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11 of 14 <br />the debarment and suspension requirement as stated in 2 CFR 2424 and 24 CFR Part 24; <br />and <br /> <br />(10) any other reports issued by other monitoring agencies. <br /> <br /> c. All records related to CDBG funds as required under the provisions of 24 <br />CFR 570.506 must be retained for the most recent five year period, except that for rental <br />housing projects, records shall be retained for five years after the project completion date; <br />except that records of individual tenant income verifications, project rents and project <br />inspections must be retained for the most recent five year period, until five years after the <br />affordability period terminates. Developer shall cooperate with the City to retain all books <br />and records relevant to the Loan Agreement for a minimum of five years after the <br />expiration of the Loan Agreement and any and all amendments hereto, or for five years <br />after the conclusion or resolution of any and all audits or litigation relevant to the Loan <br />Agreement, whichever is later. The City, the State, the Office of the Auditor General of <br />HUD, and/or their representatives shall have unrestricted reasonable access to all <br />locations, books, and records for the purpose of monitoring, auditing, or otherwise <br />examining said locations, books, and records with or without prior notice. <br /> <br /> d. 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 /> <br /> e. 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 /> <br /> f. The City shall perform an annual audit at the close of each calendar year in <br />which these Restrictions are in effect. Developer shall reasonably cooperate with City in <br />performing such audit. <br /> <br /> 16. Defaults. If an event of default occurs under the terms of these <br />Restrictions, prior to exercising any remedies hereunder, City shall give Developer and its <br />limited partner written notice of such default. If the default is reasonably capable of being <br />cured within thirty (30) days, Developer and its limited partner shall have such period to <br />effect a cure prior to exercise of remedies by the City under these Restrictions. If the <br />default is such that it is not reasonably capable of being cured within thirty (30) days, and <br />Developer or its limited partner (i) initiates corrective action within said period, and (ii) <br />diligently, continually, and in good faith works to effect a cure as soon as possible, then <br />Developer and its limited partner shall have such additional time as is reasonably <br />necessary to cure the default prior to exercise of any remedies by City. <br /> <br /> The City is a beneficiary of the terms and provisions of these Restrictions <br />and the covenants herein, both for and in their own right and for the purposes of protecting <br />the 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 />EXHIBIT 3