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3.3 Maintenance of Records. <br />3.3.1 Owner shall maintain all records regarding the constriction of the Project <br />for five (5) years after final payment and all other pending matters are closed. Owner shall also <br />maintain tenant leases, income certifications and other matters related to the leasing of the <br />affordable units for a period of five (5) years after the final date of occupancy by the tenant. <br />3.3.2 Records must be kept accurate and up-to-date. City shall notify Owner of <br />any records it deems insufficient. Owner shall have fifteen (15) calendar days from such notice to <br />correct any specified deficiency in the records, or, if more than fifteen (15) days shall be reasonably <br />necessary to correct the deficiency, Owner shall begin to correct the deficiency within fifteen <br />(15) days and diligently pursue the correction of the deficiency as soon as reasonably possible. <br />3.4 Access to Records; Inspections. <br />3.4.1 Owner shall provide City and its authorized agents and representatives <br />access to any books, documents, papers and records of the Project for the purpose of making audits, <br />examinations, excerpts and transcriptions. <br />3.4.2 With 48 -hours notice, during normal business hours and as often as may be <br />deemed necessary, City and its authorized agents and representatives shall be permitted access to <br />and the right to examine the Project and the Property and to interview tenants and employees of <br />the Project, for the purpose of verifying compliance with applicable regulations and compliance <br />with the conditions of this Agreement and the other City Documents (as defined in the DDA). <br />3.5 Monitoring Fee. Owner shall be obligated to pay to City an Affordable Housing <br />Monitoring Fee in the amount of $150 per unit for each residential unit in the Project that is subject <br />to the affordability restrictions set forth in the Regulatory Agreement. This per-unit fee is payable <br />at initial lease -up of each residential unit, upon each annual review, and upon re -occupancy of any <br />residential imit. The City will not charge an annual monitoring fee in the same year that the City <br />charges a fee in connection with the initial lease -up. If the City determines, in the exercise of its <br />reasonable discretion, that the Project requires additional technical assistance or compliance <br />monitoring in an amount in excess of the typical time required for comparable projects, Owner <br />shall pay City for such additional costs at the rate of $150 per hour. All compliance monitoring <br />and technical assistance fees shall be payable to City within fifteen (15) days following City's <br />written request for payment, and City shall have the right to file a lien against the Property if such <br />fees are not paid within thirty (30) days of such written request. Beginning in the third year after <br />the City's issuance of a final certificate of occupancy or equivalent for the Project, the annual <br />compliance monitoring fee will increase annually by the percentage increase in the Consumer Price <br />Index -Urban (CPI -U) for the San Francisco -Oakland -San Jose, California area over the prior year. <br />In the event that in any year there is insufficient Project cash flow available to pay the annual <br />monitoring fee, the City will permit the fee to be deferred. Any deferred amounts shall accrue and <br />shall be payable from future Project cash flow. <br />Page 9 of 25 <br />AT7Y/AGR/2019.065/MP BRADFORD AS50CIATES—AFFORDABLE HOUSING REGU LATORY AGREEM ENT <br />REV: 03-22-19 PR <br />