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EXHIBIT 3 a certification by Developer as to such information as the City Executive Director may then require. including, but not limited to, the following_ (1) 7'hc fiscal condition of the Project, inetuding the Annual Budget and Project Cash Flow report required by Section 1 1 (c) of the Affordable Housing Restrictions which shall include a Imancial slatemenl (or the previous calendar year that ancludcs a balance shecl and a profit and loss sLatentenL indicating any surplus or deficit in operating accounts; a detailed itemized listing of income and expenses; and the amounts of any fiscal reserves. Such Annual Budget and financial statement shall be prepared in accordance with generally accepted accounting practices- The City Executive Director may require that the financial sLatemenL be audited at Developer's expense by an independent certified public aeeountam acceptable to the Executive Director. (2) Any substantial physical defects in the Project, including a description of any major repair or maintenance work undertaken or needed in the previous and current years. Such statement shall describe what steps Developer has taken in order to maintain the Project in a safe and sanitary condition in accordance with applicable housing and building codes and the property standards set forth in 24 CFR 92.251. (3) The occupancy of the units indicating the income of each current resident and the current rent; charged each resident and whether those rents include utilities, including recurds that dcutonstratc that the Prujeet meets the requircrncnLs of fur tenant and participant protections specified in Section 7 of these Restrictions. (4) General management perlbrmance, including LelanL relations and oche- relevant information. (5) Records that demonstrate that the units meet the affordability requirements of 21 CPR 92252 and these Restrictions . (6) Evidence ol'a currently paid hazard insurance policy in accordance with the r quircucnts of Section 6 of the City/CDBG Deed of Trust, with a loss payable endorsement naming the City as a loss paycc(s) together with other approved lenders (as (heir interests may appear), with a "Replacement Cost F.ndorsenent" in amount sullicienl to prevenL Developer or City from becoming a cu-insurer Lnder Lhc terms of Ole policy, but in any event in an atuount not less than 1001% of the then frill replacement cost, to he determined at least once annually and subject to reasonable approval by the L.xecuuve Director- (7) Evidence of a currently paid liability insurance policy, naming the Cary as additional insured and in a fin m approved by the City Attor'ncy with coverage as described in the I ),in Agreement. (9) Termite reports pertaining Lo the Property every fifth (5°i) year- (9) Such oilier information as may be reasonably required by the Executive Director or his/her designee. City Council 9 of 14 21 — 93 4/20/2021