RecDoc 2020-115102 Addendum to Loan Agmt

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tenant selection, affordability and income requirements; (viii) Records demonstrating compliance with MBE/WBE requirements; (ix) Records demonstrating compliance with 24 C.F.R. Part 135 which implements section 3 of the Housing Development Act of 1968; (x) Records demonstrating compliance with applicable relocation requirements, which must be retained for at least five (5) years after the date by which persons displaced from the property have received final payments; (xi) Records demonstrating compliance with applicable labor requirements including, if applicable, certified payrolls from Owner's general contractor evidencing that applicable prevailing wages have been paid; and (xii) Other records necessary to document compliance with Subpart K of 24 C.F.R. Part 570. 8.7 Access to Records,• Audits; Inspections. 8.7.1 The City shall notify Owner in writing of any records it deems insufficient. Owner shall have fifteen (15) calendar days after the receipt of such a notice to correct any deficiency in the records specified by the City in such notice, or if a period longer than fifteen (15) days is reasonably necessary to correct the deficiency, then Owner shall begin to correct the deficiency within fifteen (15) days and correct the deficiency as soon as reasonably possible. Owner shall comply with any reasonable demand by the City for an audit of Owner's activities related to this Agreement. City may make audits of any conditions relating to this Agreement. Owner shall also follow audit requirements of the Single Audit Act and OMB Circulars A-122 and 110 and successor requirements. 8.7.2 With at least 48 -hours' notice, during normal business hours, Owner shall provide City and its authorized agents and representatives access to the books, documents, papers and records of the Project for the purpose of making audits, examinations, excerpts and transcriptions. 8.7.3 With at least 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. 9. Term of Agreement. 9.1 Term of Agreement. This Agreement shall remain in effect until the fifty-fifth (55th) anniversary of the Effective Date. REV: 08-26-2020 PR ATTY/AGR.2020.168/HIP Housing Development Corporation (Page 10 of 31)