Laserfiche WebLink
<br />5. Maintenance of Property; Property Manager. During <br />such time as the Affordability Covenants set forth in Section 2 of <br />this Declaration are in effect, the Property shall at all times be <br />maintained a rental apartment complex of not less than fifteen (15) <br />units. The Property shall at all times be maintained in a neat and <br />orderly condition consistent with good management practices and in <br />accordance with all applicable Federal, State and local laws. <br /> <br />If at any time prior to the expiration of the covenants <br />contained in this Declaration, the Property Manager fails to manage <br />the Project to the satisfaction of the Agency and/or the City, <br />Declarant shall be required to contract wi th another Property <br />Manager, subject to the approval of the Agency and the City. In <br />such event, Declarant shall submit a proposed Property Manager for <br />the approval by the Agency and the Ci ty. The proposal shall <br />include a list of other affordable housing developments currently <br />managed by the proposed Property Manager. The Agency and the City <br />shall have thirty (30) days to approve the proposed Property <br />Manager, which such approval shall not be unreasonably withheld. <br />If after thirty (30) days the Agency or the City has not approved <br />or disapproved the proposed Property Manager, the proposed Manager <br />shall be deemed to be approved. <br /> <br />6. Compliance. In order to insure compliance with this <br />Declaration, each of the following shall occur: <br /> <br />(a) Declarant and its successors shall ensure ,that each <br />lessee of the Property executes under penalty of perjury an income <br />verification and information form (UIncome Verification and <br />Information Form"), in a form reasonably acceptable to the Agency, <br />certifying the lessee's income. Uni ts will be leased only to <br />lessees who have incomes qualifying under the affordability <br />covenants set forth herein. <br /> <br />(b) Declarant and its successors shall obtain a copy of <br />each lessee's federal income tax return for the taxable year <br />immediately preceding such lessee's ini tial occupancy in the <br />Project or, if a lessee certifies that he or she did not file or <br />did not retain a copy of such tax return, other satisfactory <br />evidence of income for such year, such, as wage statements or <br />employer records. <br /> <br />(c) Annually, Declarant and its successors shall provide <br />to the Agency copies of said executed Income Verification and <br />Information Forms with respect to each lessee along with a summary <br />for the applicable year signed by Declarant or its successor <br /> <br />EXHIBIT UC" - Page 6 <br />