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Initial rents may be recalculated to allowable rental amounts at the time of initial lease -up <br />following completion of construction in accordance with any changes in allowable rent and <br />income tables as published by HUD and TCAC. <br />7.3. Rent Increases. On an annual basis, the City shall provide Developer with <br />the maximum allowable schedule of rents for the Property in accordance with changes in <br />allowable rent and income tables published by HUD and TCAC. In no event can Developer <br />charge any tenant more than such amount. <br />All rent increases are subject to City approval pursuant to the terms of this Section. No <br />later than sixty (60) days prior to the proposed implementation of any rent increase, <br />Developer shall submit to the City a schedule of any proposed increase in the rent. The <br />City will disapprove a rent increase if it does not comply with the restrictions set forth in <br />Section 7.1 and 7.2 above. <br />Subject to the applicable requirements and provisions of, and changes to, Section 42 of the <br />Code, if, upon recertification of the income of any tenant, the Developer determines that <br />such tenant has an adjusted income exceeding 30% of the applicable Median Income for <br />the Area, in each case, adjusted for household size, such tenant may be permitted to <br />continue to occupy the unit at the rental rate as provided for in Sections 7.1 and 7.2 above, <br />as applicable, until the tenant chooses to vacate the unit. After the unit is vacated, the <br />Developer shall re -rent the unit to a tenant pursuant to the terms, covenants and conditions <br />of this Agreement. <br />7.4. Prohibited Fees. The Developer and subsequent owner is prohibited from <br />charging fees that are not customary, consistent with 24 CFR section 92.504(c)(3)(xi). The <br />Developer and subsequent owner can charge reasonable application fees to prospective <br />tenants; other fees only to the extent that they are reasonable and customary for the project <br />area; and fees for services provided to tenants, provided that these services are not <br />mandatory. <br />7.5. Operation and Maintenance of the Property. Solely at Developer's <br />expense, Developer agrees to maintain the Property in a clean and orderly condition and in <br />good condition and repair and keep the Property free from any accumulation of debris and <br />waste materials. If at any time Developer fails to maintain, or cause to be maintained, the <br />Property as required by this section, and said condition is not corrected after the expiration <br />of a reasonable period of time not to exceed thirty (30) days from the date of written notice <br />from the City, unless such condition cannot reasonably be cured within thirty (30) days, in <br />which case Developer shall have such additional time as reasonably necessary to complete <br />such cure, the City may perform the necessary maintenance and Developer shall pay all <br />reasonable costs incurred for such maintenance. The City shall inspect the Property <br />annually after the date of issuance of the Certificate of Completion as described in Article <br />17 of this Agreement. During the Affordability Period, the Property must meet all <br />applicable State and local codes. The Property must be free of all health and safety defects <br />during the Affordability Period. <br />16 <br />The Crossroads at Washington <br />City NSP Loan Agrcetnent <br />