RES 16831 - Laserfiche WebLink

(vi) City may, from time to time request additional or different information, and Owner shall promptly supply such information in the reports required hereunder. 3.3. Maintenance of Records. 3.3.1 Owner shall maintain all records regarding the construction of the Project for five (5) years after final payment and all other pending matters are closed. Owner shall also maintain tenant leases, income certifications and other matters related to the leasing of the affordable units for a period of five (5) years after the final date of occupancy by the tenant. 3.3.2 Records must be kept accurate and up-to-date. City shall notify Owner of any records it deems insufficient. Owner shall have fifteen (I5) calendar days from such notice to correct any specified deficiency in the records, or, if more than fifteen (15) days shall be reasonably necessary to correct the deficiency, Owner shall begin to correct the deficiency within fifteen (15) days and diligently pursue the correction of the deficiency as soon as reasonably possible. 3.4 Access to Records; Inspections. 3.4.1 Owner shall provide City and its authorized agents and representatives access to any books, documents, papers and records of the Project for the purpose of making audits, examinations, excerpts and transcriptions. 3.4.2 With 48-hours' notice, during normal business hours and as often as may be deemed necessary, City and its authorized agents and representatives shall be permitted access to and the right to examine the Project and the Property and to interview tenants and employees of the Project, for the purpose of verifying compliance with applicable regulations and compliance with the conditions of this Agreement and the other City Documents. 4. Term of Agreement. 4.1 Term of Restrictions. This Agreement shall remain in effect until the later of(i) the fifty-fifth (55th) anniversary of the City's issuance of a final certificate of occupancy or equivalent for the Project, or(ii)the expiration of the term of the Ground Lease. 4.2 Effectiveness Succeeds Conveyance of Property and Repayment of Loan. This Agreement shall remain effective and fully binding for the full term hereof regardless of(i)any sale, assignment, transfer, or conveyance of the Project or Owner's leasehold interest in the Property, or any part thereof or interest therein, (ii) any payment, prepayment or extinguishment of the Loan, the Note or the City HOME Note, or(iii)any reconveyance of the Deed of Trust or the City HOME Deed of Trust. 4.3 Reconveyance. Upon the termination of this Agreement, the Parties agree to execute and record appropriate instruments to release and discharge this Agreement; provided, however, the execution and recordation of such instruments shall not be necessary or a prerequisite to the termination of this Agreement upon the expiration of the term. 13 OAK #4832-3506-8205 v2