Common use of ACCOUNTABILITY FRAMEWORK Clause in Contracts

ACCOUNTABILITY FRAMEWORK. (a) In the event: (i) the City is advised that the Project will not proceed; or (ii) the building permit for the Project is not issued on or before October 31, 2012 or such longer period of time as the City may determine; or (iii) the City determines, acting reasonably, that the Proponent is not proceeding with the construction due to delays likely to cause depreciation or deterioration of the Improvements the Proponent shall return all Funds to the City, forthwith upon demand; or (iv) the City is of the opinion that the Proponent is not proceeding in an expeditious manner with the Development Activities for which the Funds have been provided; or (v) the Proponent is not complying with the requirements as set out in section 4 and Schedule “D” and Schedule “O” during the term of the Agreement; the Proponent will be in default and shall return all Funds to the City, forthwith upon demand. (b) The Proponent shall submit to the City, an audited statement with respect to the expenditure of capital Funds provided to it pursuant to this Agreement, within ninety (90) days following the date on which the City is advised that the Development Activities related to the Project have been fully completed or the Project will not proceed. (c) Following the full completion of the Development Activities related to the Project, the Proponent shall submit to the City a completed information report in the form attached hereto as Schedule "H', and annually thereafter shall submit to the City completed information reports in the forms attached hereto as Schedules "I". (d) Without limiting the Proponent" obligations under section 8.1 (c), the Proponent, if requested by the City, shall forthwith submit to the City the material required to be submitted to the City pursuant to section 8.1(c), in addition to any such material that the Proponent may have previously submitted to the City. (e) If requested by the City, the Proponent shall submit to the City an audited financial statement within ninety days (90) following the fiscal year end of the Project. 8.2 The Proponent represents that it has not provided any false or misleading information in the Proposal and agrees that it shall not provide any false or misleading information to the City under this Agreement. 8.3 The Proponent shall, on forty-eight (48) hours prior written notice, give the City free access to the Project and to such staff, documents, books, records, and accounts as may be determined by the City, for the purpose of verifying compliance with this Agreement. 8.4 The City may conduct an audit, investigation, or inquiry in relation to the Project or any larger development or project of which the Project is a part and the Proponent shall cooperate with the City and provide free access to the Project and to such staff, documents, book, records and accounts as may be determined by the City. 8.5 The provisions of sections 8.1, 8.2, 8.3 and 8.4 shall continue to apply for a period of seven (7) years following the end of the Affordability Period or the date of any early termination of this Agreement.

ACCOUNTABILITY FRAMEWORK. 15.1 During the period between the date of execution of this Agreement and the Occupancy Date of the Project, the Proponent and the Region shall collaboratively review annually during the month of March the progress of the Project and Building. 15.2 During the period between the date of execution of this Agreement and the Occupancy Date, or for a further length of time as determined by the Region, the Proponent shall be required to submit to the Region a quarterly progress report on or before the tenth (10th) Business Day following the last day of the January, April, July, and October in each year, in the form acceptable to the Region, which report shall contain and/or be accompanied by information or documentation required by the Region, such as, but not limited to, the following: (a) In the event: (i) the City is advised that the Project will not proceed; or (ii) the building permit for the Project is not issued on project schedules and documentation required to evidence completion or before October 31, 2012 or such longer period of time as the City may determine; or (iii) the City determines, acting reasonably, that the Proponent is not proceeding with the construction due to delays likely to cause depreciation or deterioration fulfillment of the Improvements the Proponent shall return all Funds to the City, forthwith upon demand; or (iv) the City is development of the opinion that the Proponent is not proceeding in an expeditious manner with the Development Activities for which the Funds have been provided; or (v) the Proponent is not complying with the requirements as set out in section 4 and Schedule “D” and Schedule “O” during the term of the Agreement; the Proponent will be in default and shall return all Funds to the City, forthwith upon demand.Project; (b) original high resolution digital photographic updates of the Project to be posted on the Region’s internal and external website as deemed appropriate by the Region; (c) if requested by the Region, budget updates; (d) updates regarding Contributions by Others, if applicable; and (e) any further information or documentation regarding the progress of the development of the Project and the completion of the Project as may be required or directed by the Region from time to time. 15.3 The Proponent shall submit to the City, an audited statement with respect to Region financial statements respecting the expenditure of capital Funds the Regional Funding provided to it pursuant to this Agreement, within ninety (90) calendar days or such additional time as the Region may advise, following the date that the development of the Project has been fully completed or the date on which the City is advised Region can confirm that the Development Activities related to the Project