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940 S. MINNIE, LP - 2014
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940 S. MINNIE, LP - 2014
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7/7/2014 3:04:49 PM
Creation date
7/7/2014 3:02:07 PM
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Contracts
Company Name
940 S. MINNIE, LP
Contract #
A-2014-077
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
3/18/2014
Insurance Exp Date
9/1/2014
Destruction Year
0
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(a) Management Agent. Developer shall submit the name and <br />qualifications of the proposed Management Agent. The Executive Director shall approve <br />or disapprove the proposed Management Agent in writing based on the experience and <br />qualifications of the Management Agent. <br />(b) Management Agreement. Developer shall submit a copy of the <br />proposed management agreement specifying the amount of the management fee, and the <br />relationship and division of responsibilities between Developer and Management Agent. <br />(c) Annual Budget and Projected Cash Flows. Prior to the Closing, <br />and annually thereafter not later than ninety (90) days after the close of each calendar year <br />thereafter, Developer shall submit a projected operating budget and cash flow to the <br />Executive Director. The budget and cash flow shall be in a form that is acceptable to the <br />Executive Director. <br />(d) Tenant Selection Policies. Developer shall include in the <br />Management Plan the tenant selection policies in accordance with Section 4, above. <br />12. If at any time the City determines that the units are not being managed or <br />maintained in accordance with the approved Management Plan, Developer shall change <br />the management agent or the practices complained of, upon receipt of written notice from <br />the Executive Director, The Executive Director may require Developer to change <br />management practices or to terminate the management contract and designate and retain a <br />different management agent. The management agreement shall provide that it is subject to <br />termination by Developer without penalty, upon thirty (30) days prior written notice, at the <br />direction of the Executive Director. Within ten (10) days following a direction of the <br />Executive Director to replace the management agent, the Developer shall select another <br />management agent or make other arrangements satisfactory to the Executive Director or <br />designee for continuing management of the units. <br />13. The covenants established in these Restrictions and any amendments hereto <br />approved by the City and Developer shall, without regard to technical classification and <br />designation, be binding for the benefit and in favor of the City and their respective <br />successors and assigns. These Restrictions shall remain in effect for fifty -five (55) years. <br />In its discretion, the City may defer repayment of the HOME Loan or the City may agree <br />to such reasonable modifications to the requirements of these Restrictions, as they may <br />detennine are necessary for the continued maintenance and operation of the Assisted <br />Units. The covenants against discrimination shall remain in effect for the period of these <br />Restrictions. <br />14. Developer shall not request disbursement of HOME fiends until the funds <br />are needed to pay eligible costs. The City shall have the right to disapprove any request if <br />the City determines the request is for an ineligible item or is otherwise not in compliance <br />with or inconsistent with the Loan Agreement and these Restrictions [24 CFR 92.504 <br />(c)(10)]. <br />15. Developer shall prepare, maintain and submit to the City, as appropriate, <br />6of12 <br />
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