RecDoc2025-040037 Regulatory Agreement and Declaration of Restrictive Covenants 112 Vera Avenue

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(x) the information required by Section 3. 1, and (xi) any other information or completed forms in accordance with the Affordable Housing Program Guidelines or as reasonably requested by the City. The City agrees that the reports meeting the guidelines of CTCAC will satisfy the City's Annual Report requirements. 3.3 Additional Information. Within fifteen (15) days after receipt of a written request, the Owner shall provide any additional information reasonably requested by the City. The City shall have the right to examine and make copies of all books, records or other documents of the Owner which pertain to the Affordable Units. 3.4 Records. (a) The Owner shall keep and maintain at the Development, or elsewhere with the City's written consent, complete, accurate and current records pertaining to the Affordable Units, and shall permit any duly authorized representative of the City to inspect records, including records pertaining to income and household size of Residents, Rent charged Residents and affirmative marketing requirements. All Resident lists, applications and waiting lists relating to the Development shall at all times be kept separate and identifiable from any other business of the Owner and shall be maintained as required by the City, in a reasonable condition for proper audit and subject to examination during business hours by representatives of the City. The Owner shall retain copies of all materials obtained or produced with respect to occupancy of the Units for a period of at least five (5) years. (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 Development 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 and California law. The Owner agrees to cooperate in such inspection. ARTICLE 4. OPERATION OF THE AFFORDABLE UNITS 4.1 Residential Use. No part of the Development 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 Development; 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 REV: 04-03-25 LF ATTY/AGR.2025.060/112 Vera Ave., L.P. (REGULATORY AGREEMENT & RESTRICTIVE COVENANTS) (Page 10 of 22)