have been fully completed or the Project will not proceed. (c) Following the full completion of the Development Activities related to the Project, the Proponent shall submit to the City a completed information report in the form attached hereto as Schedule "H', and annually thereafter shall submit to the City completed information reports in the forms attached hereto at such further time as Schedules "I". (d) Without limiting the Proponent" obligations under section 8.1 (c), the Proponent, if may be requested by the CityRegion, shall forthwith submit to the City the material required to be submitted to the City pursuant to section 8.1(c), in addition to any such material that the Proponent may have previously submitted to the Citybut no more than once a year. (e) If requested by the City, the Proponent shall submit to the City an audited financial statement within ninety days (90) following the fiscal year end of the Project. 8.2 15.4 The Proponent represents that it has not provided any false or misleading information in the Proposal and agrees that it shall not provide any false or misleading information to the City Region under this Agreement. 8.3 The Proponent shall, on forty-eight (48) hours prior written notice, give the City free access to the Project and to such staff, documents, books, records, and accounts as may be determined by the City, for the purpose of verifying compliance with this Agreement. 8.4 The City may conduct an audit, investigation, or inquiry in relation to the Project or any larger development or project of which the Project is a part and the Proponent shall cooperate with the City and provide free access to the Project and to such staff, documents, book, records and accounts as may be determined by the City. 8.5 The provisions of sections 8.1, 8.2, 8.3 and 8.4 shall continue to apply for a period of seven (7) years following the end of the Affordability Period or the date of any early termination of this Agreement.

ACCOUNTABILITY FRAMEWORK. (a) In the event: (i) the City County is advised that the Project will not proceed; or (ii) the building permit for the Project is not issued on or before October 31, 2012 or such longer period of time as the City may determine; or (iii) the City County determines, acting reasonably, that the Proponent is not proceeding with the construction Project due to delays likely to cause depreciation or deterioration of any construction of the Improvements Project, the Proponent shall return all Funds advanced to the CityCounty, forthwith upon demand; or (iviii) the City County is of the opinion that the Proponent is not proceeding in an expeditious manner with the Development Activities Project for which the Funds have Funding has been provided; or (viv) the Proponent is not complying with the requirements as set out in section 4 and Schedule “D” and Schedule “O” this Agreement, inclusive of all Schedules, during the term of the Agreement; v) an Event of Default has occurred; the Proponent will be in default and shall return all Funds Funding advanced to it to the CityCounty, forthwith upon demand, including interest from the date of default until paid in full along with any applicable costs and expenses. The interest rate shall be the Bank of Canada Prime Rate plus 2% in effect at the time of the funding default, and interest will be calculated monthly on the outstanding principal balance. (b) The Proponent shall submit to the CityCounty, an audited statement with respect to the expenditure of capital Funds Funding provided to it pursuant to this Agreementit, within ninety (90) days following the date on which the City County is advised that the Development Activities related to the Project have has been fully completed completed, or the Project will not proceedproceed in the opinion of the Proponent or the County. (c) Following the full completion of the Development Activities related to the Project, the Proponent shall submit to the City a completed information report in the form attached hereto as Schedule "H', and annually thereafter shall submit to the City completed information reports in the forms attached hereto as Schedules "I". (d) Without limiting the Proponent" obligations under section 8.1 (c), the Proponent, if requested by the City, shall forthwith submit to the City the material required to be submitted to the City pursuant to section 8.1(c), in addition to any such material that the Proponent may have previously submitted to the City. (e) If requested by the City, the Proponent shall submit to the City an audited financial statement within ninety days (90) following the fiscal year end of the Project. 8.2 7.2 The Proponent represents that it has not provided any false or misleading information in related to the Proposal Project to the County and agrees that it shall not provide any false or misleading information to the City County under this Agreement. 8.3 7.3 The Proponent shall, on forty-eight (48) hours hours’ prior written notice, give the City County free access to the Project and to such staff, documents, books, records, records and accounts as may be determined by the CityCounty, for the purpose of verifying compliance with this Agreement. 8.4 7.4 The City may conduct an audit, investigation, or inquiry in relation Proponent agrees that it shall maintain and make available to the County all records and documentation pertaining to the Project or any larger development or project of which during the Project is a part and the Proponent shall cooperate with the City and provide free access to the Project and to such staff, documents, book, records and accounts as may be determined by the City. 8.5 The provisions of sections 8.1, 8.2, 8.3 and 8.4 shall continue to apply for a period of seven (7) years following the end 10 year term of the Affordability Period Funding or the date of any early termination of this Agreement, and in either case, for a further seven (7) years thereafter.

