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Section 2.7 Non- Recourse. <br /> City's sole recourse in the event of a default by Borrower shall be to the Leasehold Estate, <br /> and the Borrower shall not have any personal liability for the Loan. <br /> Section 2.8 Fannie Mae Eligibility. <br /> In the event that the terms of the Loan (alone or in conjunction with the Other City Loan) <br /> do not comply with Fannie Mae's applicable subordinate debt requirements, the City shall <br /> cooperate with Borrower to modify the terms of the Loan so that the Loan (alone or in <br /> conjunction with the Other City Loan) meets such requirements. <br /> ARTICLE 3 CONSTRUCTION OF THE PROJECT <br /> Section 3.1 Commencement and Completion of Construction. <br /> Borrower shall cause the commencement and completion of construction of the Project <br /> pursuant to Section 3.5 of the Lease. <br /> Section 3.2 Equal Opportunity. During the development of the Project, there shall be <br /> no discrimination on the basis of race, color, creed, religion, age, sex, sexual orientation, marital <br /> status, national origin, ancestry, source of income, or disability in the hiring, firing, promoting or <br /> demoting of any person engaged in the development work. <br /> ARTICLE 4 LOAN REQUIREMENTS <br /> Section 4.1 Inspection of Books and Records. <br /> Upon request, the Borrower shall permit the City and CaIHFA to inspect at reasonable times <br /> and on a confidential basis those books, records and all other documents of the Borrower necessary <br /> to determine Borrower's compliance with the terms of this Agreement and Borrower's compliance <br /> with the Ca1HFA Loan Agreement. The Borrower also has the right at all reasonable times to <br /> inspect the books, records and all other documentation of the City pertaining to its obligations under <br /> this Agreement. <br /> Section 4.2 Inspection of Project <br /> Borrower shall permit and facilitate and shall require its contractors to permit and <br /> facilitate, observation and inspection at the Project by the City and CaIHFA during reasonable <br /> business housing for the purposes of determining compliance with this Agreement and the City's <br /> compliance with the Ca1HFA Loan Agreement. <br /> Section 4.3 Yearly Reporting Requirements. <br /> Within one hundred eighty (180) days of the end of each fiscal year, Borrower shall <br /> provide the City with (a) an audited financial statement for the Project for the previous year, (b) a <br /> HELP Loan 7 <br /> 144 \105\272256.4 <br />