Common use of Annual Requirements Clause in Contracts

Annual Requirements. Within ninety (90) days following the end of each fiscal year of Seller, Seller shall deliver to Arc a financial statement of Seller covering such fiscal period including a balance sheet as of the end of such fiscal year, and related statements of changes in financial position and shareholders’ equity for such fiscal period setting forth in each case in comparative form, figures for the previous fiscal year all in reasonable detail, and such financial statements shall be audited and certified by an independent certified public accountant. If Seller is an approved FHA DE, said statement shall include all calculations required by FHA. Seller shall also provide satisfactory evidence that all licenses, insurance, and bonds have been renewed and are current. Arc may at its option, from time to time, require unaudited statements and/or proof of satisfactory evidence of licenses, insurance and bonds, more frequently than

Annual Requirements. Within ninety (90) days following the end of each fiscal year of Seller, Seller shall deliver to Arc ArcHome a financial statement of Seller covering such fiscal period including a balance sheet as of the end of such fiscal year, and related statements of changes in financial position and shareholders’ equity for such fiscal period setting forth in each case in comparative form, figures for the previous fiscal year all in reasonable detail, and such financial statements shall be audited and certified by an independent certified public accountant. If Seller is an approved FHA DE, said statement shall include all calculations required by FHA. Seller shall also provide satisfactory evidence that all licenses, insurance, and bonds have been renewed and are current. Arc ArcHome may at its option, from time to time, require unaudited statements and/or proof of satisfactory evidence of licenses, insurance and bonds, more frequently thanthan once a year.

Annual Requirements. Within ninety (90) days following the end of each fiscal year of Seller, Seller shall deliver to Arc Home a financial statement of Seller covering such fiscal period including a balance sheet as of the end of such fiscal year, and related statements of changes in financial position and shareholders’ equity for such fiscal period setting forth in each case in comparative form, figures for the previous fiscal year all in reasonable detail, and such financial statements shall be audited and certified by an independent certified public accountant. If Seller is an approved FHA DE, said statement shall include all calculations required by FHA. Seller shall also provide satisfactory evidence that all licenses, insurance, and bonds have been renewed and are current. Arc Home may at its option, from time to time, require unaudited statements and/or proof of satisfactory evidence of licenses, insurance and bonds, more frequently thanthan once a year.