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SECTION 8. PROJECT OPERATIONS <br /> At all times the eleven (11) HOME Assisted units regulated under this <br /> Regulatory Agreement must be operated in conformance with HOME regulations and <br /> with the Contract. If Developer receives any complaints about compliance with <br /> HOME regulations, Developer shall inform the City of any such complaints. If in the <br /> sole opinion of the City, the Developer has failed to comply with HOME regulations <br /> or the Contract, that failure shall constitute an "Event of Default" under this <br /> Agreement as described in Section 16. <br /> SECTION 9. PROPERTY MANAGEMENT <br /> The Developer shall maintain the property in good condition, good repair, and <br /> free of trash, weeds, and other debris. No items shall be stored in those areas <br /> designated as open space or for parking. Developer shall not substantially subtract <br /> from any real or personal property of the Project nor demolish any part of the <br /> Property without prior written approval from City, except normal maintenance and <br /> repair. City has the right to inspect the interior of the Property with forty-eight (48) <br /> hours advance notice and the exterior of the Property with no advance notice. <br /> Developer shall be responsible for ensuring the Project's property management <br /> either by performing the services themselves or by hiring the services of a professional <br /> property manager. These responsibilities include processing financial statements, <br /> handling of receivables and payables, tenant selection, and compliance with the terms <br /> and conditions of the Regulatory Agreement. <br /> With City's approval, Developer may perform the Project's property <br /> management or at the City's discretion, the City may require Developer to hire the <br /> services of a professional property management company who will be responsible for <br /> the above services. City has the right to approve or disapprove of any proposed <br /> property management company. Developer shall continue to hire such services until <br /> the City grants, in writing, approval to discontinue such services. City will give <br /> Developer 30 days to resolve any failure to perform under this Section. <br /> SECTION 10. OPERATING BUDGET <br /> a. The Developer shall submit to the City a proposed annual operating budget <br /> for the Project not less than ninety (90) days prior to the beginning of each fiscal <br /> 4 <br />