Laserfiche WebLink
a certified public accountant reviewed statement of profit and loss for Developer and for <br />Developer's operations in connection with the Property for such Calendar Year, together <br />with all supporting schedules, (b) a certificate of such certified public accountant that <br />such documents were reviewed by such certified public accountant in accordance with <br />generally accepted accounting principles and otherwise comply with generally accepted <br />accounting principles review requirements, and (c) a certificate of Developer's <br />Administrative General Partner that such documents: (i) were prepared in accordance <br />with generally accepted accounting principles applied on a consistent basis or in <br />accordance with such other principles or methods as are reasonably acceptable to City, <br />(ii) fairly present Developer's financial condition, (iii) show all material liabilities, direct <br />and contingent, and (iv) fairly present the results of Developer's operations. Developer <br />shall also provide the City with any other annual audit reports issued by other monitoring <br />agencies. <br />15.6 Audits and Access to Records. Developer agrees that City, the U.S. <br />Department of Housing and Urban Development, the Comptroller General of the United <br />States or any of their authorized representatives shall have the right of access, upon <br />reasonable notice, to any books, documents, papers, or other records of Developer which <br />are pertinent to this Agreement in order to make audits, examinations, abstracts, excerpts <br />or transcripts. Developer will maintain all books and records pertaining to this Agreement <br />for a period of not less than five (5) years after all matters pertaining to this Agreement <br />(i.e., audit, disputes or litigation) are resolved in accordance with applicable federal or <br />state laws, regulations or policies, and when a period of affordability or recapture applies <br />to Developer's activities, for a period of not less than five (5) years after the affordability <br />period ends. <br />15.7 Termite Inspection Report. Developer shall deliver a termite report <br />pertaining to the Property to the City every fifth (5t') year beginning 2018. <br />16. OTHER NEGATIVE COVENANTS <br />While any obligation of Developer under the City Note or City Deed of Trust <br />remain outstanding, the following provisions shall apply, except to the extent that <br />Executive Director otherwise consents in writing: <br />16.1 Default on Senior Loan. Developer shall not default on any of the <br />Senior Loan documents, provided however, that Developer shall have such period as is <br />provided in the Senior Loan Documents during which to effectuate a cure. <br />16.2 Sale or Lease of Property. Unless and until Developer has received a <br />Certificate of Completion for the rehabilitation from City, Developer shall not sell, lease, <br />sublease or otherwise transfer all or any part of the Property or any interest therein <br />without the prior written consent of the Executive Director, which consent may be <br />withheld in the Executive Director's reasonable discretion. In connection with the <br />foregoing consent requirements, Developer acknowledges that City relied upon <br />Developer's particular expertise in entering into this Agreement and continues to rely on <br />such expertise to ensure the satisfactory completion of the rehabilitation. <br />31 <br />