Laserfiche WebLink
16.3. All records pertaining to each calendar year of HOME funds must be <br />retained for the most recent five year period, except that records of individual tenant <br />income verifications, project rents and project inspections must be retained for the most <br />recent five year period, until five years after the affordability period terminates (24 CFR <br />92.508). Developer shall cooperate with the City to retain all books and records relevant to <br />the Loan Agreement for a minimum of five years after the expiration of the Loan <br />Agreement and any and all amendments hereto, or for five years after the conclusion or <br />resolution of any and all audits or litigation relevant to the Loan Agreement, whichever is <br />later. The City, the State, the Office of the Auditor General of HUD, and/or their <br />representatives shall have unrestricted reasonable access to all locations, books, and <br />records for the purpose of monitoring, auditing, or otherwise examining said locations, <br />books, and records with or without prior notice. <br />16.4. If so directed by the City, the State or HUD upon termination of the Loan <br />Agreement, Developer shall cause all records, accounts, documentation and all other <br />materials relevant to the work to be delivered to the City, the State or HUD, as depository. <br />16.5. All records, accounts, documentation and other materials relevant to the <br />Project shall be accessible at any time to the authorized representatives of the City, the <br />State or HUD, on reasonable prior notice, for the purpose of examination or audit. <br />16.6. Pursuant to 24 CFR Part 44, the City shall perform an annual audit at the <br />close of each calendar year in which these Restrictions are in effect. Developer shall <br />reasonably cooperate with City in performing such audit. <br />17. If an event of default occurs under the terms of these Restrictions, prior to <br />exercising any remedies hereunder, City shall give Developer written notice of such <br />default. If the default is reasonably capable of being cured within thirty (30) days, <br />Developer shall have such period to effect a cure prior to exercise of remedies by the City <br />under these Restrictions. If the default is such that it is not reasonably capable of being <br />cured within thirty (30) days, and Developer: (i) initiates corrective action within said <br />period; and (ii) diligently, continually, and in good faith works to effect a cure as soon as <br />possible, then Developer shall have such additional time as is reasonably necessary to <br />cure the default prior to exercise of any remedies by City. Any cure made or tendered by <br />such limited partner shall be accepted as if made by Developer. <br />The City is a beneficiary of the terns and provisions of these Restrictions and the <br />covenants herein, both for and in their own right and for the purposes of protecting the <br />interests of the community and other parties, public or private, for whose benefit these <br />Restrictions and the covenants running with the land have been provided. Upon the <br />occurrence of an event of default and the expiration of the notice and cure period specified <br />above, the City shall have the right to exercise all rights and remedies, and to maintain any <br />actions or suits at law or in equity or other proper proceedings to enforce the curing of such <br />breaches to which they or any other beneficiaries of these Restrictions and covenants are <br />entitled. <br />14 <br />The Crossroads at Washington <br />City HOME Affordability Re ttietions on Transfer of Property <br />