Item 13 - Affordable Housing Project at 1411 N Broadway

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EXHIBIT 3 10.6. Construction Information. From time to time during the course of the construction, within ten (10) Business Days following City’s written demand therefor, Developer shall furnish requested reports of project costs, progress schedules and AIA G702 (application and certification for payment) contractors’ costs breakdowns for the construction, itemized as to trade description and item, showing the name of the contractor(s) and/or subcontractor(s), and including such indirect costs as real estate taxes, legal and accounting fees, insurance, architects’ and engineers’ fees, loan fees, interest during construction and contractors’ overhead. 10.7.Protection Against Liens. Developer shall diligently file a valid Notice of Completion upon completion of the construction, diligently file a notice of cessation in the event of a cessation of labor on the construction for a period of thirty (30) days or more, and take all actions reasonably required to prevent the assertion of claims of lien against the Property. In the event that any claim of lien is asserted against the property or any stop notice or claim is asserted against the City by any person furnishing labor or materials to the Property, Developer shall promptly give written notice of the same to City and shall, promptly and in any event within ten (10) Business Days after written demand therefor, (a) pay and discharge the same, (b) effect the release thereof by delivering to City a surety bond complying with the requirement of applicable laws for such release, or (c) take such other action as City may reasonably require to release City from any obligation or liability with respect to such stop notice or claim. Nothing in this Section 10.7 shall limit or prohibit Developer’s right to contest any claim of lien, stop notice or claim described herein in good faith. 10.8. General Contractors who are Related Parties to the Developer. If the Project is developed with general contractors who are owned or controlled by Developer, its members or its affiliates (“Related Parties”) to the Developer, the Developer must be audited to the subcontractor level by an outside auditing firm approved by the City. The Developer shall pay for the audit to the subcontractor level by an outside auditing firm. Section 11.FEDERAL (HOME-ARP AND HOME PROGRAM) COVENANTS 11.1. The Developer shall carry out the design, construction and operation of the Project, in conformity with all applicable laws, regulations, and rules of governmental agencies having jurisdiction, including without limitation and to the extent applicable, the HOME-ARP and HOME Requirements and the legal requirements set forth in “Exhibit G” attached to this Agreement and the statutes referenced therein. For purposes of this paragraph, “HOME-ARP Requirements” mean the requirements of the HOME-ARP Program as outlined in the HOME-ARP Notice and “HOME Requirements” mean the requirements of the HOME Investment Partnership Act, as amended (42 U.S.C. § 12741, et seq.), and the implementing regulations (24 C.F.R. § 92, et seq.), and the legal requirements summarized or referenced in Exhibit G attached hereto and incorporated herein by this reference. 11.1.5 Reserved. 11.2. Qualification as Affordable Housing. As more particularly provided in 28 WISEPlace Permanent Supportive Housing City HOME-ARP Loan Agreement