RES 89483 - Laserfiche WebLink

records, books and accounts will be subject to examination at reasonable hours by any authorized representative of Owner, the City and CHFA; {b) By the twentieth (20th) day of each month, Agent will furnish Owner with {i) a statement of receipts and disbursements for the previous month, (ii) a schedule of accounts receivable and payable and (iii) reconciled bank statements for the above-referenced Accounts as of the end of the previous month; (c) Agent will prepare a monthly report comparing actual and budgeted figures for receipts and disbursements, and will submit each such report to Owner within twenty (20) days after the end of each month. Within ten {10) days after Owner's receipt of such monthly reports, Owner shall submit each monthly report to the City and CHFA~ (d) At the end of each fiscal year during the term of this Agreement, Agent will have an annual financial report prepared by a certified public accountant or other person acceptable to Owner, the City and CHFA. The report will be certified by the preparer, X~ Agent, and owner, shall be prepared in conformity with CHFA's quidelines, and ~h~ll X~/~X}} be submitted to the City and CHFA for acceptance. Compensation for the preparer's services will be paid out of the Development Operating Account as an expense of the Development; (e) Agent will furnish such information, including occupancy reports, as may be requested by Owner, the City or CHFA from time to time with respect to the financial, physical or operational condition of the Development. Such information and reports shall include all the reporting requirements contained in the Ground Lease, Regulatory Agreement and HDG Owner/Grantee Agreement; (f) Except as otherwise provided in this Agreement, all off-site bookkeeping, clerica) and other management overhead expenses (including but not limited to costs of office supplies and equipment, data processing services, postage, transportation for managerial personnel and telephone services) will be borne by Agent out of Agent's own funds and will not be treated as Development expenses; and (g) Upon termination or change in project management: (i) The accounting records of the Development, even if maintained and housed at the office of Agent, shall be considered to be the official records of the Development. They must be turned over to Owner upon any termination of this Agreement or whenever a change of management occurs. The records include, but are not limited to, the General Ledger, all original books of entry, invoices, cancelled checks, payroll records and contracts. (ii) All cash, bank accounts and trust accounts must be accounted for in writing and turned over to Owner within five 15) days and verified b.y Owner within thirty/30) days; and (iii) A cut-off date shall be established and agreed upon between the outgoing Agent and Owner. As soon as possible, all accounts shall 19:MGMTAGR.EHI (10/27/89) 10