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iii 12.3 Taxes and Impositions ................................................................... .............................29 12.4 [Intentionally omitted] ................................................................... .............................29 12.5 Project Operating Budget ............................................................... .............................29 12.6 Replacement Reserve Account .................................................... ............................... 30 13. NONDISCRIMINATION COVENANTS ................................................. .............................30 13.1 Obligation to Refrain from Discrimination .................................. ............................... 30 13.2 Nondiscrimination in Employment ................................................ .............................30 13.3 Statutory Nondiscrimination Covenants ........................................ .............................30 13.4 In Affordable Housing Restrictions ............................................... .............................31 14. ENVIRONMENTAL MATTERS .............................................................. .............................32 14.1 Representation and Warranty ......................................................... .............................32 14.2 Compliance with Environmental Laws .......................................... .............................32 14.3 Presence of Hazardous Materials ................................................. ............................... 32 14.4 Notice of Environmental Matters ................................................. ............................... 32 14.5 Environmental Indemnification by the Vista Del Rio ................. ............................... 32 15. OTHER AFFIRMATIVE COVENANTS .................................................. .............................33 15.1 Existence ........................................................................................ .............................33 15.2 Protection of Lien ........................................................................ ............................... 33 15.3 Notice of Certain Matters ............................................................. ............................... 33 15.4 Further Assurances ......................................................................... .............................33 15.5 Annual Audited Financial Statements ............................................ .............................34 15.6 Audits and Access to Records ........................................................ .............................34 15.7 Termite Inspection Report ........................................................... ............................... 34 16. OTHER NEGATIVE COVENANTS ........................................................ .............................34 16.1 Default on Senior Loan .................................................................. .............................34 16.2 Transfers of Interest in Property or Agreement ........................... ............................... 34 17. [ RESERVED] ............................................................................................. .............................36 18. INDEMNIFICATION .............................................................................. ............................... 36 18.1 Nonliability of Successor Agency and City ................................... .............................36 18.2 Indemnity ..................................................................................... ............................... 37 18.3 Reimbursement of City and Successor Agency ............................. .............................38 19. INSURANCE, CASUALTY AND CONDEMNATION ......................... ............................... 38 19.1 Policies Required ........................................................................... .............................38 19.2 City Attorney and /or City Risk Manager May Modify .................. .............................39 19.3 Claims and Proceedings ................................................................. .............................39 19.4 Delivery of Proceeds to City /Successor Agency ........................... .............................39 19.5 Application of Casualty Insurance Proceeds ............................... ............................... 39 19.6 Method of Disbursement and Undisbursed Funds ......................... .............................40 19.7 Failure to Satisfy Conditions ......................................................... .............................40 19.8 Restoration ..................................................................................... .............................40 19.9 Condemnation; Treatment of Compensation ................................. .............................40 19.10 Waiver of Subrogation ................................................................... .............................41 20. DEFAULTS AND REMEDIES ................................................................. .............................41 20.1 Events of Default ......................................................................... ............................... 41 20.2 Remedies Upon Default ................................................................. .............................42 iii