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2oioo�s35 <br />Asset Manager when due hereunder, then the Owner shall be obligated to pay to the Authority an <br />amount equal to $100 per day for each day after the due date until such Quarterly Financial <br />Status R�ports are delivered. Failure to dcliver the Quarterly Financial Status Reports when due <br />hereunder, unless al] amounts due pursuant to the prior sentence have bee paid, may also result in <br />the suspension of any further disbursements of the Subaward hereunder. <br />(c) An annual pra forma operating budget shall be prepared by the Owner and <br />furnished to the Asset Manager within thirCy (30) days prior to the beginning of each Fiscal Year. <br />(d) The Owner shall submit to the Asset Manager any other financial reports that the <br />Authority deems necessary to comply with Section 1602 of the Recovery Act and the Prograrn <br />Requirements, as the same may be amended from time to time. <br />(e) In the event that the Owner fails to submit to the Authority in a timely and <br />satisfactory manner any repart required by this Agreexnent, the Authority may, in its sole <br />discretion, withhold any or all disbursem�nts otherwise due nr requested by the Owner hereunder <br />until such time as the Owner fully cures or performs any and �11 delinquent reporting obligations. <br />Section 8,2. Compliance Monitorin� Reports <br />(a) No later than six (6) months befare initial occupancy of the dwelling units is <br />scheduled to begin, the Owner shall supply the Authority with a timetable of pre-opening <br />marketing activities as well as expected lease-up acceptable to the Authority, which acceptance <br />rnay not be unreasonably withheld, <br />(b) The Authority reserves the right to carryout regular and periodic field inspections <br />to ensure compliance with the requirements of this Agreement and the Program Requireznents. <br />5ectian $.3. Pra'ect Perfoarmance Re orts <br />No later than �ve (S) calendar days following the end of each Fiscal Quarter, <br />commencing with �rst full �'iscal Quarter ending after the date hereof through the Canstruction <br />C�mpletion Date, the Owner shall eomplete a"Project Performance Report" providing <br />inforrnation required by Treasury and deliver such repdrt to the Authority in the form attached <br />hereto as Exhibit E , <br />ARTICLE IX <br />ASSET MANAGEMENT <br />Section 9.1. Asset Mana ,er <br />(a) The Authority shall be the Asset Manager of the Project for purpases af the <br />Recovery Act, unless a third-party Asset Manager shall have been designated by the Autharity <br />upon th� execution of this Agxeement. <br />(b) The Authority rnay appoint a third-party Asset Manager at any time to perform its <br />Asset Management duties hereunder and shall provide the Owner with written notice of any such <br />notice. <br />4841-2135-3478,2 <br />-16- <br />