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201007863 <br />Sectian 9.2. Asset Mana�ement Duties <br />The Asset Manager will provide the following services to the Praject; <br />(a) Ttevie�w the use of the praceeds of the Subawazd to ensuxe such praceeds <br />�re being spent only in accordance with the requirem�nts of this A�'eement, in <br />particular and withaut limitatian, Article N hereof, and with the Program <br />Requirements; <br />(b) Review and repart to the Authority na less than quarterly on the progress <br />of construction o� the Project, its compliance with the Constructian/Draw <br />Schedule, the Plans �nd Specifications, and the Budget, and any changes to <br />anticipated sources and uses, or other matters which, in the judgment of the Asset <br />Manager, may adversely affect the ability af the �wner to complete the <br />cortstruclion of the Project by the Canstruction Completinn Date; <br />(c) Review all fmancial status reports required to be delivered pursuant to <br />Section 8.1 of this Agreement; <br />(d) Review all compliance monitoring reports required ta be delivered <br />pursuant to Section 8.2 oF this Agreement; and <br />(e) Other duties as required by the Treasury. <br />Sectian 9.3. Asset Management Fee <br />In consideration of the services and obligations of the Asset Manager hereunder, <br />the Owner hereby agrees to pay to the Authority a fee in the amount of $21,875, representing the <br />estimated actual costs of the Authority in eonnection with the following: (a) the costs af the <br />Authority in establishing and documenting the asset management regime for the Subaward; (b) <br />the costs af monitoring the construction process and appraving disbursements vf Secrion 1602 <br />Pragram Funds; (c) the co.sts of monitaring the op�rations, finances and compliance of the <br />Owner thxoughnut the Compliance Penod; and (d) other actual casts of the Authority related to <br />Asset Manag�rnent pursuant to this Agreement. <br />ARTXCLE. X <br />DEFAULT; TERMINATION <br />Section 1Q.1. D,,,,,,,,�faalt <br />(a) Any of the following events shall constitute an Event of Default undcr this <br />Agreement: <br />(i) A breach by the Owner af any of its representatians, wazranties or <br />covenants contained in this Agreement or in the performance of any of its <br />obligations under this Agreem�nt, in either event that (A) has or might reasonably <br />be expected to have a material adverse impact on the operation of the Project, �nd <br />(B) is not cured within ten (10) Business Days (in the case of a monetary default) <br />-17- <br />4848-2332-1094.2 <br />