05 - JOINT PH - Vista Del Rio DDA

Home Browse Search

12.3.2 Evidence of Payment. Upon demand by City or Agency from time to time, Vista Del Rio shall deliver to City or Agency, within thirty (30) days following the due date of any Imposition, evidence of payment reasonably satisfactory to City. 12.3.3 Boolcs and Records. Vista Del Rio shall maintain complete books of account and other records reflecting its operations (in comiection with any other businesses as well as with respect to the Property), in accordance with generally accepted accounting principles applied on a consistent basis or in accordance with such other principles or methods as are reasonably acceptable to City, in accordance with 24 CFR 92.508. 12.4 [Intentionally omitted] 12.5 Protect Operating Budget. Prior to the Closing, and annually thereafter not later than 60 days prior to the beginning of the next Calendar Year, Vista Del Rio shall submit a projected operating budget and cash flow ("Operating Budget") to the Executive Directors. The Operating Budget and cash flow shall be in a form that is reasonably acceptable to the Executive Directors. Vista Del Rio must promptly deposit all revenue received with respect to the Project directly into a segregated, interest-bearing depository account established exclusively for the Project ("Project Operating Account"). Withdrawals from the Project Operating Account may be made only in accordance with the provisions of this Agreement and the Operating Budget approved annually by the Executive Directors, as it maybe revised from time to time with City and Agency approval. Vista Del Rio may make withdrawals from the Project Operating Account solely for the payment of Project expenses and Project fees included in the approved Operating Budget. Withdrawals from the Project Operating Account for other purposes maybe made only with the prior written approval of the Executive Directors. Further, Vista Del Rio shall obtain the prior written approval of the Executive Directors for any expenditure from the Project Operating Account that exceeds by ten percent (10%) or more the amount set forth for the applicable line item in the Operating Budget and/or for any expenditure that would, cumulatively with all prior expenditures in the applicable year, exceed the total approved annual Operating Budget for the Project by ten percent (10%) or more. 12.6 Replacement Reserve Account. Vista Del Rio must establish or cause to be established a segregated interest-bearing replacement reserve depository account ("Replacement Reserve Account") no later than sixty (60) days after the Release of Construction Covenants is filed. Vista Del Rio must make monthly deposits from project income into the Replacement Reserve in accordance with Vista Del Rio's Budget, as amended from time to time. Vista Del Rio may withdraw funds from the Replacement Reserve Account solely to fund capital improvements for the Project, such as replacing or repairing structural elements, furniture, fixtures or equipment of the Project that are reasonably required to preserve the Project. Vista Del Rio may not withdraw funds from the Replacement Reserve Account for any other purpose without the prior written approval of the City and Agency. 13. NONDISCRIMINATION COVENANTS 13.1 Obligation to Refrain from Discrimination. Vista Del Rio covenants and agrees for itself, its successors, its assigns and every successor in interest to the Property or any part thereof, that there shall be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, marital status, ancestry or national origin in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Property nor shall Vista Del Rio 29 DOCSOC/ 1475221 v5/200272-0004