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permitted by law, Developer may pay any Imposition in instal linen (together with any accrued interest). 10.4.1 _Right to Contest. ontest. Developer shall not be required to pay any Imposition so long as (a) Its validity is being actively contested in good faith and by appropriate proceedings, (b) Developer has demonstrated to City's reasonable satisfaction that leaving such Imposition unpaid pending the outcome of such Proceedings could not result in conveyance of the Property in satisfaction of such Imposition or otberwise impair City's interests under (lie Loan Documents, and (c) Developer has furnished City with a bond or other security satisfactory in an amount not less them 100% of the applicable claim (including interest mid penalties). 1 0A.2 Evidence of Payment. Upon demand by City irom tune to time, Developer shall deliver to City, within thirty (30) days following the dice date of any Imposition, evidence of payment reasonably satisfactory to City. 10.413 Books and Records: Developer shall maintain complete books of account and other records reflecting its operations (in connection with any other businesses as well as with respect to the Property), in accordance with generally accepted accotuiting principles applied on a consistent basis or in accordance with such other principles or methods as arc reasonably acceptable to City, in accordance with 24 CFR 92,508. 10;5 Project Operating Budget. Developer must promptly deposit all project income directly into a segregated depository account established exclusively for the Project ( "Project Operating Account'), Withdrawals from this account may be made only in accordance with the provisions of this Agreement and the approved Project Budget, as it may be revised from tune to time with City approval. Developer may make withdrawals from this acearunt solely for the payment of project expenses kind project fee,-,, Withdrawals from this account for other purposes may be made only with the prior written approval of the City. 10.6 Replacement Reserve Account. Developermust establish or cause to be. established a segregated interest-bearing replacement reserve depository account ( "Replacement reserve Account ") no later than sixty (60) days after tile Certificate of Completion is filed. Developer must make rnouthly deposits from project income into the Replacement Reserves in accordance with Developer's Budget, as amended from time to trove. Developer may withdraw funds from the Replacement Reserve Account solely to food capital improvemcnis 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. Developer may not withdraw funds from the Replacernem Reserve Account for any other purpose without the prior written approval of the City, 11, NONDISCRIMINATION COVENANTS ! 1J Obligation to Mrain from Discrimination. Developer covetna its and agrees drat: 25 25B -31