AgdaPkt 2012-06-25 - Laserfiche WebLink

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6.1.K. - Page 7 Ir� the event that City requ�sts additionai or different informatian, Developer shalf pramptly supply such infarmation in the reports required h�reurtder. Developer shall maintain all necessary books and records, including property and financial recards, ir� accardance with requirements prescribed by City with respect to all mafters ca�ered by this Agreement. Developer, at such time and in such forms as City may require, shalf furnish to City, statements, records, reports, cEata ancf in�ormation pertaining to matters co�ered �y this Agreement. Upon request for examir�ation by City, Developer, at any time du�ing normaf busin�ss hours, shall make a�aifabie at the Property or at another location in Redwood City afl of its records with respect to al� matters co�ered by the A�reement. Developer shalf permit City to audit, examine and make excerpts or transcripts from such records. 2.4 Increase in Income. ff, upon recertifcation of the incame of a Qualified Lessee pursuartt to Section 2.3 aba�e, Develaper determines that the tenant's income has increased artd exc�eds the quafifying income under this Agreement, then upon expiration of t�e tenant's lease and 60 days written notice (which notice may be provided prior to expiration of the tenant's lease but in no e�ent prior ta the annual income recertifcation), such tenant's rent may be increased to fair market rent, and De�eloper shall rent the next availabfe camparable Project unit (i.e., having the same bedroom mix and comparable square foatage) to a Qualified Lessee, as necessary fo restore the rec{uirements of this Agreement, at an Affordable Rent far such househofd. Upan offering fior rent the �ext available comparable Projec# unit ta a Qualified Lessee, Develaper shalf ha�e no further obligatians under this Agreement as reiates to the replaced unit. 2.5 Manaqement. Developer st�all enter +nto a separate professional services agreement with a c�ualified and professiana! property management company or other orgar�izat�on ("Property Manager") acceptable to City in order to ope�ate �he Project (including I�asing, property management, and maintenance and repair services) and ensure that Developer's obligatians under this Agreement with respect to the Project are satisfied ("Management Agreement"). Property Manager shall ha�e at least f�e years ex�erience in the operation and management of similar size rentaf housing projects, and at least two years experience in the operatian and management of rental housing projects containing below-market-rate units, without any recorcf of material violatians of discrirrrination restrictians. If the Property Manager meets the criteria set out in this 5ection 2.5, the City shall approve the Proper�y Manager, unless it promptly ad�ises the De�eloper with docurr�ented good reasan why the Property Manager is unacceptable to the City. Developer shail provide cfocumentatian to the City as is reasonably necessary to evaluate the proposed Praperty Manager's experience and qualifications. Na Property Manager shall be hired, or Management Agreement signed, without City's prior appro�al thereof, which shaf! not be unreasonably withheld. Far the Rental Term, a�y change in Property Manager shall comply with the requirements of this Agreement and shall require the prior written approval of City, wh�ch shafl not be unreasonably wi�hheld o�-delayed. ATTYlAGR12012.061/2580 ECR{URSAN HOUSING)AFFORDABLE HOUSfNG AGREEME�ET REV:06-04-12 VR Page 4 of 31