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(b) The total gross household income; <br />Owner shall retain such certificates for not less than three (3) years, and upon <br />Agency's request, shall provide copies of such certificates to Agency and make the <br />originals available for Agency inspection. <br />3.2 Annual Report; Inspections. By not later than April 30 of each year during <br />the term of this Agreement, Owner shall submit an annual report ("Annual Report") to <br />the Agency inform satisfactory to Agency, together with a certification that the Project <br />is in compliance with the requirements of this Agreement. The Annual Report shall, at <br />a minimum, include the following information for each dwelling unit in the Project: (i) <br />unit number; (ii) number of bedrooms; (iii) current rent and other charges; (iv) number <br />of people residing in the unit; (v) total gross household income of residents; and (vi) the <br />information required by Section 3.1. <br />Owner shall include with the Annual Report, an income recertification for each <br />household, documentation verifying tenant eligibility, and such additional information as <br />Agency may reasonably request from time to time in order to demonstrate compliance <br />with this Agreement. The Annual Report shall conform to the format requested by <br />Agency; provided however, during such time that the Project is subject to a regulatory <br />agreement restricting occupancy and/or rents pursuant to requirements imposed in <br />connection with the use of state or federal low-income housing tax credits or tax- <br />exemptfinancing, Owner may satisfy the requirements of this Section by providing <br />Agency with a copy of compliance reports required in connection with such financing. <br />Owner shall permit representatives of Agency to enter and inspect the Property <br />and the Project during reasonable business hours in order to monitor compliance with <br />this Agreement upon 48-hours advance notice of such visit to Owner or to Owner's <br />management agent. <br />3.3 Intentionally omitted. <br />4. Term of Agreement. <br />4.1 Term of Restrictions. This Agreement shall remain in effect through the <br />55'h anniversary of the issuance of the final certificate of occupancy for the Project, <br />unless the term is extended by mutual agreement of the Parties. <br />4.2 Effectiveness Succeeds Conveyance of Property and Repayment of Loan. <br />This Agreement shall remain effective and fully binding for the full term hereof, as such <br />may be extended pursuant to Section 4.1, regardless of (i) any sale, assignment, <br />transfer, or conveyance of the Property or the Project or any part thereof or interest <br />therein, (ii) any payment, prepayment or extinguishment of the Loan or Note, or (iii) any <br />reconveyance of the Deed of Trust. <br />4.3 Reconveyance. Upon the termination of this Agreement, the Parties <br />agree to execute and record appropriate instruments to release and discharge this <br />>>~~_~~5-~~~ 9 <br />