FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 the debarment and suspension requirement as stated in 2 CFR 2424 and 24 CFR Vert 24; and (10) any other reports issued by other ntuttitorittg agencies. c_ All records related to CDRG funds as required under the provisions ol'24 CFR 570 W trust be retained for the most recent live year period, except that for rental housing projects, records shall be retained for five years after the project completion date; except that records of individual tenant income verifications, project rents and project inspections must be retained for the most recent five year period, until five years after the affordability period tenninates_ Developer shall cooperate with the City to retain all books and records relevant to the Loan Agreement for a minintuni of live years after die expiration of the Loan Agreement and auy and all amendments hereto, or for five years after the conclusion or resolution of any and all audits or litigation relevant to the Loan Agreement, whichever is loler. 'I he City, the Slate, the Office of the Auditor General of TTUD, and/or their representatives shall have unrestricted reasonable access to all locations, books, and records for thee purpose of rrronitoring, auditing, or otherwise examining said locations, books, and records with or without prior notice. d. If so directed by the City, the State or TTUD upon termination of the Loan Agreement, Developer- shall cause all records, accounts, dtlenrnetltation and all Other materials relevant to the work to be delivered to the City, the State or HUD, as dcpusitory. e. All records, accounts, documentalion and other malerials televant to the Project shall be accessible at any time to the authorized representatives of the Cily, the State or MJD, on reasonable prior notice, for the purpose of examination or audit. f. The City shall perform an annual audit at the close Of each calendar year in which these Restrictions are in effect. Developer shall reasonably cooperate with City in perfimnitlg such audit. 16. Defaults. If an event of detault occuts under the terms of these Restrictions, prior to excreising any remedies hereunder, City shall give Developer and its limited partner written notice ol'such default. Tf the delaull is reasonably capable ol'being cured within thirty (30) clays, Developer and its limited partner shall have such period to effect a care prior to exet'cisc. of remedies by the City under these Restrictions. If the default is such that it is not reasonably capable of being cured within thirty (30) days, and Developer or its limited partner (i) initiates corrective action within said period, and (it) diligently, continually, and in good faith works to effect a cure as soon as possible, then Developer- and its limited partner shall have such additional tittle as is reasonably necessary to care the default prior to exercise of any remedies by City. File City k a beneficiary of the terms and provisions of these Restrictions and the covenants herein, both for and in their own right and for the purposes Of Protecting the intctrsts of the uxnmttnity and other parties, public or private, for whose benefit these Restrictions and the covenants running with the land have been provided. Upon the Occurrence of an event of default auid the expiration of the notice and cure period specified above_ the Citv shall have the riLlht to exercise all rights and remedies_ and to maintain anv City Council 11 of 14 21 — 95 4/20/2021