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3. Reporting Requirements. <br />3.1. Tenant Certification. Owner or Owner's authorized agent shall obtain from <br />each household prior to initial occupancy of each Restricted Unit, and on every <br />anniversary thereafter, a written certificate containing total household income with such <br />supporting documentation as City may reasonably require. <br />Owner shall retain such certificates for not less than three (3) years, and upon City's <br />request, shall make the originals available for inspection by City and shall provide <br />copies of such certificates to City. <br />3.2 Annual Report; Inspections. Owner shall submit an annual report ("Annual <br />Report") to the City in form satisfactory to City, together with a certification that the <br />Project is in compliance with the requirements of this Agreement. The Annual Report <br />shall, at a minimum, include the following information for each dwelling unit in the <br />Project: (i) unit number; (ii) number of bedrooms; (iii) current rent and other charges; <br />(iv) dates of any vacancies during the previous year; (v) number of people residing in <br />the unit; (vi) total household income of residents; (vii) documentation of source of <br />household income; and (viii) the information required by Section 3.1. <br />Upon City's request, Owner shall include with the Annual Report, an income <br />recertification for each household, documentation verifying tenant eligibility, and such <br />additional information as City may reasonably request from time to time in order to <br />demonstrate compliance with this Agreement. The Annual Report shall conform to the <br />format requested by City; provided however, during such time that the Project is subject <br />to a regulatory agreement restricting occupancy and/or rents pursuant to requirements <br />imposed in connection with the use of federal low-income housing tax credits or tax- <br />exempt financing, Owner may satisfy the requirements of this Section by providing City <br />with a copy of compliance reports required in connection with such financing. <br />Owner shall permit representatives of City to enter and inspect the Property and <br />the Project during reasonable business hours in order to monitor compliance with this <br />Agreement upon 24-hours advance notice of such visit to Owner or to Owner's <br />management agent. <br />4. Term of Agreement. <br />4.1 Term of Restrictions. This Agreement shall remain in effect through the <br />55th anniversary of the issuance of the final certificate of occupancy for the Project. <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 regardless <br />of (i) any sale, assignment, transfer, or conveyance of the Property or the Project or any <br />part thereof or interest therein, (ii) any payment, prepayment or extinguishment of the Loan <br />or Note, or (iii) any reconveyance of the Deed of Trust, unless this Agreement is <br />terminated earlier by City in a recorded writing. <br />2890662.3 6