RecDoc 2012-101618 - Laserfiche WebLink

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' In the event that City requests additional or different information, Developer shall promptly supply such information in the reports required hereunder. Developer shall maintain all necessary books and records, including property and financial records, in accordance with requirements prescribed by City with respect to all matters covered by this Agreement. Developer, at such time and in such forms as City may require, shall furnish to City, statements, records, reports, data and information pertaining to matters covered by this Agreement. Upon request for examination by City, Developer, at any time during normal business hours, shall make available at the Property or at another location in Redwood City all of its records with respect to all matters covered by the Agreement. Developer shall permit City to audit, examine and make excerpts or transcripts from such records. 2.4 Increase in Income. If, upon recertification of the income of a Qualified Lessee pursuant to Section 2.3 above, Developer determines that the tenant's income has increased and exceeds the qualifying income under this Agreement, then upon expiration of the tenant's lease and 60 days written notice (which notice may be provided prior to expiration of the tenant's lease but in no event prior to the annual income recertification), such tenant's rent may be increased to fair market rent, and Developer shall rent the next available comparable Project unit (i.e., having the same bedroom mix and comparable square footage) to a Qualified Lessee, as necessary to restore the requirements of this Agreement, at an Affordable Rent for such household. Upon offering for rent the next available comparable Project unit to a Qualified Lessee, Developer shall have no further obligations under this Agreement as relates to the replaced unit. 2.5 Manaqement. Developer shall enter into a separate professional services agreement with a qualified and professional property management company or other organization ("Property Manager") acceptable to City in order to operate the Project (including leasing, property management, and maintenance and repair services) and ensure that Devetoper's obligations under this Agreement with respect to the Project are satisfied ("Management Agreement"). Property Manager shall have at least five years experience in the operation and management of similar size rental housing projects, and at least finro years experience in the operation and management of rental housing projects containing below-market-rate units, without any record of material violations of discrimination restrictions. If the Property Manager meets the criteria set out in this Section 2.5, the City shall approve the Property Manager, unless it promptly advises the Developer with documented good reason why the Property Manager is unacceptable to the City. Developer shall provide documentation to the City as is reasonably necessary to evaluate the proposed Property Manager's experience and qualifications. No Property Manager shall be hired, or Management Agreement signed, without City's prior approval thereof, which shall not be unreasonably withheld. For the Rental Term, any change in Property Manager shall comply with the requirements of this Agreement and shall require the prior written approval of City, which shall not be unreasonably withheld or delayed. ATTY/AGR/2012.061/2580 ECR(URBAN HOUSING)AFFORDABLE HOUSING AGREEMENT REV:06-04-12 VR Page 4 of 31