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509. Project Operating Budget. Developer must promptly deposit all project income <br /> <br /> directly into a segregated depository account established exclusively for the Project ("Project <br /> Operating Account"). Withdrawals from this account may be made only in accordance with the <br /> <br /> provisions of this Agreement and the approved Budget, as it may be revised from time to time <br /> with City approval. Developer may make withdrawals from this account solely for the payment <br /> of project expenses and project fees. Withdrawals from this account for other purposes may be <br /> made only with the prior written approval of the City. <br /> 510. Replacement Reserve Account. Developer must establish or cause to be <br /> established a segregated interest-bearing replacement reserve depository account ("Replacement <br /> Reserve Account") no later than sixty (60) days after the Notice of Completion is filed. <br /> Developer must make monthly deposits from project income into the Replacement Reserve in <br /> accordance with Developer's Budget, as amended from time to time. Developer may withdraw <br /> funds from the Replacement Reserve Account solely to fund capital improvements for the <br /> Project, such as replacing or repairing structural elements, furniture, fixtures or equipment of the <br /> Project that are reasonably required to preserve the Project. Developer may not withdraw funds <br /> from the Replacement Reserve Account for any other purpose without the prior written approval <br /> of the City. <br /> 511. Environmental Matters <br /> a. Representation and Warranty. Except as disclosed in writing to the City, <br /> Developer has no knowledge (a) of the presence on, under or about the Property, now or in the <br /> past, of any Hazardous Materials, or of the transportation to or from the Property of any <br /> Hazardous Materials, (b) that asbestos or polychlorinated biphenyls (PCBs) are contained in or <br /> stored on the Property, or (c) that there are any underground storage tanks located in, on or under <br /> the Property. <br /> b. Compliance with Environmental Laws. Developer shall (a) comply with all <br /> environmental laws and environmental permits applicable to the rehabilitation of the Property, <br /> (b) immediately pay or cause to be paid all costs and expenses incurred by reason of such <br /> compliance, (c) keep the Property free and clear of any environmental claims or liens imposed <br /> pursuant to any environmental law, and (d) obtain and renew all environmental permits required <br /> for ownership or use of the Property. <br /> c. Presence of Hazardous Materials. Developer shall not, and shall not permit anyone <br /> else to, generate, use, treat, store, handle, release, or dispose of Hazardous Materials on the <br /> Property, or transport or permit the transportation of Hazardous Materials to or from the Property <br /> except for de minimis quantities used at the Property in compliance with all applicable <br /> environmental laws and required in connection with the routine operation and maintenance of the <br /> Property. <br /> d. Notice of Environmental Matters. Developer shall immediately advise City in <br /> writing of any of the following: (a) any pending or threatened environmental claim against <br /> Developer or the Property, (b) any condition or occurrence that (i) results in noncompliance with <br /> any applicable environmental law, (ii) could reasonably be anticipated to cause the Property to <br /> 12 <br /> 25K-48 <br /> <br />