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(b) Annual Report Following completion of construction of the Project, on each June 1 during the term of this Lease, Lessee shall submit an annual report ("Annuall Report") to the Lessor in form satisfactory to Lessor, together with a certification that the Project is in compliance with the requirements of this Lease The Annual Report shall, at a minimum, include the following information for each dwelling unit in the Project: (i) unit number, (ii) number of bedrooms; (iii) current rent and other charges, (iv) dates of any vacancies during the previous year, (v) number of people residing in the unit, (vi) total gross household income of residents, (vii) documentation of source of household income; and (vii) the information required by Paragraph (a) Lessee shall include with the Annual Report, an income recertification for each household, documentation verifying tenant eligibility, and such additional information as Lessor may reasonably request from time to time in order to demonstrate compliance with this Lease The Annual Report shall conform to the format requested by Lessor; provided however, during such time that the Project is subject to a regulatory agreement restricting occupancy and/or rents pursuant to requirements imposed in connection with the use of state or federal low-income housing tax credits, Lessee may satisfy the requirements of this Section that pertain to tenant income certification and rents by providing Lessor with a copy of compliance reports required in connection with such financing. In addition to the information described above, the Annual Report shall include the following (i) A Project income and expense statement for the reporting penod; (ii) Proposed annual budget for the next fiscal year which sets forth Lessee's estimate of operating income, operating expenses and debt service for the year, amounts payable to reserves and proposed rent adjustments; (iii) A report on maintenance and other issues anticipated to affect the current budget needs of the Project as well as the amount in the Project's reserve accounts and the amount expected to be needed for major repairs or other needs during the new fiscal year, (iv) Information on the status of the waiting list for units, including the number of households on the list, and (v) A financial audit of the books and records of the Project prepared in accordance with generally accepted auditing standards by an independent certified public accountant. (vi) Lessor may, from time to time request additional or different information, and Lessee shall promptly supply such information in the reports required hereunder (c) Maintenance of Records, Inspections. Lessee shall maintain copies of tenant leases, income certifications and other matters related to the leasing of the residential units in the Project for a period of five (5) years after the final date of occupancy by the tenant. Lessee shall provide Lessor and its authorized agents and representatives access to any books, documents, papers and records of the Project for the purpose of making audits, examinations, excerpts and transcriptions With 48-hours' notice, during normal business hours and as often as 29 191\52\1656915 8 OAK#4834-9609-1684 v9