|
12.6 Replacement Reserve Account. Developer must establish or cause to be
<br />established a segregated replacement reserve depository account ( "Replacement Reserve
<br />Account ") no later than the commencement of the permanent financing period for the
<br />Project. Developer must make monthly deposits from project income into the Replacement
<br />Reserve in accordance with Developer's Budget, as amended from time to time. Developer
<br />may withdraw funds from the Replacement Reserve Account solely to fund capital
<br />improvements for the Project, such as replacing or repairing structural elements, furniture,
<br />fixtures or equipment of the Project that are reasonably required to preserve the Project.
<br />Developer may not withdraw funds from the Replacement Reserve Account for any other
<br />purpose without the prior written approval of the Agency.
<br />13. NONDISCRIMINATION COVENANTS
<br />13.1 Obligation to Refrain from Discrimination. Developer covenants and
<br />agrees that:
<br />(a) In Use of Property. There shall be no discrimination against or
<br />segregation of any person, or group of persons, on account of race, color, creed, disability,
<br />religion, sex, marital status, national origin, or ancestry in the sale, lease, sublease, transfer,
<br />use, occupancy, tenure or enjoyment of the Property, nor shall Developer or any person
<br />claiming under or through it, establish or permit any such practice or practices of
<br />discrimination or segregation with reference to the selection, location, number, use or
<br />occupancy of tenants, lessees, subtenants, sublessees, or vendors of the Property.
<br />(b) In Affordable Housing Restrictions. The foregoing covenant shall
<br />(a) be included in the Affordability Restrictions on Transfer of Property, (b) run with the
<br />land, and (c) remain effective for the term of the contract (for 55 years).
<br />(c) In Employment. In construction on the Property, Developer shall
<br />not discriminate against any employee or applicant because of race, color, creed, religion,
<br />sex, marital status, disability, national origin, or ancestry. Developer shall take affirmative
<br />action to ensure that applicants are employed, and that employees are treated during
<br />employment, without regard to their race, color, disability, creed, religion, sex, marital
<br />status, disability, national origin, or ancestry.
<br />(d) In all Contracts. Developer shall cause the foregoing covenants to
<br />be inserted in all contracts for any work covered by this Agreement so that such provisions
<br />will be binding upon each contractor for the benefit of Agency, provided that the foregoing
<br />covenant shall not apply to contracts or subcontracts for standard commercial supplies or
<br />raw materials.
<br />14. ENVIRONMENTAL MATTERS
<br />14.1 Representation and Warranty. Except as disclosed in writing to the
<br />Agency, Developer has no knowledge (a) of the presence on, under or about the Property,
<br />now or in the past, of any Hazardous Materials, or of the transportation to or from the
<br />Property of any Hazardous Materials, (b) that asbestos or polychlorinated biphenyls
<br />80A -152
<br />
|