Affordable Housing Regulatory Agreement

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of households on the list and the number of City of Redwood City residents and persons employed in the City on the list; (vi) A report on the Project operating reserve and replacement reserve accounts summarizing draws of such funds and remaining balances; (vii) A financial audit of the books and records of the Project prepared in accordance with generally accepted auditing standards by an independent certified public accountant; and (viii) City may from time to time request additional information, and Owner shall promptly supply such information in the reports required hereunder. 3.5 Maintenance of Records. 3.5.1 Owner shall keep and maintain complete and accurate books, records, and accounts necessary to evidence and substantiate Owner's compliance with the requirements of this Agreement (collectively, "Records"). Records shall be kept and maintained in accordance with generally accepted accounting principles consistently applied. Owner shall maintain all Records, including without limitation, tenant leases, income certifications and other matters related to the leasing of the Project for a period of five (5) years after the final date of occupancy by each tenant. 3.5.2 Records must be kept accurate and up-to-date. City shall notify Owner in writing of any Records it deems insufficient. Owner shall have fifteen (15) 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. 3.6 Information and Records. All Records shall be open to and available for audit, inspection and copying by the City and its auditors or other authorized representatives at reasonable intervals during normal business hours subject to the notice requirements set forth in Section 3.7.2. The Owner shall preserve such Records for a period of not less than five (5) years after the creation of such Records. Records must be kept accurate and current. 3.7 Access to Records: Audits, Inspections. 3.7.1 The Owner shall comply with any reasonable demand by the City for an audit of the Owner's activities related to this Agreement. The City may make audits of any conditions relating to this Agreement. 3.7.2 With at least 48 -hours' notice, during normal business hours, Owner shall provide City and its authorized agents and representatives access to the Records for the purpose of making audits, examinations, excerpts and transcriptions. REV: 02-25-2020 PR ATTY/AGR.2020.039/Premia 1180 Main Owner, LLC (Page 22 of 42)