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