RecDoc 2009-095365 - Laserfiche WebLink

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