80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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compliance with the Management ent Plan which is approved by the Agency. The Agency hereby approves Related Management t Company, L.P. as the Property Manager for each Phase of the Rental Portion. If the Agency determines that the performance f the Property Manager as to a particular Phase is defielent based upon the standards set forth its the Management Plan and in this Agreement, the Agency shall provide notice to the Developer of such deficiencies, and the Developer shall use its best efforts to correct such deficiencies. In the event that such deficiencies have not been cured within the time set forth in Section 501, the Agency shall have the right to require the Developer to immediately remove and replace the Property Manager for such Phase with another property manager or property management company which is reasonably acceptable to the Agency, which is not related to or affiliated with the Developer, and which has not less than five years experience in property management, including significant experience managing housing facilities of the size, quality and scope of the applicable Phase of the Rental Portion of the Project. 401.10 Monitoring and Record keeping. Throughout the Affordability Period, Developer shall comply with all applicable recordl eeping and monitoring requirements ents set forth in Health and Safety Code Section 33418 and shall annually complete and submit to the Agency a report, prior to January 30tl of each year, for each Phase of the Rental Portion which includes the name, address, income and age of each occupant of a Rental Unit, the bedroom count and Monthly Rent for such Rental Unit. The Agency agrees that the Developer may submit reporting forms prepared and submitted its connection with any other similar reporting requirement, including reports prepared for tax credit compliance, to the extent those, forms contain the information required hereunder. Representatives of the Agency shall be entitled to nter cacti Phase of the Rental Portion of the Project, upon at least seventy-two 72 hours prior written Notice, to monitor compliance with this Agreement, to inspect the records, and to conduct an independent audit or inspection of such records. The Developer agrees to cooperate with the Agency its making g each Phase of the Rental Portion of the Project available for such inspection or audit. The Developer agrees to maintain records in businesslike manner, and to maintain such records for the terra of this Agreement. 401,11 Regulatmy Agreement and Notice of Affordability Ra tractions. The requirements of this Agreement which are applicable to the Rental Portion of the Project after the conveyance of the Site to the Developer are set forth in each Regulatory Agreement. Additionally, the Developer shall record a Notice of Affordability Restrictions on Transfer of Property "Notice of Affordability Restrictions" as to each Phase of the Rental Portion of the Project in the form attached hereto as Attachment 12 and incorporated herein by this reference, which shall run with the lard and shall be enforceable against any owner who violates a covenant or restriction and each successor in interest who continues the violation pursuant thereto. The e xecution of a Regulatory Agreement and the Developer's execution of a Notice of Affordability Restrictions is a condition precedent to the Closing for a Phase, as set forth in Section 204, The Agency shall subordinate this Agreement, each Regulatory Agreement and Notice of Affordability Restrictions to the construction and peg; bent f narieing approved pursuant to Section 316.1 by the execution f a subordination agreement in a form determined to be reasonably acceptable to the Executive Director. 2 D so / 1 400673N, 1 3/200272 -0001