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11/14/03 acceptable to the Executive Director. (d) Tenant Selection Policies. DEVELOPER shall include in the Management Plan the tenant selection policies in accordance with Section 4, above. 11. If at any time the City or Agency determines that the .Restricted Units are not being managed or maintained in accordance with the approved Management Plan, DEVELOPER shall change the management agent or the practices complained of, upon receipt of written notice from the Executive Director. The Executive Director may require DEVELOPER to change management practices or to terminate the management contract and designate and retain a different management agreement shall provide that it is subject to termination by DEVELOPER without penalty, upon thirty (30) days prior written notice, at the direction of the Executive Director. Within ten (10) days following a direction of the Executive Director to replace the management agent, the DEVELOPER shall select another management agent or make other arrangements satisfactory to the Executive Director or designee for continuing management of the Restricted Units. 12. The covenants established in this Agreement and any amendments hereto approved by the City, Agency and DEVELOPER shall, without regard to technical classification and designation, be binding for the benefit and in favor of the City, the Agency, and their respective successors and assigns. The covenants and requirements of this Agreement shall remain in effect for fifty -five (55) years. At any time after 30 years, DEVELOPER may request modifications to this Agreement. In its discretion, the City may defer repayment of the HOME Loan or the City and Agency may agree to such reasonable modifications to the requirements of this Agreement, as they may determine are necessary for the continued maintenance and operation of the Restricted Units. The covenants against discrimination shall remain in effectfor the period of this Agreement. 13. DEVELOPER shall not request disbursement of HOME funds until the funds are needed to pay eligible costs. The disbursement of funds in this case shall be upon close of escrow and applied by DEVELOPER for the cost of acquisition. The City shall have the right to disapprove any request if the City determines the request is for an ineligible item or is otherwise not in compliance with or inconsistent with the Loan Agreement and this Agreement [24 CFR 92.504 (c)(10)]. 14. DEVELOPER shall prepare, maintain and submit to the City, as appropriate, the following records and reports in compliance with 24 CFR 92.504 (c) (12): a. Annual Reports. DEVELOPER shall file with the City an Annual Report (herein referred to as the "Annual Report") within seventy -five (75) days following the end of each calendar year, commencing with the end of the calendar year (or portion thereof) in which the Real Estate Closing occurs. The Annual .Report shall contain a certification by DEVELOPER as to such information as the City Executive 8of14