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2.4 Hazard and Liability Insurance. Following Borrower's acquisition of the Property, <br />Borrower shall at all times cause the Project to be insured in accordance with Section 19 of the <br />Regulatory Agreement. Borrower shall also obtain against loss by fire and such other hazards, <br />casualties and contingencies and in such amounts and for such periods as are in accordance with the <br />insurance requirements of the Regulatory Agreement. <br />2.5 Hold Harmless. Following Borrower's acquisition of the Property, Borrower and its <br />successors in interest agree to indemnify, defend, and hold harmless the City and its agents, <br />employees, volunteers and officers from any and all claims, losses, liabilities or causes of action <br />(including reasonable attorneys' fees) arising from or in connection with Borrower's development, <br />management, maintenance or operation of the Project; provided, however, the Borrower's <br />obligations to indemnify and hold harmless shall not apply in the event and to the extent of any <br />indemnitee's gross negligence or willful misconduct. <br />2.6 Annual Report. Following the issuance of a certificate of occupancy for the Project, <br />Borrower shall file with the City an annual report, as required by 24 CFR 92 in accordance with <br />Section 17(b) of Regulatory Agreement. The report shall contain a certification by Borrower as to <br />such information as the City may then require including, but not limited to, the following: <br />(1) The substantial physical defects in the Project, including a description of any major <br />repair or maintenance work undertaken or needed in the previous and current fiscal years. Such <br />statement shall describe what steps Borrower has taken in order to maintain the Project in a safe and <br />sanitary condition in accordance with applicable housing and building codes. <br />(2) The occupancy of the Project with respect to the one (1) HOME -assisted unit: <br />(A) the verified income of the current household; and <br />(B) the current rent charged the household and whether the rent includes utilities. <br />(3) A summary of the information received from the recertification of tenants' incomes. <br />(4) Other information as required pursuant to the Regulatory Agreement or reasonably <br />required by the City or HUD. <br />2.7 City Review and Inspections. <br />(1) Following Borrower's acquisition of the Property, upon not less than seventy-two (72) <br />hours' notice to Borrower, the City may at any time during the term of this Agreement, enter and <br />inspect the physical premises and inspect all accounting records pertaining to the development or <br />operation of the Project. Upon request by the City, Borrower shall notify occupants of upcoming <br />inspections of their units in accordance with State law. <br />(2) The City may request any other information that it deems necessary to reasonably <br />monitor compliance with requirements set forth in this Agreement. Such information shall be <br />promptly provided by Borrower. <br />2.8 Restrictions on Sale. Encumbrance. and Other Acts. <br />2220130.1 Page 8 <br />