Common use of Compliance and Reporting Clause in Contracts

Compliance and Reporting. i. At the end of the Initial Leasing Period, Owner shall submit a Compliance Report, indicating how many IRUs were made available and leased during the Initial Leasing Period and a copy of a signed Tenant Income Certification (TIC) for each Eligible Household that entered into a lease during the Initial Leasing Period. ii. Owner shall demonstrate continued compliance with this Covenant after the Initial Leasing Period by submitting to the City a Compliance Report on an annual basis during the term of this Covenant. Reports are to be submitted within 30 days of HOST’s request. iii. The Income Verifications for each Eligible Household shall be maintained by Owner at the management office at the Subject Property or such other place where Owner’s books and records are kept in the Denver metropolitan area for so long as the Eligible Household occupies an IRU. HOST reserves the right to request Income Verification documentation as needed to verify compliance. iv. Upon reasonable notice and during the normal business hours maintained by Owner at the management office at the Subject Property or such other place where the requested books and records are kept in the Denver metropolitan area, Owner shall permit any duly authorized representative of the City to inspect any books or records of Owner pertaining to the project at the Subject Property containing IRUs which reasonably relate to Owner’s compliance with the terms and conditions of this Covenant. v. Owner acknowledges that the City may, upon reasonable notice and during the normal business hours maintained by the Owner, perform housing quality standard inspections as necessary to ensure IRUs are maintained at minimum quality standards in accordance with the Rules. These inspections may take place during the Initial Leasing Period as well as throughout the term of affordability. vi. Owner acknowledges that the City may, at its election, hire a compliance agent, to monitor Owner’s compliance with this Covenant. In such an event, Owner shall be authorized to rely upon any written representation made by the compliance agent on behalf of the City.

Compliance and Reporting. i. At the end of During the Initial Leasing Period, Owner shall submit a Compliance Report, Report by the tenth (10th) day of each calendar quarter indicating how many IRUs were made available and leased during the Initial Leasing Period preceding calendar quarter, and a copy of a signed Tenant an Income Certification (TIC) for Verification completed by each Eligible Household that entered into a lease during the Initial Leasing Period. ii. All IRUs shall be made available to Eligible Households no later than the end of the calendar month in which the certificate of occupancy is issued for the building on the Subject Property containing IRUs. iii. Owner shall demonstrate continued compliance with this Covenant after the Initial Leasing Period by submitting to the City a Compliance Report on an a semi-annual basis during the term Term. Each such Compliance Report shall be accompanied by copies of this Covenant. Reports are to be submitted within 30 days of HOST’s requestIncome Verifications for any Eligible Household that entered into a new lease or lease renewal during that half year. iiiiv. The Income Verifications for each Eligible Household shall be maintained by Owner at the management office at the Subject Property or such other place where Owner’s books and records are kept in the Denver metropolitan area for so long as the Eligible Household occupies an IRU. HOST reserves the right to request Income Verification documentation as needed to verify compliance. iv. v. Upon reasonable notice and during the normal business hours maintained by Owner at the management office at the Subject Property or such other place where the requested books and records are kept in the Denver metropolitan area, Owner shall permit any duly authorized representative of the City to inspect any books or records of Owner pertaining to the project at the Subject Property containing IRUs which reasonably relate to Owner’s compliance with the terms and conditions of this Covenant. v. Owner acknowledges that the City may, upon reasonable notice and during the normal business hours maintained by the Owner, perform housing quality standard inspections as necessary to ensure IRUs are maintained at minimum quality standards in accordance with the Rules. These inspections may take place during the Initial Leasing Period as well as throughout the term of affordability. vi. Owner acknowledges that the City may, at its election, hire a compliance agent, to monitor Owner’s compliance with this Covenant. In such an event, Owner shall be authorized to rely upon any written representation made by the compliance agent on behalf of the City.