Agmt25Villa Montgomery Elevator Rehabilitation

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REV: 02-07-25 LF 9. Occupancy Reports: Bi-annually, on June 30th and December 31st of every year of the Affordability Period, Owner shall provide to the City a report containing, at a minimum, the following information: i) Total number of units that are occupied; ii) Total number of units that are vacant; iii) Total number of units that are occupied by staff, if any; iv) A rent roll for all units containing the unit numbers, lease commencement and expiration dates, the number of bedrooms within each unit and the rental rate for each rented unit in the Project; v) For each unit, household income, income limits for household and utility allowance if applicable. 10. Maintenance of Property. The Owner agrees to maintain the Property in good repair and working order, reasonable wear and tear excepted, and in a safe and sanitary condition, and from time to time shall make all necessary repairs, renewals and replacements to keep the Property in a good, clean, safe and sanitary condition in accordance with all applicable laws, rules, ordinances, orders and regulations of all federal, state, county, municipal, and other governmental agencies and bodies having or claiming jurisdiction. 11. Insurance Requirements: For the entire Term, the Owner or its successors and assigns acquiring title to the Property shall obtain, at their expense, commercial general liability insurance for Property, naming the City as an additional named insured with limits of not less than Two Million Dollars ($2,000,000) per occurrence. If the submitted policies contain aggregate limits, such limits will apply separately to the Property, or the aggregate will be twice the required per occurrence limit. The General Liability policy will have comprehensive coverage, for bodily injury and death and property damage, including coverages for contractual liability and products and completed operations, purchased by Owner or its successors or assigns from an insurance company duly licensed to engage in the business of issuing such insurance in the State and delivered to the City prior to the issuance of any building permit. Insurance shall be placed with insurers with a current A.M. Best's rating of no less than A: VII. a. Prior to commencement of Project, Owner or its successors and assigns acquiring title to the Property shall furnish City with certificates of insurance in form acceptable to City evidencing the required insurance coverage and duly executed endorsements evidencing such additional insured status. The certificates shall contain a statement of obligation on the part of the carrier to notify City of any material adverse change, cancellation, termination or non-renewal of the coverage at least thirty (30) days in advance of the effective date of any such material adverse change, cancellation, termination or non-renewal, except for ten (10) days advance notice for cancellation due to nonpayment of premium. b. Upon commencement of Project and continuing until Project Completion, Owner or its successors and assigns acquiring title to the Property and all 4 ATTY/AGR.2025.019/First Community Housing (Villa Montgomery - Elevator Rehab Project) (Page 22 of 26)