ACCOUNTABILITY FRAMEWORK. (a) In the event: (i) the City is advised that the Project will not proceed; or (ii) the building permit for the Project is not issued on or before October 31November 30, 2012 2016 or such longer period of time as the City may determine; or (iii) the City determines, acting reasonably, that the Proponent is not proceeding with the construction due to delays likely to cause depreciation or deterioration of the Improvements the Proponent shall return all Funds to the City, forthwith upon demand; or (iv) the City is of the opinion that the Proponent is not proceeding in an expeditious manner with the Development Activities for which the Funds have been provided; or (v) the Proponent is not complying with the requirements as set out in section 4 and Schedule “D” and Schedule “O” during the term of the Agreement; the Proponent will be in default and shall return all Funds to the City, forthwith upon demand. (b) The Proponent shall submit to the City, an audited statement with respect to the expenditure of capital Funds provided to it pursuant to this Agreement, within ninety (90) days following the date on which the City is advised that the Development Activities related to the Project have been fully completed or the Project will not proceed. (c) Following the full completion of the Development Activities related to the Project, the Proponent shall submit to the City a completed information report in the form attached hereto as Schedule "H', and annually thereafter shall submit to the City completed information reports in the forms attached hereto as Schedules "I". (d) Without limiting the Proponent" obligations under section 8.1 (c), the Proponent, if requested by the City, shall forthwith submit to the City the material required to be submitted to the City pursuant to section 8.1(c), in addition to any such material that the Proponent may have previously submitted to the City. (e) If requested by the City, the Proponent shall submit to the City an audited financial statement within ninety days (90) following the fiscal year end of the Project. 8.2 The Proponent represents that it has not provided any false or misleading information in the Proposal and agrees that it shall not provide any false or misleading information to the City under this Agreement. 8.3 The Proponent shall, on forty-eight (48) hours prior written notice, give the City free access to the Project and to such staff, documents, books, records, and accounts as may be determined by the City, for the purpose of verifying compliance with this Agreement. 8.4 The City may conduct an audit, investigation, or inquiry in relation to the Project or any larger development or project of which the Project is a part and the Proponent shall cooperate with the City and provide free access to the Project and to such staff, documents, book, records and accounts as may be determined by the City. 8.5 The provisions of sections 8.1, 8.2, 8.3 and 8.4 shall continue to apply for a period of seven (7) years following the end of the Affordability Period or the date of any early termination of this Agreement.

ACCOUNTABILITY FRAMEWORK. (a) In the event: (i) the City is advised that the Project will not proceed; or (ii) the building permit for the Project is not issued on or before October 31, 2012 or such longer period of time as the City may determine; or (iii) the City determines, acting reasonably, that the Proponent is not proceeding with the construction due to delays likely to cause depreciation or deterioration of the Improvements the Proponent shall return all Funds to the City, forthwith upon demand; or (iv) the City County is of the opinion that the Proponent is not proceeding in an expeditious manner with the Development Activities for which the Funds have Project Development Funding has been provided; or (vii) the Proponent Province is advised by the County that the Project will not proceed; or (iii) the building permit for the Project is not complying with issued on or before April 1, 2019 or such longer period of time as the requirements as set out in section 4 and Schedule “D” and Schedule “O” during the term of the AgreementCounty may determine; the Proponent will be in default and shall return all Funds unexpended Project Development Funding to the CityCounty, forthwith upon demand, provided however, that the County shall not require the Proponent to return any Project Development Funding that has been expended for the intended purposes. (b) The If requested by the County, the Proponent shall submit to the CityCounty, an audited financial statement with respect to respecting the expenditure of capital the Funds provided to it pursuant to this Agreement, within ninety (90) days or such additional time as may be determined by the County, following the date on which the City County is advised that the Project will not proceed or that the Development Activities related to the Project have been fully completed or the Project will not proceedcompleted. (c) Following the full completion of the Development Activities related to the Project, the Proponent shall submit to the City County a completed information report in the form attached hereto as Schedule "“H'”, and annually thereafter shall submit to the City County completed information reports in the forms attached hereto as Schedules "“I"” and “J”. (d) Without limiting the Proponent" ’s obligations under section 8.1 (c8.1(c), the Proponent, if requested by the CityCounty, shall forthwith submit to the City County the material required to be submitted to the City pursuant to section 8.1(c), in addition to any such material that the Proponent may have previously submitted to the City. (e) If requested by the City, the Proponent shall submit to the City an audited financial statement within ninety days (90) following the fiscal year end of the ProjectCounty. 8.2 The Proponent represents that it has not provided any false or misleading information in the Proposal and agrees that it shall not provide any false or misleading information to the City County under this Agreement. 8.3 The Proponent shall, on forty-eight (48) hours prior written notice, give the City County free access to the Project and to such staff, documents, books, records, records and accounts as may be determined by the CityCounty, for the purpose of verifying compliance with this Agreement. 8.4 The City County may conduct an audit, investigation, investigation or inquiry in relation to the Project or any larger development or project of which the Project is a part and the Proponent shall cooperate with the City County and provide free access to the Project and to such staff, documents, bookbooks, records and accounts as may be determined by the CityCounty. 8.5 The provisions of sections 8.1, 8.2, 8.3 8.3, 8.4 and 8.4 8.5 shall continue to apply for a period of seven (7) years following the end of the Affordability Phase-out Period or the date of any early termination of this Agreement.

