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(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 />from the date of full occupation of the Project. In its discretion, the City may defer <br />repayment of the HOME Loan or the City may agree to such reasonable modifications to <br />the requirements of these Restrictions, as they may determine are necessary for the <br />continued maintenance and operation of the Assisted Units. The covenants against <br />discrimination shall remain in effect for the period of these Restrictions. <br />14. Developer shall not request disbursement of HOME funds 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 />the following records and reports in compliance with 24 CFR 92.504 (c) (12): <br />a. Annual Reports. Developer shall file with the City an Annual Report <br />(herein refer-red to as the "Annual Report") within ninety (90) days following the end of <br />each calendar year, commencing with the end of the calendar year (or portion thereof) in <br />which the Real Estate Closing occurs. The Annual Report shall contain a certification by <br />Developer as to such information as the City Executive Director may then require, <br />including, but not limited to, the following: <br />(1) The fiscal condition of the Project, including the Annual Budget and <br />Project Cash Flow report required by Section 10 (c) of the Affordable Housing <br />Restrictions which shall include a financial statement for the previous calendar year that <br />includes a balance sheet and a profit and loss statement indicating any surplus or deficit in <br />operating accounts; a detailed itemized listing of income and expenses; and the amounts of <br />any fiscal reserves. Such Annual Budget and financial statement shall be prepared in <br />accordance with generally accepted accounting practices. The City Executive Director <br />6of10 <br />