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ATTY/RESO.0020/CC RESO APPROVING AMENDMENTS TO HPP GUIDELINES – EXHIBIT B REV: 05-04-26 LF Page 22 of 86 release of other Party from the subject claims, does not require other Party to make any payment to the claimant and neither the indemnified Party nor indemnifying Party on behalf of the indemnified Party admits any liability. e. Insurance Proceeds. The indemnifying Party’s obligations shall be reduced by any net insurance proceeds actually received by the other Party for the matter giving rise to the indemnification obligation. 411. Financial Statements and Reports. Borrower shall furnish to City, within ten (10) days after demand, the financial statements of Borrower, which may be internally prepared, on a consolidating and consolidated basis and in conformity with GAAP, consisting of at least statements of income, cash flow, changes in financial position and stockholders” equity, and a consolidated balance sheet, setting forth in each case in comparative form corresponding figures from the previous financial statements delivered to City pursuant to this Section. 412. Books and Records. Borrower shall keep adequate and proper records and books of account in connection with the Development, in which full and correct entries will be made of its dealings, business and affairs. Upon reasonable advanced notice to Borrower, all records and books of accounts and other materials deemed to be relevant to the Development shall be accessible at any time during normal business hours to the authorized representatives of City for the purpose of examination or audit. Any expenditure from the Loan proceeds that is not authorized by this Agreement or that cannot be adequately documented shall be disallowed and must be reimbursed to City or its designee by Borrower immediately. Expenditures not described in this Agreement shall be deemed authorized if the performance of such activities is approved in writing by City prior to their commencement. Absent fraud or mistake on the part of City, the determination by City of the qualification of any expenditure shall be final. 413. Compliance. Borrower shall comply and shall cause the Property and the Development to comply at all times in all material respects with all Governmental Requirements to which they may be subject. 500. REHABILITATION [For Expiring Covenant Loans, delete Sections 500-502, replace this Header with [Reserved]] 501. Covenant to Complete the Rehabilitation Work. Borrower covenants to and for the exclusive benefit of City that Borrower shall commence, pursue and complete the Rehabilitation Work in accordance with the timeframes and other requirements of this Agreement, the Scope of Rehabilitation Work and the Project Budget. The covenants of this Section shall run with the Property until the issuance of a Certificate of Completion for the Rehabilitation Work. 502. Cost of Rehabilitation Work. All cost and expense in performing the construction of the Rehabilitation Work, and for all materials and equipment related thereto, shall be in conformance with the Project Budget, and shall be borne solely by Borrower.