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<br /> be subject to any restrictions on the ownership, occupancy, use or transferability of the Property <br /> under any environmental law, or (iii) could reasonably be anticipated to form the basis of an <br /> environmental claim against the Property or Developer. <br /> e. Environmental Indemnification by the Developer. Developer agrees to defend, <br /> indemnify and hold harmless the City and its officers, directors, employees and agents <br /> (collectively the "lndemnitees from and against any and all obligations (including removal and <br /> remediation), losses, claims (including third party claims), suits, judgments, liabilities, penalties, <br /> damages (including consequential and punitive damages), costs and expenses (including <br /> consultants, and attorneys' fees) of whatever kind or nature whatsoever that may at any time be <br /> incurred by, imposed on, or asserted against the lndemnitees directly or indirectly based on, or <br /> arising or resulting from the actual or alleged presence of Hazardous Materials on the Property. <br /> 600. DEVELOPER FEE AND PERFORMANCE. <br /> 601. Developer Fee. 8% of Project Cost per Developer's Proposal. The Developer Fee <br /> is earned at the acquisition of the Property, but shall not be paid to Developer until the <br /> rehabilitation of the Property is complete and the Property has 90% occupancy. <br /> 602. Performance Measures. Due to the legislative deadlines, performance <br /> measurements will be monitored closely. The Developer's contract maybe cancelled and the <br /> funds reallocated to other developers for failure to meet HUD deadlines. <br /> 603. Business License/Professional Licenses. Developer must obtain and maintain a <br /> valid business license in order to perform services in the City of Santa Ana. Also, Developer <br /> shall, throughout the term of this Agreement, maintain all necessary licenses, permits, approvals, <br /> waivers, and exemptions necessary for the provision of the services hereunder and required by <br /> the laws and regulations of the United States, the State of California, the City of Santa Ana and <br /> all other governmental agencies. Developer shall notify the City immediately and in writing of <br /> its inability to obtain or maintain such permits, licenses, approvals, waivers, and exemptions. <br /> Said inability shall be cause for termination of this Agreement. <br /> 604. Annual Financial Statements. Developer shall deliver to City, within one hundred <br /> fifty (150) days after the end of each Calendar Year, (a) a certified public accountant reviewed <br /> balance sheet for Developer as of the end of such Calendar Year and a certified public <br /> accountant reviewed statement of profit and loss for Developer and for Developer's operations <br /> specific to this Property for such Calendar Year, together with all supporting schedules, (b) a <br /> certificate of such certified public accountant that such documents were reviewed by such <br /> certified public accountant in accordance with generally accepted accounting principles and <br /> otherwise comply with generally accepted accounting principles review requirements, and (c) a <br /> certificate of Developer's chief financial officer that such documents: (i) were prepared in <br /> accordance with generally accepted accounting principles applied on a consistent basis or in <br /> accordance with such other principles or methods as are reasonably acceptable to City, (ii) fairly <br /> present Developer's financial condition, (iii) show all material liabilities, direct and contingent, <br /> 13 <br /> 25K-49 <br /> <br />