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