Reso 1997-021 to 025 - Laserfiche WebLink

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the new rents as soon as the City receives them. Any changes to the HOME allowable rents, either increases or decreases, shall be passed on to tenants upon renewal of a lease or to a new tenant moving into a vacated unit. Section 6. Eviction. As provided by HOME regulations 24 CFR Part 92.253, eviction shall be only for serious or repeated violation of the lease; violation of applicable federal, state, or local law; or for other good cause. Section 7. Pr�'ect Operations. At all times the four (54) HOME units regulated under this Regulatory Agreement must be operated in conformance with HOME regulations and with the Contract. The City must be informed of any complaints about the Project. If in the sole opinion of the City, the Developer has failed to comply with HOME regulations or the Contract, that failure shall constitute an "Event of Default " under this Agreement as described in Section 17. Section 8. Properly Management. The Developer shall maintain the Property in good condition, good repair, and free of trash, weeds, and other debris. No items shall be stored in those areas designated as open space or for parking. Developer shall not substantially subtract from any real or personal property of the Project nor demolish any part of the Property without prior written approval from City, except normal maintenance and repair. City has the right to inspect the interior of the Property with forty-eight (48) hour advance notice and the exterior of the Property with no advance notice. Developer shall be responsible for ensuring the Project's property management either by performing the services themselves or by hiring the services of a professional property manager. These responsibilities include processing financial statements, handling of receivables and payables, tenant selection, and compliance with terms and conditions of the Regulatory Agreement. With the City's approval, Developer may perform the Project's property management or at the City's discretion, the City may require Developer to hire the services of a professional property management company who will be responsible for the above services. City has the right to approve or disapprove any proposed property management company. Developer shall continue to hire such services until the City grants, in writing, approval to discontinue such services. City will give Developer 30 days to resolve any failure to perform under this Section. Section 9. Operating Budget. a. The Developer shall submit to the City a proposed annual operating budget for the Project not less than ninety (90) days prior to the beginning of each fiscal year of the Project following the Date of Initial Occupancy. The proposed operating budget shall set forth the anticipated gross income of the Project and a 3