necessary for the continued maintenance and Opel'atiuu of the Assisted Units. The covenants against disainiination shall remain in effectforthe period of these Restrictions. 14- CDSG Dishursements. Developer shall not request di,,bLirsCr77Cnt of CDBG tends until the. funds are needed to pay eligible costs. The City icsctvcs the right to inspect records and the Project site io determine that reimbursennent and compensation requests are reasonable, and shall have the right to disapprove any request if the City determines the request is for an ineligihle item or is otherwise not in compliance with or ineunsistent with the Loan Agreement and these Restrictions- 15. Records and Reports. Developer shall prepare, maintain and submit to the City, as appropriate, the following records and reports: a- Annual Reports. Developer shall file with dic Cit_v an Aruoral Rcport (herein referred to as the "Annual Report") within one hundred tweiny (120) days following the end of each calendar -year, commencing with the end of the calendar -year (or portion thereof) in which the Real Estate Closing occurs- The Annual Report shall contain City Council 8 of 14 21 — 92 4/20/2021