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201007863 amount equal to $1 QO per day for each day after the du� date until such Quarterly Finar�cial Status Reports are delivered. Failure to deliver the Quarterly Financial Status R�ports when due hereunder, unless all amotxnts due pursuant to the prior sentence have been pai�d, may alsa result in the suspension of any further disbursements af the Subaward hereunder. (c) A,n annual pro farma operating budgct shall be prepared by the Owner and furnished to the Asset Manager within thirty (30) days prior to the beginning af 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 af the Recovery Act and the Program Requirements, as the saxne may be amended from time to time. (e) In ih� event that the Owner fails to submit to the Authority in a timely and satisfactory manner any report required by this Agreemcnt, the Authority may, in its sole discrction, withhold any or all disbursements oth�cwise due or requested by the Q�wner hereunder until such time as the Owner fully cures or performs any and all delinquent reportin� obligatians. Section 8.2. Com liance Monitorin Re orts (a) Na l�t�r than six (6) months before 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 �xpected lease-up acceptable to th� Anthority, which acceptancc may not be unreasonably witlaheld. (b) The Authority reserves the right to carryaut regular and periadic field inspections to ensure campliance with the r�quirements of this Ageement and the Program Requirements. Section 8,3. Pra'ect Performance Re orts No later than five (5) calendar days following the end of each Fiscal Quazter, cQmmcncing with first full Fiscal Quarter ending after tlae date hereaf through the Cnnstruction Completion Date, the Owner shall complete a"Project Peiformance Report" providing information required by Treasury and deliverr such report to the Autharity in the form attached hereto as �xhibit E . ARTI LE IX ASSET MANAGEMENT Sectian 9.1. Asset Mana�er (a) The Authority shall be the Asset Manager of the Project, unless a third-party Assct Manager shall have been designated by the Authority upon the executian of this Agreement. (b) The Authority may appaint a third-party Asset Manag�r at any tirne to perform its Aaset Management duties hereunder and shall provide the Owner with written notice of any such notice. -1C- 4848-233Z-1094.2