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509. Project Operating Budget. Developer must promptly deposit all project income <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 />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 />