ACCOUNTABILITY FRAMEWORK. (a) In the event: (i) the City County is advised that the Project will not proceed; or (ii) the building permit for construction of the Project is does not issued on or before October 31, 2012 or such longer period of time as the City may determine; or commence within three (iii3) the City determines, acting reasonably, that the Proponent is not proceeding with the construction due to delays likely to cause depreciation or deterioration months of the Improvements date of this Agreement; the Proponent shall return all Funds unexpended Funding to the CityCounty , forthwith upon demand; or (iv) the City is of the opinion , provided however, that the Proponent is County shall not proceeding in an expeditious manner with the Development Activities for which the Funds have been provided; or (v) require the Proponent is not complying with to return any Funding that has been expended for the requirements as set out in section 4 and Schedule “D” and Schedule “O” during the term of the Agreement; the Proponent will be in default and shall return all Funds to the City, forthwith upon demandintended purposes. (b) During construction of the Development Activities the Proponent shall submit to the County the Proponent’s Monthly Report During Construction in accordance with Schedule "P". (c) The Proponent shall submit to the City, County an audited financial statement with respect to by a chartered accountant respecting the expenditure of capital Funds the Funding provided to it pursuant to this Agreement, within ninety (90) days or such additional time as may be determined by the County , following the date on which the City County is advised that the Project will not proceed or that the Development Activities related to the Project have been fully completed or the Project will not proceedcompleted. (cd) Following the full completion of the Development Activities related to the Project, the Proponent shall submit to the City County a completed information report Initial Occupancy Report in the form attached hereto as Schedule "H'“G”, and annually thereafter shall submit to the City County completed information reports in the forms attached hereto as Schedules "“H” and “I". (d) Without limiting the Proponent" obligations under section 8.1 (c), the Proponent, if requested by the City, shall forthwith submit to the City the material required to be submitted to the City pursuant to section 8.1(c), in addition to any such material that the Proponent may have previously submitted to the City. (e) If requested by the City, the Proponent shall submit to the City an audited financial statement within ninety days (90) following the fiscal year end of the Project”. 8.2 The Proponent represents that it has not provided any false or misleading information in the Proposal and agrees that it shall not provide any false or misleading information to the City County under this Agreement. 8.3 The Proponent shall, on forty-eight (48) hours prior written notice, give the City County free access to the Project and to such staff, documents, books, records, records and accounts as may be determined by the CityCounty , for the purpose of verifying compliance with this Agreement. 8.4 The City County may conduct an audit, investigation, investigation or inquiry in relation to the Project or any larger development or project of which the Project is a part and the Proponent shall cooperate co-operate with the City County and provide free access to the Project and to such staff, documents, bookbooks, records and accounts as may be determined by the CityCounty . 8.5 The Proponent shall preserve the books and records referred to above, and in addition, retain the verification of income from tenants residing in Affordable Housing Units and other such records in a form satisfactory to the County. 8.6 The provisions of sections 8.1, 8.2, 8.3 8.3, 8.4, 8.5 and 8.4 8.6 shall continue to apply for a period of seven (7) years following the end of the Affordability Phase-out Period or the date of any early termination of this Agreement.

