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2.5 Hold Harmless. Following Borrower's acquisition of the Property, 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. Following the issuance of a certificate of occupancy for the Project, Borrower shall file with the City an annual report, as required by 24 CFR 92 in accordance with Section I 7(b)of Regulatory Agreement. 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: (I) 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 with respect to the one (I) HOME-assisted unit: (A) the verified income of the current household; and (B) the current rent charged the household and whether the rent includes 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. 2.7 City Review and Inspections. (I) Following Borrower's acquisition of the Property,upon not less than seventy-two(72) hours' notice to Borrower, the City may at any time during the term of this Agreement, enter and inspect the physical premises and inspect all accounting records pertaining to the development or operation of the Project. Upon request by the City, Borrower shall notify occupants of upcoming inspections of their units in accordance with State law. (2) The City may request any other information that it deems necessary to reasonably monitor compliance with requirements set forth in this Agreement. Such information shall be promptly provided by Borrower. 2.8 Restrictions on Sale. Encumbrance, and Other Acts. (I) Following Borrower's acquisition of the Property Borrower shall not make any sale, encumbrance, hypothecation,assignment,pledge,conveyance,or transfer in any form of the Project or of any of its interest therein without prior written approval of the City, which shall not be unreasonably withheld. 2220130.1 Page 8