Development Consultant means the development consultant to the extent selected by BR Investor to the extent contemplated in the LLC Agreement to monitor and review, on behalf of Owner at Owner's expense, the construction and development of the Project. For avoidance of doubt, if BR Investor fails to select a Development Consultant, then there shall be no Development Consultant.
Either the Developer, managing member, General Partner or Development Consultant must have Materially Participated in a LIHTC Project that has received an IRS Form 8609 from any state within the past five (5) years.
All entries to such books of account shall be supported by sufficient documentation to permit Owner, the Members of Owner, Development Consultant and any of their respective auditors to ascertain that said entries are properly and accurately recorded.
One of the following members of the Development Team must have completed a Project through the successful attainment of a Form 8609 in order to be deemed "qualified" and that Project must be in good standing with the allocating agency: Project Developer, General Partner/Managing Member, or the Development Consultant.
On a date to be specified by Owner for each calendar month during the Development Period for the Development Work, Developer shall prepare a "Draw Request," a "Development Work Control Report" and a "Monthly Financial Reporting Package" with respect to the Development Work, and shall cause the same to be delivered to Owner and Development Consultant certified by Developer as true, complete and correct (collectively, the "Monthly Reports").
Developer shall, in any case, notify Owner and Development Consultant as soon as reasonably practicable, both orally and in writing, of the existence of such Emergency, of the action taken by Developer with respect thereto and the related cost thereof.