ACCOUNTABILITY FRAMEWORK. (a) In the event: (i) the City County is advised that the Project will not proceed; or (ii) the building permit for the Project is not issued on or before October 31, 2012 or such longer period of time as the City may determine; or (iii) the City County determines, acting reasonably, that the Proponent is not proceeding with the construction Project due to delays likely to cause depreciation or deterioration of any construction of the Improvements Project, the Proponent shall return all Funds Loan monies advanced to the CityCounty, forthwith upon demand; or (iviii) the City County is of the opinion that the Proponent is not proceeding in an expeditious manner with the Development Activities Project for which the Funds Loan monies have been provided; or (viv) the Proponent is not complying with the requirements as set out in section 4 and Schedule “D” and Schedule “O” this Agreement, inclusive of all Schedules during the term of the Agreement; the Proponent will be in default and shall return all Funds Loan monies advanced to it to the CityCounty, forthwith upon demand. (b) The Proponent shall submit to the CityCounty, an audited statement with respect to the expenditure of capital Funds Loan monies provided to it pursuant to this Agreementit, within ninety (90) days following the date on which the City County is advised that the Development Activities related to the Project have has been fully completed completed, or the Project will not proceedproceed in the opinion of the Proponent or the County. (c) Following the full completion of the Development Activities related to the Project, the Proponent shall submit to the City County a completed information report Occupancy Report in the form attached hereto as Schedule "“H'”, and annually thereafter shall submit to the City completed information reports County the aforesaid report in the forms attached hereto form as Schedules "I"attached. (d) Without limiting the Proponent" obligations under section 8.1 (c), the Proponent, if requested by the City, shall forthwith submit to the City the material required to be submitted to the City pursuant to section 8.1(c), in addition to any such material that the Proponent may have previously submitted to the City. (e) If requested by the CityCounty, the Proponent shall submit to the City County an audited financial statement within ninety days (90) days following the fiscal year end of the Project. 8.2 The Proponent represents that it has not provided any false or misleading information in the its Proposal and agrees that it shall not provide any false or misleading information to the City under this AgreementCounty. 8.3 The Proponent shall, on forty-eight (48) hours prior written notice, give the City County free access to the Project and to such staff, documents, books, records, records and accounts as may be determined by the CityCounty, for the purpose of verifying compliance with this Agreement. 8.4 The City may conduct an audit, investigation, or inquiry in relation Proponent agrees that it shall maintain and make available to the County all records and documentation pertaining to the Project or any larger development or project during the 20 year term of which the Project is a part Loan and the Proponent shall cooperate with the City and provide free access to the Project and to such staff, documents, book, records and accounts as may be determined by the City. 8.5 The provisions of sections 8.1, 8.2, 8.3 and 8.4 shall continue to apply for a period of further seven (7) years following the end of the Affordability Period or the date of any early termination of this Agreementthereafter.

ACCOUNTABILITY FRAMEWORK. (a) In the event: (i) the City is advised that the Project will not proceed; or (ii) the building permit for the Project is not issued on or before October 31, 2012 or such longer period of time as the City may determine; or (iii) the City determines, acting reasonably, that the Proponent is not proceeding with the construction due to delays likely to cause depreciation or deterioration of the Improvements the Proponent shall return all Funds to the City, forthwith upon demand; or (iv) the City County is of the opinion that the Proponent is not proceeding in an expeditious manner with the Development Activities for which the Funds have Project Development Funding has been provided; or (vii) the Proponent Province is advised by the County that the Project will not proceed; or (iii) the building permit for the Project is not complying with issued on or before April 1, 2017 or such longer period of time as the requirements as set out in section 4 and Schedule “D” and Schedule “O” during the term of the AgreementCounty may determine; the Proponent will be in default and shall return all Funds unexpended Project Development Funding to the CityCounty, forthwith upon demand, provided however, that the County shall not require the Proponent to return any Project Development Funding that has been expended for the intended purposes. (b) The If requested by the County, the Proponent shall submit to the CityCounty, an audited financial statement with respect to respecting the expenditure of capital the Funds provided to it pursuant to this Agreement, within ninety (90) days or such additional time as may be determined by the County, following the date on which the City County is advised that the Project will not proceed or that the Development Activities related to the Project have been fully completed or the Project will not proceedcompleted. (c) Following the full completion of the Development Activities related to the Project, the Proponent shall submit to the City County a completed information report in the form attached hereto as Schedule "“H'”, and annually thereafter shall submit to the City County completed information reports in the forms attached hereto as Schedules "“I"” and “J”. (d) Without limiting the Proponent" ’s obligations under section 8.1 (c8.1(c), the Proponent, if requested by the CityCounty, shall forthwith submit to the City County the material required to be submitted to the City pursuant to section 8.1(c), in addition to any such material that the Proponent may have previously submitted to the City. (e) If requested by the City, the Proponent shall submit to the City an audited financial statement within ninety days (90) following the fiscal year end of the ProjectCounty. 8.2 The Proponent represents that it has not provided any false or misleading information in the Proposal and agrees that it shall not provide any false or misleading information to the City County under this Agreement. 8.3 The Proponent shall, on forty-eight (48) hours prior written notice, give the City County free access to the Project and to such staff, documents, books, records, records and accounts as may be determined by the CityCounty, for the purpose of verifying compliance with this Agreement. 8.4 The City County may conduct an audit, investigation, investigation or inquiry in relation to the Project or any larger development or project of which the Project is a part and the Proponent shall cooperate with the City County and provide free access to the Project and to such staff, documents, bookbooks, records and accounts as may be determined by the CityCounty. 8.5 The provisions of sections 8.1, 8.2, 8.3 8.3, 8.4 and 8.4 8.5 shall continue to apply for a period of seven (7) years following the end of the Affordability Phase-out Period or the date of any early termination of this Agreement.

