Common use of Books and Records; Audits Clause in Contracts

Books and Records; Audits. Borrower shall keep and maintain at all times at Borrower's address stated below, or such other place as Lender may approve in writing, complete and accurate books of accounts and records adequate to reflect the results of the operation of the Project on a Property-by-Property basis and to provide the financial statements required to be provided to Lender pursuant to Section 5.3 below and copies of all written contracts, correspondence, reports of Lender's independent consultant, if any, and other documents affecting the Project. Lender and its designated agents shall have the right to inspect and copy any of the foregoing at all reasonable times upon reasonable advance notice. Additionally, Lender may audit and determine, in Lender's sole and absolute discretion, the accuracy of Borrower's records and computations; provided, however, that such audits shall not occur more frequently than annually unless an Event of Default has occurred and is continuing or Lender has a good faith reason to do so. The costs and expenses of the audit shall be paid by Borrower if the audit discloses a monetary variance in any financial information or computation equal to or greater than the greater of: (i) five percent (5%); or (ii) Five Thousand and No/100 Dollars ($5,000.00) more than any computation submitted by Borrower.

Books and Records; Audits. Borrower Borrowers shall keep and maintain at all times at Borrower's Borrowers' address stated belowin Section 4.1 above, or such other place as Lender Agent may approve in writing, complete and accurate books of accounts and records adequate to reflect the results of the operation of the Project its Projects on a PropertyProject-by-Property Project basis and to provide the financial statements required to be provided to Lender Agent pursuant to Section 5.3 below and copies of all written contracts, correspondence, reports of LenderAgent's independent consultant, if any, and other documents affecting the ProjectProjects. Lender Agent and its designated agents shall have the right to inspect and copy any of the foregoing at all reasonable times upon reasonable advance notice. Additionally, Lender Agent may audit and determine, in Lender's sole and absolute discretion, the accuracy of Borrower's records and computations; provided, however, that such audits shall not occur more frequently than annually unless an Event of Default has occurred and is continuing or Lender Agent has a good faith reason to do so. The reasonable costs and expenses of the audit shall be paid by Borrower Borrowers if the audit discloses a monetary variance in any monthly, quarterly or annual financial report or statement or any other material financial information or computation provided or made by Borrowers equal to or greater than the greater of: (i) five percent (5%); or (ii) Five Thousand and No/100 Dollars ($5,000.00) more than any computation submitted by any Borrower.

Books and Records; Audits. Borrower shall keep and maintain at all ------------------------ times at Borrower's address stated below, or such other place as Lender Agent may approve in writing, complete and accurate books of accounts and records adequate to reflect the results of the operation of the Project on a Property-by-Property basis (including computations of Net Cash Flow) and to provide the financial statements required to be provided to Lender Agent pursuant to Section 5.3 below and ----------- copies of all written contracts, correspondence, reports of LenderAgent's independent consultant, if any, and other documents affecting the Project. Lender Agent and its designated agents shall have the right to inspect and copy any of the foregoing at all reasonable times upon reasonable advance notice. Additionally, Lender Agent may audit and determine, in LenderAgent's sole and absolute discretion, the accuracy of Borrower's records and computations; provided, however, that such audits shall not occur more frequently than annually unless an Event of Default has occurred and is continuing or Lender Agent has a good faith reason to do so. The costs and expenses of the audit shall be paid by Borrower if the audit discloses a monetary variance in any financial information or computation (including the computation of Net Cash Flow) equal to or greater than the greater of: (i) five percent (5%); or (ii) Five Thousand and No/100 Dollars ($5,000.00) more than any computation submitted by Borrower.