Item 13 - Affordable Housing Project at 1411 N Broadway

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EXHIBIT 3 operations. Developer shall also provide the City with any other annual audit reports issued by other monitoring agencies upon written request. 15.6. Audits and Access to Records. Developer agrees that City, the U.S. Department of Housing and Urban Development, the Comptroller General of the United States or any of their authorized representatives shall have the right of access, upon reasonable notice, to any books, documents, papers, or other records of Developer that are pertinent to this Agreement in order to make audits, examinations, abstracts, excerpts or transcripts. Developer will maintain all books and records pertaining to this Agreement for a period of not less than five (5) years after all matters pertaining to this Agreement (i.e., audit, disputes or litigation) are resolved in accordance with applicable federal or state laws, regulations or policies, and when a period of affordability or recapture applies to Developer's activities, for a period of not less than five (5) years after the Affordability Period ends. 15.7. Compliance with Federal and State Laws. Nothing contained herein shall require the Developer to do anything contrary to or refrain from doing anything required by federal and state laws and regulations promulgated thereunder applicable to the management, maintenance, operation and rental of the Project or the Property. The Developer shall operate the Project, and cause all work to be performed on the Project, in compliance with (i) all applicable laws, ordinances, rules and regulations of federal, state, or municipal governments or agencies now in force or that may be enacted hereafter, including (without limitation and where applicable) state prevailing wage provisions, (ii) the HUD housing quality standards set out in 24 C.F.R. 5.703 and the cost-effective and, to the extent applicable, energy conservation and effectiveness standards in [24 C.F.R. 965.301], and (iii) all directions, rules and regulations of any fire marshal, health officer, building inspector, or other officer of every governmental agency now having or hereafter acquiring jurisdiction. Any construction, renovation, or capital improvement at the Project shall proceed only after procurement of each permit, license, or other authorization that may be required by any governmental agency having jurisdiction. Section 16.OTHER NEGATIVE COVENANTS While any obligation of Developer under the City/HOME-ARP Loan Note or City/HOME-ARP Loan Deed of Trust remain outstanding, the following provisions shall apply, except to the extent that the Executive Director otherwise consents in writing: 16.1. Default on Senior Loan. Developer shall not default on any of the Senior Loan Documents, provided however, that Developer shall have such period as is provided in the Senior Loan Documents during which to effectuate a cure. 16.2. Sale or Lease of Property. Unless and until Developer has received a Certificate of Completion for the construction from City, except for a Permitted Transfer, Developer shall not sell, lease, sublease or otherwise transfer all or any part of the Property or any interest therein without the prior written consent of the Executive Director, which consent may be withheld in the Executive Director's sole and absolute discretion. In connection with the foregoing consent requirements, Developer acknowledges that City 41 WISEPlace Permanent Supportive Housing City HOME-ARP Loan Agreement