RecDoc 2023-013329 86 Renato Court

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criteria and how Owner plans to certify the eligibility of applicants. The Management Plan shall also describe the management team and shall address how Owner and the Management Agent plan to manage and maintain the Property and the Project. The Management Plan shall include the proposed management agreement if St. Francis is not the Owner, and the form of rental agreement that the Owner proposes to enter into with Residents. The City shall approve or disapprove (with written explanation for disapproval) of the proposed Management Plan by notifying the Owner in writing within thirty (30) days of the date of submission to the City. Owner shall abide by the approved Management Plan in marketing, managing, and maintaining the Property and the Project throughout the term of this Agreement and shall submit proposed modifications to the City for review and approval. Section 5.2. Management Agent; Periodic Reports. The Project shall at all times be managed by an experienced management agent reasonably acceptable to the City, with demonstrated ability to operate residential facilities like the Project in a manner that will provide decent, safe, and sanitary housing (as approved, the "Management Agent"). City hereby approves St. Francis as the initial Management Agent for the Project. At any time that St. Francis is note the Owner of the Project, the Owner shall submit for the City's approval the identity of any proposed Management Agent and resident manager. The Owner shall also submit such additional information about the background, experience and financial condition of any proposed Management Agent and resident manager other than St. Francis as is reasonably necessary for the City to determine whether the proposed Management Agent or resident manager meets the standard for a qualified Management Agent or resident manager set forth above. If the proposed Management Agent or resident manager meets the standard for a qualified Management Agent or resident manager set forth above, the City shall approve the proposed Management Agent or resident manager by notifying the Owner in writing. Unless the proposed Management Agent or 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. Section 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 Project. The purpose of each periodic review will be to enable the City to determine if the Project 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. Section 5.4 Management Agent or Resident Manager Non -Performance. If, as a result of a periodic review, the City determines, in its reasonable judgment, that the Project 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 of such default including a detailed explanation of the deficiencies in the management of the Project. if Owner fails to cure such default within the times set forth in Section 6.5, City shall be entitled to exercise it remedies under Section 6.5. Section 5.5 Maintenance Requirements. A. The Owner agrees, for the entire Term of this Agreement, to maintain all interior and exterior improvements, including landscaping, on the Project in good condition and ATTY/AGR/2022.389.02 - HARBOR VIEW PROJECT DA—AFFORDABLE HOUSING COVENANT (86 RENATO COURT) REV: 03-15-23 VR Page 11 of 21