Laserfiche WebLink
Developer agrees to maintain records in a businesslike manner, to make such records available to the <br />Agency and City upon twenty-four (24) hours notice, and to maintain such records for the entire <br />Term of this Agreement. Developer shall cure any defects or deficiencies found by the Agency/City <br />while conducting such inspections within two weeks of written notice thereof, or such longer period <br />as is reasonable within the sole discretion of the Agency/City. <br />Without limiting the generality of the foregoing, Developer shall prepare, maintain and <br />submit to the Agency, as appropriate, the following records and reports in compliance with Health <br />and Safety Code Section 33418 and 24 CFR 92.504(c)(12): <br />1210.1 Annual Reports. Developer <br />(herein referred to as the "Annual Report") within one <br />each calendar year, commencing with the end of the c <br />first disbursement of the Loans occurs. The Annual.R <br />as to such information as the Executive Director may' <br />following: <br />1 hle%~"vith the Agency an Amuial Report <br />lred f(fj,y (150) days following the end of <br />tar ysa1,,(l?}' portion thereof] in which the <br />shall eoht~n a certification by Developer <br />require, including, but not limited to, the <br />(a) The fiscal condition`of+ he Pio~g~t,',including the Axmual Budget; an <br />updated Project cash flow projection; a financial statetYlegt t`or the previous d~lendar year that <br />includes a balance sheet and a profit ahd )oss,statement mdtb~ting any surplus or deficit in operating <br />accounts; a detailed itemized listing of inCOttie~nc(,expenses,Fati~l~,the amounts contained in any fiscal <br />reserves. Snch Annual Budget and financial sldte~nent shall ~l~e prepared in accordance with <br />generally accepted accounting practices, oor)srstently ~(pphed The:Executive Director may require <br />that the financial state7r~eht be audited at Dcvelope 's~,expense by~aii'independent certified public <br />accountant aoeeptabl~to?the Execilliye Director ~,"' <br />(b) -, Any substantial physical dofects in the Project, including a description <br />of any major repair or mamtenapce wotk.undertaken%.or needed in the previous and current years. <br />Such statetnept shall desot:be rvhll sleps'D`euCloper'l~~ taken in order to maintain the Project in a <br />safe and ~~aanitary condition in accordance with;, applicable housing and building codes and the <br />property standards set forth-in,24 CPR'~2.251. <br />(e) .Q,teport ~ega1'ding the occupancy of the Affordable Units indicating <br />the income of each current resitlelrt and the current rents charged each resident and whether those <br />rents include uttltt(es,';including tdcgrds that demonstrate that the Project meets the requirements of <br />24 CFR 92.253 for telrarlt and parkcipant protection under the HOME Program and the requirements <br />of the Agreement and tHese I~eStrxeiions. <br />(d) ~ General management performance, including tenant relations and <br />other relevant information. <br />(e) Records that demonstrate that the Affordable Units meet the <br />affordability requirements of 24 CFR 92.252 and Section 50053 of the California Health and Safety <br />Cade, for the required period of affordability according to Section 33334.3 of the California Health <br />and Safety Code. <br />(f) Evidence of a currently paid hazard insurance policy in accordance <br />with the requirements of the Agency Dccd of Trust and the City Deed of Trust, with a loss payable <br />endorsement naming the Agency and City as a loss payees together with other approved lenders (as <br />41 <br />