Agmt17 MP Bradford Associates, LP - DDA

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accountant. City may require the audit to be accompanied by a supplemental report prepared in accordance with City's requirements. 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.I 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 (as defined in the DDA). 3.5 Monitoring Fee. Owner shall be obligated to pay to City an Affordable Housing Monitoring Fee in the amount of $150 per unit for each residential unit in the Project that is subject to the affordability restrictions set forth in the Regulatory Agreement. This per-unit fee is payable at initial lease -up of each residential unit, upon each annual review, and upon re - occupancy of any residential unit. The City will not charge an annual monitoring fee in the same year that the City charges a fee in connection with the initial lease -up. If the City determines, in the exercise of its reasonable discretion, that the Project requires additional technical assistance or compliance monitoring in an amount in excess of the typical time required for comparable projects, Owner shall pay City for such additional costs at the rate of $150 per hour. All compliance monitoring and technical assistance fees shall be payable to City within fifteen (15) days following City's written request for payment, and City shall have the right to file a lien against the Property if such fees are not paid within thirty (30) days of such written request. Beginning in the third year after the City's issuance of a final certificate of occupancy or equivalent for the Project, the annual compliance monitoring fee will increase annually by the percentage increase in the Consumer Price Index -Urban (CPI -U) for the San Francisco -0 akland- ATY/AGR/2017.218/RWC — BRADFORD — DDA REV: 09-18-17 VR Page 71 of 94