Regulatory Agreeement for ROEM - Laserfiche WebLink

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date of this Agreement, FPI Management, Inc., is approved as the Management Agent. The Owner shall submit for the City's approval the identity of any proposed Management Agent and on-site resident manager. The Owner shall also submit such additional information about the background, experience and financial condition of any proposed Management Agent and on-site resident manager as is reasonably necessary for the City to determine whether the proposed Management Agent or on-site resident manager meets the standard for a qualified Management Agent or on-site resident manager set forth above. If the proposed Management Agent or on-site resident manager meets the standard for a qualified Management Agent or on-site resident manager set forth above, the City shall approve the proposed Management Agent or on-site resident manager by notifying the Owner in writing. Unless the proposed Management Agent or on-site resident manager is disapproved by the City within thirty (30) days, which disapproval shall state with reasonable specificity the basis for disapproval, it shall be deemed approved. 5.3 Performance Review. In addition to the reporting requirements under Section 5.2 above, the City reserves the right to conduct an annual (or more frequently, if deemed reasonably necessary by the City) review of the management practices and financial status of the Development. The purpose of each periodic review will be to enable the City to determine if the Development is being operated and managed in accordance with the requirements and standards of this Agreement. The Owner shall cooperate with the City in such reviews. 5.4 Rc lacement of Mana ement A gnt or On -Site Resident Manager. (a) If, as a result of a periodic review, the City determines, in its reasonable judgment, that the Development is not being operated and managed in accordance with any of the material requirements and standards of this Agreement, the City shall deliver notice to the Owner and the Investor Limited Partner of its intention to cause replacement of the Management Agent or on-site resident manager, along with a detailed explanation of the deficiencies in the management of the Project. Within fifteen (15) days of receipt by Owner of such written notice, if the deficiencies remain uncured, City staff and the Owner and Investor Limited Partner shall meet in good faith to consider methods for improving the financial and operating status of the Development. If, after a reasonable period as determined by the City (not to exceed sixty (60) days after the meeting between the City and the Owner), the City determines that the Owner is not operating and managing the Development in accordance with the material requirements and standards of this Agreement, the City may require replacement of the Management Agent or on- site resident manager. (b) If, after the above procedure, the City requires in writing the replacement of the Management Agent or on-site resident manager, the Owner shall promptly dismiss the then Management Agent or on-site resident manager within thirty (30) days notice, and shall timely submit for approval a person or entity to serve as the replacement Management Agent or on-site resident manager meeting the standards for a Management Agent or on-site resident manager set forth in Section 5.2 above. The replacement Management Agent or on-site resident manager shall be approved the City pursuant to Section 5.2 above and shall be subject to the concurrent approval of the Investor Limited Partner and Senior Lenders. (c) Any contract for the operation or management of the Development entered into by the Owner shall provide that the contract can be terminated as set forth above. Failure to remove the Management Agent or on-site resident manager in accordance with the provisions of 1199\09\2724482.6 15