ACCOUNTABILITY FRAMEWORK. (a) In the event: (i) the City is advised that the Project will not proceed; or (ii) the building permit for the Project is not issued on or before October 31March 19, 2012 2017 or such longer period of time as the City may determine; or (iii) the City determines, acting reasonably, that the Proponent is not proceeding with the construction due to delays likely to cause depreciation or deterioration of the Improvements the Proponent shall return all Funds to the City, forthwith upon demand; or (iv) the City is of the opinion that the Proponent is not proceeding in an expeditious manner with the Development Activities for which the Funds have been provided; or (v) the Proponent is not complying with the requirements as set out in section 4 and Schedule “D” and Schedule “O” during the term of the Agreement; the Proponent will be in default and shall return all Funds to the City, forthwith upon demand. (b) The Proponent shall submit to the City, an audited statement with respect to the expenditure of capital Funds provided to it pursuant to this Agreement, within ninety (90) days following the date on which the City is advised that the Development Activities related to the Project have been fully completed or the Project will not proceed. (c) Following the full completion of the Development Activities related to the Project, the Proponent shall submit to the City a completed information report in the form attached hereto as Schedule "H', and annually thereafter shall submit to the City completed information reports in the forms attached hereto as Schedules "I". (d) Without limiting the Proponent" obligations under section 8.1 (c), the Proponent, if requested by the City, shall forthwith submit to the City the material required to be submitted to the City pursuant to section 8.1(c), in addition to any such material that the Proponent may have previously submitted to the City. (e) If requested by the City, the Proponent shall submit to the City an audited financial statement within ninety days (90) following the fiscal year end of the Project. 8.2 The Proponent represents that it has not provided any false or misleading information in the Proposal and agrees that it shall not provide any false or misleading information to the City under this Agreement. 8.3 The Proponent shall, on forty-eight (48) hours prior written notice, give the City free access to the Project and to such staff, documents, books, records, and accounts as may be determined by the City, for the purpose of verifying compliance with this Agreement. 8.4 The City may conduct an audit, investigation, or inquiry in relation to the Project or any larger development or project of which the Project is a part and the Proponent shall cooperate with the City and provide free access to the Project and to such staff, documents, book, records and accounts as may be determined by the City. 8.5 The provisions of sections 8.1, 8.2, 8.3 and 8.4 shall continue to apply for a period of seven (7) years following the end of the Affordability Period or the date of any early termination of this Agreement.

