Common use of Books and Reports Clause in Contracts

Books and Reports. Borrower shall maintain a proper accounting system, and furnish the reports specified below to Lender, in form and detail satisfactory to the Lender (in each case, such reports shall be certified by an authorized individual on behalf of the Borrower): i. If applicable, a rent roll of the Property delineating, among other things, rental delinquencies and receivables, certified by the Borrower dated as of the end of each calendar month, which shall be due no later than the fifteenth (15th) day of each succeeding month. ii. Annual CPA reviewed financial statements, prepared by an independent certified public accountant, dated as of December 31st and which will be due not later than March 31 of the following year (or 90 days following the end of the fiscal year if different), which financial statements shall include a balance sheet and statement of income and expenses. iii. Personal financial statements of each Guarantor or Key Principal (herein defined as any individual or partner with an interest of 10% or greater) in form, substance and detail acceptable to Lender to be delivered within thirty (30) days of the request, together with such other information from time to time requested by Lender. iv. Copy of the annual Federal Tax Return of the Borrower and each Guarantor, together with all exhibits and schedules thereto, which shall be due no later than fifteen (15) days of the date filed, but in any event no later than November 1 of each year for the previous year. v. If requested, any annual budgetary financial projections (balance sheet, income statement, cash flow statements) for the Borrower for the next calendar year. vi. If requested, any monthly or quarterly financial reports (balance sheet, income/expense statement, cash flow statements, bank statements, leasing activity report, aged payables or receivables) for the Borrower for the most recent period, which shall be due no later than fifteen (15) days after the end of such period.