|
��14��134
<br /> (c} Any Non-�Profit Borrower sha]1 submit audit�d annua� financ�a�repor�s, as
<br /> applicabl�,pursuant to federal natice �e.g., �ffice of Management and Bud�et�ircu�ar A�-1�3}.
<br /> However,notWithstanding any addit�ona� time pro�ided for Non-Pr�fit Borrowers to submit
<br /> audx�ed a.nnual finan�ial repor�s, such B�rrowers shall sti�� be required to submit unaudited
<br /> annua�fin.ancia� reports pursua,nt ta� Section���a}, e�cept that,for Barrov�ers that e�e�t ta submit
<br /> their required audited annual fina.ncial reports early�i.e. within the time specifi�d in Section
<br /> 24�a)�,th�requirement t� subrrii�unaudited annual f nancial reports shall be waived.
<br /> �d� If Borr�wer fails to submit any a.nnual f�nancial report required by this
<br /> Section 2L�within ninety�9D} da�s of the required due date, HUD, at its so�e ele�tia�n,a,nd
<br /> without relieving�orrower of i�s requirement t� file such report,may thereafter exaamine, or
<br /> �ause to b� examined at B�rr�wer's expense, �he�ooks a.nd records of Borrower and the Prvject
<br /> for purposes of preparing a repvrt of the operations of the Proj ect far HUI3's use.
<br /> .. �
<br /> �e) Auditing costs and tax return preparati�n�osts may be charged as -
<br /> Reasanable �peratir�g Expenses anly to the extent they are required of B�rrower itse�f by state
<br /> �aw,the�nternal Revenue Servic��"IRS"�,the Securities and Exchange Commissiun, or HLTD.
<br /> N�it�er IR.S audit co�ts nor costs of ta�return pr�para�ion for partners, meml�ers, �hareholders,
<br /> Principa�s�r Affiliates of B�rr�vver are considered Reasonab�e�perating Expenses.
<br /> IV. PR�JE�T MA�AGEMENT.
<br /> 21. FRESERVATI(]N,MANAGElVIENT AND MAINTENAN�E (]F THE
<br /> M�RTGA�ED PR�PERTY. Borro�ver�a� sha11 not comrnit�r permit Waste, (b) sha�l not
<br /> abar�dan�he M�rtgaged Property, (c} shal�res�ore c�r repair prompt�y, ar�ause to be restored or
<br /> repa�red prampt�y, in a gvod and wor�man��ke manner,any daxraaged part of the�roj e�t to the
<br /> equivalent�f its or�ginal cond�ti�n, or such other co�dition as HUI]may ap�rove in writing,
<br /> wh�th�r or not liti�ati�n or insurance pr�ceeds or c�ndemnatian awards are avai�ab��ta co�er
<br /> a�y cos�s of such restaration or repair, and(d� sha1l keep,ar cause ta be k�pt,the�'rojec�in
<br /> decent, safe, sanitary condition and good repair, inc�uding the repiacement of Pers�na�ty and
<br /> Fi�tures with iterris�f equal or better function a�xd quality. (7bligations�a}through[d�af this
<br /> Sect��n�1 are abs��lute arid unconditianal and a.re nat��mited by any condi�ions preced�r�t and
<br /> are n�t c�nt�ngent on the a�aila�ility of finarz�ial assistar��e from HUD or�n HUT]'s
<br /> performan�e of ar�.y administrative or con�ractual ol�ligations. In the ever�t all ar a�n.y of the
<br /> Improverr�ents shall be d�stroy�d�r da�naged b� fre,by ar�exercis�of the power of eminent
<br /> d�rriain,by failure of warrant�, �r�ther ca.sua�ty,the money deri�ed from any s�ttlement�
<br /> j ud�ment, or insurarice on any port�on of the Proj e�t s�all be appl�ed in a�cardance�vith th�
<br /> terms of Pr�gram�.]bligations and the I�c�rrow�r's S��urity�nstrument or as otherwi�e rna��e
<br /> directed ir�writing by HT..�D. �
<br /> 2�. F���D HA�ARDS. Borr�w�r �hall maintaix�, c�r�ause ta be maintained, flood
<br /> i�.surance as required by Program C�bligations.
<br /> �3. C�NTRACTS F�R���DS AND SERVI�E�. �ons�stent with Frogram
<br /> �b�igations,Borrower sha11 abt�.in, or cause to b�o�stained, contr�.cts for�oods,rnaterials,
<br /> supplies, and s�rvices �"Goads and S�rvic�s"� a�cc�sts,amoun�s,a�d t�rms that d�nat e�ceed
<br /> reasonable and n��essary levels and those customarily paid in the vicinity of the�and for�ro�ds
<br /> P���ious versions o�sole�e Pag� 1�af Z$ form HUQW9�4S��RCF��eW.�3113}
<br />
|