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may require that the financial statement be audited at Developer's expense by an <br />independent certified public accountant acceptable to the Executive Director. <br />(2) Any substantial physical defects in the Project, including a <br />description of any major repair or maintenance work undertaken or needed in the previous <br />and current years. Such statement shall describe what steps Developer has taken in order <br />to maintain the Project in a safe and sanitary condition in accordance with applicable <br />housing and building codes and the property standards set forth in 24 CFR 92.251. <br />(3) The occupancy of the units indicating the income of each current <br />resident and the current rents charged each resident and whether those rents include <br />utilities, including records that demonstrate that the Project meets the requirements of 24 <br />CFR 92.253 for tenant and participant protection under the HOME Program. <br />(4) General management performance, including tenant relations and <br />other relevant information. <br />(5) Records that demonstrate that the units meet the affordability <br />requirements of 24 CFR 92.252, 50052.5 and 50053(b)(1) of the California Health and <br />Safety Code, for the required period of affordability according to section 33334.3 of the <br />California Health and Safety Code. <br />(6) Evidence of a currently paid hazard insurance policy in accordance <br />with the requirements of Section 6 of the City /HOME Deed of Trust, with a loss payable <br />endorsement naming the City as a loss payee(s) together with other approved lenders (as <br />their interests may appear), with a "Replacement Cost Endorsement" in amount sufficient <br />to prevent Developer or City from becoming a co- insurer under the terms of the policy, but <br />in any event in an amount not less than 100% of the then full replacement cost, to be <br />determined at least once annually and subject to reasonable approval by the Executive <br />Director. <br />(7) Evidence of a currently paid liability insurance policy, naming the <br />City as additional insured and in a form approved by the City Attorney with coverage as <br />described in the Loan Agreement. <br />(8) Termite reports pertaining to the Property every fifth (51h) year. <br />(9) Such other information as may be reasonably required by the <br />Executive Director or his/her designee. <br />b. Records and Audits. Developer shall maintain the following general <br />program records, and make them available for inspection by the City, the State or HUD: <br />(1) records which demonstrate that the project meets the property <br />standard specified in 24 CFR 92.251; <br />(2) records, for each HOME Assisted Unit, which demonstrates that the <br />project meets the requirements of 24 CFR 92.252. <br />7of10 <br />