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provided that, no Qualified Tenant shall have a rent increase sooner than one (1) year after initial occupancy. 10. Financial Covenants. In addition to, but not by way of limitation of, all other duties of the Borrower set forth herein, the Borrower shall comply with the following: (a) Audit. The Development and all equipment, buildings, plans, offices, apparatus, devices, books, contracts, records, documents and other papers relating thereto shall at all times be maintained in reasonable condition for proper audit and shall be subject to examination, inspection and copying at any reasonable time by the Agency or by its authorized representative. (b) Books and Records. The books and records of the Development shall be kept by the Borrower in accordance with the requirements of the Agency. (c) Financial Report. Within sixty (60) days following the end of each fiscal year of the Development, the Agency shall be furnished with a complete annual financial report on the Development based upon an examination of the books and records of the Development, prepared in accordance with the requirements of the Agency, certified by the Borrower, and when required by the Agency, certified at the Borrower's expense by an independent certified public accountant licensed in California, or other accountant acceptable to the Agency. Each such financial report shall be subject to modification by, and the approval of, the Agency, and when approved by the Agency shall be a "Development Financial Report" as referred to herein. (d) Furnishing Information. At the request of the Agency, the Borrower shall furnish such reports, financial statements, projections and analyses as may be required from time to time by the Agency and shall give specific answers to questions upon which information is desired relative to the income, expenses, assets, liabilities, contracts, operations and conditions of the Borrower and the Development. Borrower understands and agrees that the content of such reports, statements, projections, analyses and other information may be disclosed in any documentation prepared in connection with the issuance by the Agency of its bonds. (e) Development Account. The Borrower shall establish an account (the "Development Account ") into which all rents, charges, fees and any other income of the Development shall be deposited when received. The Borrower or any person receiving funds of the Development other than as permitted by this Agreement shall immediately deposit such funds in the Development Account and if failing to do so shall hold such funds in trust for the Development. The Borrower or any person receiving any property of the Development in violation of this Agreement shall immediately deliver such property to the Agency, and if failing to do so shall CHFA 53SLP /RIDGEVIEW 12/2/88 V01517(DNB) -10-