Books and Reporting. A. General Partner shall keep or cause to be kept for the term of the Partnership a complete and accurate set of books and supporting documentation of transactions with respect to the conduct of the Partnership's business and all Partnership information required to be kept pursuant to the Act or any Governmental Authority. The books of the Partnership shall be kept on the accrual basis and shall at all times be maintained at the principal office of the Partnership. Each of the Partners and such Partner's duly authorized representatives shall have the right to examine the books of the Partnership and all other records and information concerning the operation of the Project, from time to time without prior notice during regular business hours provided that such examination shall not unreasonably disrupt or interfere with the Partnership's business or operations. The books, records and banks accounts of the Partnership shall be maintained separate from those of any other Person and in such a manner that it is not costly or difficult to identify or ascertain such assets. All property owned by the Partnership shall be owned by the Partnership in its own name.
B. General Partner shall prepare a balance sheet as of the end of each such Fiscal Year and statements of income, Partners' equity, and changes in financial position for such Fiscal Year. Such balance sheet and statements shall be prepared in accordance with GAAP applied consistently with prior periods. In addition, after the first Fiscal Year after the Completion Date, the depreciation schedule for that Fiscal Year and all future Fiscal Years, together with the depreciation worksheet, shall be prepared by General Partner or General Partner's designee and furnished to Investor Limited Partner. Provided that the Manager has timely performed its obligation to provide an accounting to the Partnership under the Management Agreement, General Partner shall, promptly upon completion of such balance sheet and statements and in any event within 120 days after the end of each Fiscal Year, transmit to Special Limited Partner a copy thereof. In the event the Manager has not timely performed its obligation to provide an accounting to the Partnership under the Management Agreement, the General Partner shall, within 15 days after receipt of such accounting from the Manager, complete such balance sheet and statements and transmit a copy thereof to the Special Limited Partner. If such financial statements are not submitted...
Books and Reporting. 78 Section 9.2
Books and Reporting. A. General Partner shall keep or cause to be kept for the term of the Partnership a complete and accurate set of books and supporting documentation of transactions with respect to the conduct of the Partnership's business. The books of the Partnership shall be kept on the accrual basis and shall at all times be maintained at the principal office of the Partnership. Each of the Partners and such Partner's duly authorized representatives shall have the right to examine the books of the Partnership and all other records and information concerning the operation of the Project, from time to time without prior notice during regular business hours provided that such examination shall not unreason- ably disrupt or interfere with the Partnership's business or operations.
B. General Partner shall prepare a balance sheet as of the end of each such Fiscal Year and statements of income, Partners' equity, and changes in financial position for such Fiscal Year. Such balance sheet and statements shall be prepared in accordance with GAAP applied consistently with prior periods. In addition, after the first Fiscal Year after the Completion Date, the depreciation schedule for that Fiscal Year and all future Fiscal Years, together with the depreciation worksheet, shall be prepared by General Partner or General Partner's designee and furnished to Investor Limited Partner. Provided that the Manager has timely performed its obligation to provide an accounting to the Partnership under the Management Agreement, General Partner shall, promptly upon completion of such balance sheet and statements and in any event within 120 days after the end of each Fiscal Year, transmit to Special Limited Partner a copy thereof. In the event the Manager has not timely performed its obligation to provide an accounting to the Partnership under the Management Agreement, the General Partner shall, within 15 days after receipt of such accounting from the Manager, complete such balance sheet and statements and transmit a copy thereof to the Special Limited Partner. If such financial statements are not submitted to Special Limited Partner within 120 days after the end of each Fiscal Year and the Manager has timely performed its obligations to provide an accounting to the Partnership under the Management Agreement or if the Manager has not timely performed its obligations to provide an accounting to the Partnership under the Management Agreement and the General Partner has not submitted such financial sta...
Books and Reporting. Borrower unconditionally covenants and warrants that it shall comply with all financial and compliance monitoring requirements of TCAP, the Loan Documents, and the Compliance, Financial Monitoring and Servicing Agreement dated as of the date hereof among Florida Housing, Borrower and the Servicer (the “Compliance, Financial Monitoring and Servicing Agreement”)Closing Date.
Books and Reporting. Borrower unconditionally covenants and warrants that it shall comply with all financial and compliance monitoring requirements of the Exchange Program, the Loan Documents, and the Compliance, Financial Monitoring and Servicing Agreement dated as of the date hereof among Florida Housing, Borrower and the Servicer (the “Compliance, Financial Monitoring and Servicing Agreement”).
Books and Reporting. A. The Managing Members shall maintain or cause to be maintained for the term of the Company a complete and accurate set of books and supporting documentation of transactions with respect to the conduct of the Company’s business. The books of the Company shall be kept on the accrual basis and shall at all times be maintained at the principal office of the Company. Each Member and its duly authorized representatives shall have the right to examine the books of the Company and all other records and information concerning the business of the Company from time to time with prior notice during regular business hours provided that such examination shall not unreasonably disrupt or interfere with the Company’s business or operations.
B. The TMP shall review and sign the federal and state income tax returns of the Company. The Managing Members or their designee shall complete the books of the Company in such time as will allow for outside accountants to complete such tax returns within ninety (90) days after the end of such Fiscal Year. The TMP shall cause such tax returns to be filed within such time periods and shall immediately upon the filing thereof transmit to all members a copy of the complete federal Company tax return (i.e., Form 1065 and all accompanying schedules, including Schedule K-1) and all state income tax returns. Unless and until such tax returns and Schedule K-1 are delivered to all Members, the TMP shall not be entitled to receive any distributions or fees to which they may otherwise be entitled under Section 4 hereof shall be restored and allowed only upon the delivery to all Members of such tax returns and Schedule K-1 and any interest or penalties imposed on all members by the IRS or any other taxing authority as a result of the TMP’s failure to deliver such tax returns and Schedule K-1 in a timely fashion. In the event that any such items will not be delivered within the time limits set forth herein, the TMP shall immediately notify all Members, and shall furnish it with copies of any extensions relating thereto.
C. The reports and estimate described in this Section 7.1 shall clearly indicate the methods under which they were prepared and shall be made at the expense of the Company.
D. If the TMP fails to complete such tax returns and submit such Schedule K-1 on a timely basis, a majority of the Members may select a firm of accountants who shall prepare such returns and Schedule K-1. The TMP shall immediately furnish all necessary document...
Books and Reporting