ACCOUNTABILITY FRAMEWORK. (a) In the event: (i) the City County is advised that the Project will not proceed; or (ii) the building permit for the Project is not issued on or before October 31, 2012 or such longer period of time as the City may determine; or (iii) the City County determines, acting reasonably, that the Proponent is not proceeding with the construction Project due to delays likely to cause depreciation or deterioration of any construction of the Improvements Project, the Proponent shall return all Funds Loan monies advanced to the CityCounty, forthwith upon demand; or (iviii) the City County is of the opinion that the Proponent is not proceeding in an expeditious manner with the Development Activities Project for which the Funds Loan monies have been provided; or (viv) the Proponent is not complying with the requirements as set out in section 4 and Schedule “D” and Schedule “O” this Agreement, inclusive of all Schedules during the term of the Agreement; the Proponent will be in default and shall return all Funds Loan monies advanced to it to the CityCounty, forthwith upon demand, including interest from the date of default until paid in full along with any applicable costs and expenses as per the terms of this Agreement. (b) The Proponent shall submit to the CityCounty, an audited statement with respect to the expenditure of capital Funds Loan monies provided to it pursuant to this Agreementit, within ninety (90) days following the date on which the City County is advised that the Development Activities related to the Project have has been fully completed completed, or the Project will not proceedproceed in the opinion of the Proponent or the County. (c) Following the full completion of the Development Activities related to the Project, the Proponent shall submit to the City County a completed information report Occupancy Report in the form attached hereto as Schedule "H'“G”, and annually in the form attached hereto as Schedule “H” thereafter shall submit to the City completed information reports County the aforesaid report in the forms attached hereto form as Schedules "I"attached. (d) Without limiting the Proponent" obligations under section 8.1 (c), the Proponent, if requested by the City, shall forthwith submit to the City the material required to be submitted to the City pursuant to section 8.1(c), in addition to any such material that the Proponent may have previously submitted to the City. (e) If requested by the CityCounty, the Proponent shall submit to the City County an audited financial statement within ninety days (90) days following the fiscal year end of the Project. 8.2 The Proponent represents that it has not provided any false or misleading information in its Proposal to the Proposal County and agrees that it shall not provide any false or misleading information to the City County under this Agreement. 8.3 The Proponent shall, on forty-eight (48) hours hours’ prior written notice, give the City County free access to the Project and to such staff, documents, books, records, records and accounts as may be determined by the CityCounty, for the purpose of verifying compliance with this Agreement. 8.4 The City may conduct an audit, investigation, or inquiry in relation Proponent agrees that it shall maintain and make available to the County all records and documentation pertaining to the Project or any larger development or project of which during the Project is a part and the Proponent shall cooperate with the City and provide free access to the Project and to such staff, documents, book, records and accounts as may be determined by the City. 8.5 The provisions of sections 8.1, 8.2, 8.3 and 8.4 shall continue to apply for a period of seven (7) years following the end 20 year term of the Affordability Period Loan or the date of any early termination of this Agreement, or in either case for a further seven (7) years thereafter.

ACCOUNTABILITY FRAMEWORK. (a) 9.1 In the event: (i) the i. The City is advised that the Project will not proceed; or; (ii) the building permit for the Project is not issued on or before October 31, 2012 or such longer period of time as the City may determine; or (iii) . the City determines, acting reasonably, that the Proponent is not proceeding with the construction due to delays likely to cause depreciation or deterioration of the Improvements Improvements, the Proponent shall return all Funds funds to the City, forthwith upon demand; or; (iv) the iii. City is of the opinion that the Proponent is not proceeding in an expeditious manner with the Development Activities for which the Funds have been provided; or (v) iv. the Proponent is not complying with the requirements as set out in section 4 and Schedule “D” and Schedule “O” during the term a of the Agreement; the Proponent will be in default and shall return all Funds disbursed amount of the Loan to the City, forthwith upon demand. (b) 9.2 The Proponent shall submit to the City, an audited statement with respect to the expenditure of capital Funds provided to it pursuant to this Agreement, within ninety one hundred and twenty (90120) days following the date on which the City is advised that the Development Activities related to the Project have been fully completed or the Project will not proceed. (c) 9.3 Following the full completion of the Development Activities related to the Project, the Proponent shall submit to the City a completed occupancy report identifying the number of units, unit types, rents, tenant names, gross household income and move-in date for all the Affordable Rental Housing Units. The gross household income shall not be required for units that were filled from the City of London’s Central Waitlist. The initial occupancy report will be filled out by an officer of the corporation and the officer shall declare that the information report in the form attached hereto as Schedule "H', and annually thereafter shall submit provided to the City completed is true to the best of their knowledge and that no information reports has been withheld