Affordable Housing Regulatory Agreement

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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 $162 per hour. City shall have the right to file a lien against the Property if the Affordable Housing Monitoring Fee is not paid when due and remains unpaid thirty (30) days following the date that City provides written notice of the delinquency. Beginning in the third year after the City Building Department signs off on the final inspection of the Project, the Affordable Housing Monitoring Fee will increase annually by three percent (3%) over the prior year. 3.4 Annual Report, Inspections. By not later than July 1 of each year during the term of this Agreement, Owner shall submit an annual report ("Annual Report") to the City in form satisfactory to City, together with a certification that the Project is in compliance with the affordability restrictions and occupancy requirements of this Agreement. The Annual Report shall, at a minimum, include the following information for each dwelling unit in the Project: (i) unit number; (ii) number of bedrooms; (iii) current rent, utility, and other charges; (iv) dates of any vacancies during the previous year; (v) number of people residing in the unit; (vi) total household Gross Income of residents; (vii) documentation of source of household income; (viii) lease commencement and termination dates, (ix) initial move -in date, and (x) the information required by Section 3.2. Owner shall include with the Annual Report, an income recertification for each household, documentation verifying tenant eligibility, and such additional information as City may reasonably request from time to time in order to demonstrate compliance with this Agreement. The Annual Report shall conform to the format requested by City; provided however, during such time that the Project is subject to a regulatory agreement restricting occupancy and/or rents pursuant to requirements imposed in connection with the use of state or federal low-income housing tax credits or tax-exempt bond financing, Owner may satisfy the requirements of this Section that pertain to tenant income certification and rents by providing City with a copy of compliance reports required in connection with such financing. In addition to the information described above, the Annual Report shall include the following: (i) A Project income and expense statement for the reporting period; (ii) Proposed annual budget for the next fiscal year which sets forth Owner's estimate of operating income, operating expenses and debt service for the year, amounts payable to reserves and proposed rent adjustments; (iii) A summary of any significant repairs or maintenance undertaken for the Project, and describing any remaining physical defects to be corrected; (iv) A summary of maintenance and other issues anticipated to affect the current budget needs of the Project and the amount expected to be needed for major repairs or other needs during the following fiscal year; REV: 02-25-2020 PR (v) Information on the status of the waiting list for units, including the number ATTY/AGR.2020.039/Premia 1180 Main Owner, LLC (Page 21 of 42)