RecDoc 2022-044651 IQHQ Elco Yards, L.P.

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(b) The City shall notify Owner of any records it deems insufficient. Owner shall have thirty (30) calendar days after the receipt of such a notice to correct any deficiency in the records specified by the City in such notice, or if a period longer than thirty (30) days is reasonably necessary to correct the deficiency, then Owner shall begin to correct the deficiency within thirty (30) days and correct the deficiency as soon as reasonably possible. 3.5 On-site Inspection. The City shall have the right to perform an on-site inspection of the Project during normal business hours at least one (1) time per year upon forty-eight hours (48) prior written notice and subject to the rights of tenants under their respective leases. The Owner agrees to cooperate in such inspection. 3.6 Monitoring Fee. Owner shall be obligated to pay to City an annual Affordable Housing Monitoring Fee in the amount set forth in the City's Master Fee Schedule for each Affordable Unit. This fee is payable at initial lease -up of each Affordable Unit, upon each annual review, and upon re -occupancy of any Affordable 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 a detailed explanation of the deficiencies and Owner shall have ten (10) days to address the issues identified. 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, as such amount is increased each year by the increase in the consumer price index. 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. ARTICLE 4. OPERATION OF THE AFFORDABLE PROJECT 4.1 Residential Use. No part of the Project shall be operated as transient housing in which the term of Resident occupancy is less than thirty (30) days. 4.2 Taxes and Assessments. The Owner shall pay all real and personal property taxes, assessments, if any, and charges and all franchise, income, employment, old age benefit, withholding, sales, and other taxes assessed against it, or payable by it, at such times and in such manner as to prevent any penalty from accruing, or any line or charge from attaching to the Project; provided, however, that the Owner shall have the right to contest in good faith, any such taxes, assessments, or charges. In the event the Owner exercises its right to contest any tax, assessment, or charge against it, the Owner, on final determination of the proceeding or contest, shall immediately pay or discharge any decision or judgment rendered against it, together with all costs, charges and interest. 4.3 Nondiscrimination. (a) All of the Affordable Units shall be available for occupancy on a continuous basis to members of the general public who are income eligible. Owner shall not give preference to any particular class or group of persons in renting the Affordable Units, except REV: 04-07-2022 SK ATTY/AGR.2022.067/IQHQ Elco Yards, LP and Kopf & Kopf LLC (Page 8 of 19)