RecDoc 2020-115102 Addendum to Loan Agmt

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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, and (ix) initial move -in date. 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, tax-exempt bond financing, or other sources of state or federal funds, 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; (v) Information on the status of the waiting list for units; (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. (viii) City may from time to time request additional information, and Owner shall promptly supply such information in the reports required hereunder. Owner shall provide all information reasonably requested by City regarding the Property or the Project, including without limitation, any information required by HUD in connection with Owner's use of the HOME Funds or the CDBG Funds. REV: 08-26-2020 PR ATTY/AGR.2020.168/HIP Housing Development Corporation (Page 8 of 31)