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2.2 Property Management of HOME - Assisted Units Borrower shall maintain the Project in compliance with all applicable housing quality standards and City code requirements for the duration of the Regulatory Agreement. 2.3 Occupancy Procedures Borrower shall adopt written tenant selection policies and criteria in accordance with the requirements set forth in Section 13 of the Regulatory Agreement. 2.4 Hazard and Liability Insurance Borrower shall at all times cause the Project to be insured against loss by fire, flood (as required pursuant to 24 CFR 92.358), and such other hazards, casualties, liabilities and contingencies, and in such amounts and for such periods as are reasonably acceptable to the City. All insurance policies and renewals thereof shall be issued by a carrier and in a form acceptable to the City. Liability policies shall name the City and its officers, officials, employees, and agents as additional insured. Property insurance policies shall name the City as loss payee. In addition to the foregoing, Borrower shall comply with all insurance requirements set forth in the OPLA. 2.5 Hold Harmless Borrower and its successors in interest agree to indemnify, defend, and hold harmless the City and its agents, employees, volunteers and officers from any and all claims, losses, liabilities or causes of action (including reasonable attorneys' fees) arising from or in connection with Borrower's development, management, maintenance or operation of the Project; provided, however, the Borrower's obligations to indemnify and hold harmless shall not apply in the event and to the extent of any indemnitee's gross negligence or willful misconduct. 2.6 Annual Report Borrower shall file with the City an annual report, as required by 24 CFR 92 no later than one hundred twenty (120) days following the end of each calendar year. The report shall contain a certification by Borrower as to such information as the City may then require including, but not limited to, the following: (1) The substantial physical defects in the Project, including a description of any major repair or maintenance work undertaken or needed in the previous and current fiscal years. Such statement shall describe what steps Borrower has taken in order to maintain the Project in a safe and sanitary condition in accordance with applicable housing and building codes. (2) The occupancy of the Project including with respect to the eleven (11) HOME - assisted units: (A) the verified income of each current household; and (B) the current rent charged each household and whether these rents include utilities. (3) A summary of the information received from the recertification of tenants' incomes. (4) Other information as required pursuant to the Regulatory Agreement or reasonably required by the City or HUD. 1908324.5