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03
City of Pleasanton
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CITY CLERK
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2016
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030116
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2/25/2016 4:13:47 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
3/1/2016
DESTRUCT DATE
15Y
DOCUMENT NO
03
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(vi) City may, from time to time request additional or different information, <br /> and Owner shall promptly supply such information in the reports required hereunder. <br /> 3.3. Maintenance of Records. <br /> 3.3.1 Owner shall maintain all records regarding the construction of the Project <br /> for five(5)years after final payment and all other pending matters are closed. Owner shall also <br /> maintain tenant leases, income certifications and other matters related to the leasing of the <br /> affordable units for a period of five(5)years after the final date of occupancy by the tenant. <br /> 3.3.2 Records must be kept accurate and up-to-date. City shall notify Owner of <br /> any records it deems insufficient. Owner shall have fifteen (15)calendar days from such notice <br /> to correct any specified deficiency in the records, or, if more than fifteen(15)days shall be <br /> reasonably necessary to correct the deficiency, Owner shall begin to correct the deficiency within <br /> fifteen (15)days and diligently pursue the correction of the deficiency as soon as reasonably <br /> possible. <br /> 3.4 Access to Records; Inspections. <br /> 3.4.1 Owner shall provide City and its authorized agents and representatives <br /> access to any books, documents, papers and records of the Project for the purpose of making <br /> audits, examinations, excerpts and transcriptions. <br /> 3.4.2 With 48-hours' notice, during normal business hours and as often as may <br /> be deemed necessary, City and its authorized agents and representatives shall be permitted access <br /> to and the right to examine the Project and the Property and to interview tenants and employees <br /> of the Project, for the purpose of verifying compliance with applicable regulations and <br /> compliance with the conditions of this Agreement and the other City Documents. <br /> 4. Term of Agreement. <br /> 4.1 Term of Restrictions. This Agreement shall remain in effect until the later of(i) <br /> the fifty-fifth (55th)anniversary of the City's issuance of a final certificate of occupancy or <br /> equivalent for the Project,or(ii) the expiration of the term of the Ground Lease. <br /> 4.2 Effectiveness Succeeds Conveyance of Property and Repayment of Loan. This <br /> Agreement shall remain effective and fully binding for the full term hereof regardless of(i)any <br /> sale, assignment, transfer,or conveyance of the Project or Owner's leasehold interest in the <br /> Property, or any part thereof or interest therein,(ii)any payment,prepayment or extinguishment of <br /> the Loan,the Note or the City HOME Note,or(iii)any reconveyance of the Deed of Trust or the <br /> City HOME Deed of Trust. <br /> 4.3 Reconveyance. Upon the termination of this Agreement,the Parties agree to <br /> execute and record appropriate instruments to release and discharge this Agreement; provided, <br /> however, the execution and recordation of such instruments shall not be necessary or a <br /> prerequisite to the termination of this Agreement upon the expiration of the term. <br /> 13 <br /> OAK #4832-3506-8205 v2 <br />
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