Common use of Monitoring and Auditing Clause in Contracts

Monitoring and Auditing. − Member and Project Sponsor both expressly authorize the Bank or its agents to inspect and audit the Member’s AHP project(s), including, without limitation, loan documentation, retention agreements, accounting records, and site visits to the Member, Project Sponsor, and the project. The Project Sponsor and the Member agree to fully cooperate with the Bank in effectuating off-site and on-site reviews of the project and in providing to the Bank any project documentation periodically required under the AHP regulations and this Agreement. In addition, the Project Sponsor shall also provide prompt notice to the Bank if the project received low-income housing tax credits (“LIHTC”) and the project is in material and unresolved noncompliance with the LIHTC income targeting or rent requirements at any time during the retention agreement period.

Monitoring and Auditing. − Member and Project Sponsor both expressly authorize the Bank or its agents to inspect and audit the Member’s Members AHP project(s), including, without limitation, loan documentation, retention agreements, accounting records, and site visits to the Member, Project Sponsor, and the project. The Project Sponsor and the Member agree to fully cooperate with the Bank in effectuating off-site and on-site reviews of the project and in providing to the Bank any project documentation periodically required under the AHP regulations and this Agreement. In addition, the Project Sponsor shall also provide prompt notice to the Bank if the project received low-income housing tax credits (“LIHTC”) and the project is in material and unresolved noncompliance with the LIHTC income targeting or rent requirements at any time during the retention agreement period.

Monitoring and Auditing. −  Member and Project Sponsor both expressly authorize the Bank or its agents to inspect and audit the Member’s AHP project(s), including, without limitation, loan documentation, retention agreements, accounting records, records and site visits to the Member, Project Sponsor, Sponsor and the project. The Project Sponsor and the Member agree to fully cooperate with the Bank in effectuating off-site and on-site reviews of the project and in providing to the Bank any project documentation periodically required under the AHP regulations and this Agreement. In addition, the Project Sponsor shall also provide prompt notice to the Bank if the project received low-income housing tax credits (“LIHTC”) and the project is in material and unresolved noncompliance with the LIHTC income targeting or rent requirements at any time during the retention agreement period.