Agmt21 ROEM Project at 353 Main - Laserfiche WebLink

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(9) The Developer has submitted copies of all certified payrolls to the City, and any identified payment issues have been resolved, or the City is working diligently to resolve any such issues; and (10) The City has received a written draw request from the Developer, including certification that the condition set forth in Section 3.6(b) continues to be satisfied, and setting forth the proposed uses of funds consistent with the Financing Plan as required under Section 2.4, the amount of funds needed, and, where applicable, a copy of the bill or invoice covering a cost incurred or to be incurred. (d) All funds to be disbursed pursuant to this Agreement shall be available to be disbursed to a Senior Lender, if and to the extent, the Senior Lender takes over the construction of the Development, the Senior Lender agrees to be bound to the terms hereof and the Senior Lender has cured any Default of the Developer. Section 3.7 Reports and Accounting of Residual Receipts. (a) Audited Financial Statement. In connection with the annual repayment of the Loan, the Developer shall furnish to the City an audited statement duly certified by an independent firm of certified public accountants reasonably approved by the City, setting forth in reasonable detail the computation and amount of Residual Receipts during the preceding calendar year. Either one of the Parties may request to change the pre -approved independent firm of certified public accountants at any time, upon prior written notice. (b) Books and Records. The Developer shall keep and maintain at the Development, or elsewhere with the City's written consent, full, complete and appropriate books, record and accounts relating to the Development, including all such books, records and accounts necessary or prudent to evidence and substantiate in full detail the Developer's calculation of Residual Receipts. Books, records and accounts relating to the Developer's compliance with the terms, provisions, covenants and conditions of this Agreement shall be kept and maintained in accordance with generally accepted accounting principles consistently applied, and shall be consistent with requirements of this Agreement which provide for the calculation of Residual Receipts on a cash basis. All such books, records, and accounts shall be open to and available for inspection by the City, its auditors or other authorized representatives at reasonable intervals during normal business hours on reasonable prior notice to the Developer. Copies of all tax returns and other reports that the Developer may be required to furnish any governmental agency shall at all reasonable times be open for inspection by the City at the place that the books, records and accounts of the Developer are kept. The Developer shall preserve records on which any statement of Residual Receipts is based for a period of not less than five (5) years after such statement is rendered, and for any period during which there is an audit undertaken pursuant to subsection (c) below then pending. (c) Cites Audits. The receipt by the City of any statement pursuant to subsection (a) above or any payment by the Developer or acceptance by the City of any loan repayment for any period shall not bind the City as to the correctness of such statement or such payment. Within three (3) years after the receipt of any such statement, the City or any designated agent or employee of the City at any time shall be entitled to audit the Residual REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 28 of 143)