Deed - 2390 E 14th St - File 1355, 2000

Home

SECTION 6. EVICTION 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, PROPERTY 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 Agency, except normal maintenance and repair. Agency has the right to inspect the interior of the Property with seventy-two (72) hours 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 the terms and conditions of the Regulatory Agreement. With Agency's approval, Developer may perform the Project's property management or at the Agency's discretion, the Agency may require Developer to hire the services of a professional property management company who will be responsible for the above services. Agency has the right to approve or disapprove of any proposed property management company. Developer shall continue to hire such services until the Agency grants, in writing, approval to discontinue such services. Agency will give Developer 30 days to resolve any failure to perform under this Section. The Agency hereby approves Eden Housing Management, Inc. as the property management company. Any change in the property management company requires Agency approval. SECTION 8. OPERATING BUDGET a. The Developer shall submit to the Agency 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 detailed estimate of all operating costs thereof, which shall include an itemization of administrative expenses, maintenance expenses, cost of utilities, hazard insurance, taxes and assessments, and deposits to all funds, reserves or accounts required by the Agency and/or established by the Developer. Upon approval by the Agency, such proposed operating budget shall be the operating budget for the next fiscal year of the Project. b. If the operating income exceeds the actual operating costs, any such surplus shall be placed in a reserve fund to be used only for Project -related expenses. The expenditure of reserve funds for non - routine operating and maintenance expenses must have prior written approval from the Agency, approval shall not be unreasonably withheld.