Regulatory Agreeement for ROEM - Laserfiche WebLink

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(c) If, after the above procedure, the City requires in writing the replacement of the resident services coordinator or the resident services provider, the Owner shall promptly dismiss the then resident services coordinator or resident services provider, as applicable, and shall appoint as the resident services coordinator or resident services provider, as applicable, a person or entity capable of meeting the standards for a resident services coordinator or resident services provider, as applicable, under the Resident Services Plan and approved by the City at the City's reasonable discretion. (d) Any contract for the resident services coordinator or resident services provider, as applicable, for the Development entered into by the Owner shall provide that the contract can be terminated as set forth above. Failure to remove the resident services coordinator or the resident services provider, as applicable, in accordance with the provisions of this Section shall constitute default under this Agreement, and the City may enforce this provision through legal proceedings as specified in Section 6.5 below. 3.8 On-site Inspection. The City shall have the right to perform an on-site inspection of the Development during normal business hours at least one (1) time per year upon forty-eight hours (48) prior written notice. The Owner agrees to cooperate in such inspection. 3.9 Monitoring Fee. Owner shall be obligated to pay to City an annual Affordable Housing Monitoring Fee in the amount of $162 per unit for each residential unit in the Project that is subject to the affordability restrictions set forth in the Regulatory Agreement. This per- unit fee is payable at initial lease -up of each residential unit, upon each annual review, and upon re -occupancy of any residential unit. The City will not charge an annual monitoring fee in the same year that the City charges a fee in connection with the initial lease -up. If the City determines, in the exercise of its reasonable discretion, that the Project requires additional technical assistance or compliance monitoring in an amount in excess of the typical time required for comparable projects, the City shall give the Owner, the Investor Limited Partner and all Senior Lenders a detailed explanation of the deficiencies and Owner shall have ten (10) days to address the issues identifies. If the City determines that the issues have not been adequately addressed, Owner shall pay City for such additional costs at the rate of $179 per hour. All compliance monitoring and technical assistance fees shall be payable to City within fifteen (15) days following City's written request for payment, and City shall have the right to file a lien against the Property if such fees are not paid within thirty (30) days of such written request. Beginning in the third year after the City's issuance of a final certificate of occupancy or equivalent for the Project, the annual compliance monitoring fee will increase annually by the percentage increase in the Consumer Price Index -Urban (CPI -U) for the San Francisco -Oakland - San Jose, California area over the prior year. In the event that in any year there is insufficient Project cash flow available to pay the annual monitoring fee, the City will permit the fee to be deferred. Any deferred amounts shall accrue and shall be payable from future Project cash flow. 1199\09\2724482.6 12