or omitted. Annually thereafter, the Proponent shall provide an annual occupancy report identifying the number of units, unit types, rent, tenant names, gross household income and move-in date for all the forms attached hereto as Schedules "I"Affordable Rental Housing Units. The annual occupancy report will be filled out by an officer of the corporation and the officer shall declare that the information provided to the City is true to the best of their knowledge and that no information has been withheld or omitted. (d) 9.4 Without limiting the Proponent" ’s obligations under section 8.1 (c)9.3, the Proponent, if requested by the City, shall forthwith submit to the City the material required to be submitted to the City pursuant to section 8.1(c)9.3 and any rent roll or verification of initial tenant eligibility or such other information as the City deems necessary, in addition to any such material that the Proponent may have previously submitted to the City. (e) 9.5 If requested by the City, the Proponent shall submit to the City an audited financial statement within ninety days (90) days following the fiscal year year-end of the Project. 8.2 9.6 The Proponent represents that it has not provided any false or misleading information in relation to the Proposal Project and agrees that it shall not provide any false or misleading information to the City under this Agreement. 8.3 9.7 The Proponent shall, on forty-eight (48) hours prior written notice, give the City free access to the Project and to such staff, documents, books, records, and accounts as may be determined by the City, for the purpose of verifying compliance with this Agreement. 8.4 9.8 The City may conduct an audit, investigation, or inquiry in relation to the Project or any larger development or project of which the Project is a part of and the Proponent shall cooperate with the City and provide free access to the Project and to such staff, documents, book, records and accounts as may be determined by the City. 8.5 9.9 The provisions of sections 8.1section 9.1, 8.29.2, 8.3 9.3, 9.4 and 8.4 9.8 shall continue to apply for a period of seven (7) years following the end of the Affordability Period or the date of any early termination of this Agreement.

ACCOUNTABILITY FRAMEWORK. (a) In the event: (i) the i. The City is advised by the Proponent that the Project will not proceed; or (ii) the . The building permit for the Building A of the Project is not issued on or before October 31[CITY TO INSERT DATE], 2012 or such longer period of time as the City may determine; iii. The building permit for Building B of the Project is not issued on or before [CITY TO INSERT DATE], or such longer period of time as the City may determine; or (iii) the City determines, acting reasonably, that iv. the Proponent is has not proceeding complied with the construction due to delays likely to cause depreciation a term or deterioration condition of the Improvements the Proponent shall return all Funds to the City, forthwith upon demand; or (iv) the City is of the opinion that the Proponent is not proceeding in an expeditious manner with the Development Activities for which the Funds have been provided; or (v) the Proponent is not complying with the requirements as set out in section 4 and Schedule “D” and Schedule “O” during the term of the this Agreement; the Proponent will be in default and default, the Loan shall return all Funds be payable to the City, forthwith upon demand. (b) 8.2 The Proponent shall submit to the City, an audited statement with respect to the expenditure of capital Funds the Loan provided to it pursuant to this Agreementagreement, within ninety one hundred and twenty (90120) days following the date on which the City is advised that the Development Activities related to the Project have been fully completed or the Project will not proceed. (c) 8.3 Following the full completion of the Development Activities related to the Project, the Proponent shall submit to the City a completed information report in the form Initial Occupancy Report attached hereto as Schedule "H', I” and annually thereafter shall submit to complete the City completed information reports in the forms annual occupancy report attached hereto as Schedules "I".Schedule “J” (d) 8.4 Without limiting the Proponent" ’s obligations under section 8.1 (c)any other section, the Proponent, if requested by the City, shall forthwith submit to the City the material required information similar to be submitted to the City pursuant to section 8.1(c)an occupancy report, where necessary, in addition to any such material that the Proponent may have previously submitted to the City. (e) If requested by the City, the Proponent shall submit to the City an audited financial statement within ninety days (90) following the fiscal year end of the Project. 8.2 8.5 The Proponent represents that it has not provided any false or misleading information in relation to the Proposal Project and agrees that it shall not provide any false or misleading information to the City under this Agreement. 8.3 8.6 The Proponent shall, on forty-eight (48) hours prior written noticeat a mutually convenient and agreeable time, give the City free access to the Project and to such staff, documents, books, records, and accounts as may be determined by the Cityrequired to conduct an audit, investigation, or inquiry for the purpose of verifying compliance with this Agreement. 8.4 8.7 The City may conduct an audit, investigation, or inquiry in relation to the Project or any larger development or project of which the Project is a part of, and the Proponent shall cooperate with the City and provide free access access, at a mutually convenient and agreeable time, to the Project and to such staff, documents, book, records and accounts as may be determined by the City. 8.5 8.8 The provisions of sections 8.1, 8.2, 8.3 8.3,8.4 and 8.4 8.5 shall continue to apply for a period of seven (7) years following the end of the Affordability Period or the date of any early termination of this Agreement.