Common use of Physical Maintenance/Management/Books/Records/Inspections Clause in Contracts

Physical Maintenance/Management/Books/Records/Inspections. (a) The Owner shall maintain each building in the Project such that all residential units are suitable for occupancy, taking into account applicable health, safety and building codes, and otherwise in a manner reasonably satisfactory to the Authority. (b) The Owner shall provide for the management of the Project in a manner reasonably determined by the Authority to assure compliance with this Agreement. Any management contract entered into by the Owner involving the Project shall provide that it shall be subject to termination, without penalty and with or without cause, upon written request by the Authority addressed to the Owner. Upon such request the Owner shall immediately terminate the contract within a period of not more than thirty (30) days and shall make arrangements reasonably satisfactory to the Authority for continuing proper management of the Project. (c) The books, contracts, records, computerized data, documents and other papers relating to compliance of the Owner and the Project with Section 42 of the Code and with this Agreement and to the eligibility of the Owner to claim the Federal Credits with respect to the Project shall at all times be maintained at the Project, or at the Owner's principal place of business in the State of Colorado, in reasonable condition for proper audit and shall be subject to examination and inspection and copying at any reasonable time by the Authority or its authorized agents. The Authority shall also have the right to enter and inspect the Project at any reasonable time. (d) Owners are required to keep records for each Qualified Low-Income Building in the Project showing the following: (i) the total number of residential rental units in the building (including the number of bedrooms and the size in square feet of each unit); (ii) the percentage of residential rental units in the building that are Tax Credit Units; (iii) the gross rent charged on each residential rental unit in the building (including any utility allowance and any non-optional fees); (iv) the number of occupants in each Tax Credit Unit; (v) the Tax Credit Unit vacancies in the building and information that shows when, and to whom, the next available units were rented; (vi) the annual income certification of each Qualifying Tenant; (vii) documentation to support each Qualifying Tenant's income certification; (viii) the Eligible Basis and qualified basis of the building at the end of the first year of the Credit Period; and (ix) the character and use of the nonresidential portion of the building included in the building's Eligible Basis under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities, or facilities reasonably required by the Project). Owners are required to keep all records for each building for a minimum of six (6) years after the due date (with extensions) for filing the Owner's federal income tax return for any year; provided, that the records for the first year of the Credit Period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the Compliance Period of the building. (e) The Authority has the right to conduct physical inspections of the Project and to conduct a review of the Owner’s files relating to the Project throughout the Extended Use Period.

Physical Maintenance/Management/Books/Records/Inspections. (a) The Owner shall maintain each building in the Project such that all residential units are suitable for occupancy, taking into account applicable health, safety and building codes, and otherwise in a manner reasonably satisfactory to the Authority. (b) The Owner shall provide for the management of the Project in a manner reasonably determined by the Authority to assure compliance with this Agreement. Any management contract entered into by the Owner involving the Project shall provide that it shall be subject to termination, without penalty and with or without cause, upon written request by the Authority addressed to the Owner. Upon such request the Owner shall immediately terminate the contract within a period of not more than thirty (30) days and shall make arrangements reasonably satisfactory to the Authority for continuing proper management of the Project. (c) The books, contracts, records, computerized data, documents and other papers relating to compliance of the Owner and the Project with Section 42 of the Code and with this Agreement and to the eligibility of the Owner to claim the Federal Credits credits with respect to the Project shall at all times be maintained at the Project, or at the Owner's principal place of business in the State of Colorado, in reasonable condition for proper audit and shall be subject to examination and inspection and copying at any reasonable time by the Authority or its authorized agents. The Authority shall also have the right to enter and inspect the Project at any reasonable time. (d) Owners are required to keep records for each Qualified Low-Income Building in the Project showing the following: (iI) the total number of residential rental units in the building (including the number of bedrooms and the size in square feet of each unit); (ii) the percentage of residential rental units in the building that are Tax Credit Low- Income Units; (iii) the gross rent charged on each residential rental unit in the building (including any utility allowance and any non-optional feesallowance); (iv) the number of occupants in each Tax Credit Low-Income Unit; (v) the Tax Credit Low-Income Unit vacancies in the building and information that shows when, and to whom, the next available units were rented; (vi) the annual income certification of each Qualifying Tenant; (vii) documentation to support each Qualifying Tenant's income certification; (viii) the Eligible Basis eligible basis and qualified basis of the building at the end of the first year of the Credit Periodcredit period; and (ix) the character and use of the nonresidential portion of the building included in the building's Eligible Basis eligible basis under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities, or facilities reasonably required by the Project). Owners are required to keep all records for each building for a minimum of six (6) years after the due date (with extensions) for filing the Owner's federal income tax return for any year; provided, that the records for the first year of the Credit Period credit period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the Compliance Period compliance period of the building. (e) The Authority has the right to conduct physical inspections of the Project and to conduct a review of the Owner’s files relating to the Project throughout the Extended Use Period.

Physical Maintenance/Management/Books/Records/Inspections. (a) The Owner shall maintain each building in the Project such that all residential units are suitable for occupancy, taking into account applicable health, safety and building codes, and otherwise in a manner reasonably satisfactory to the AuthorityMFA. (b) The Owner shall provide for the management of the Project in a manner reasonably determined by the Authority MFA to assure compliance with this Agreement. Any management contract entered into by the Owner involving the Project shall provide that it shall be subject to termination, without penalty and with or without cause, upon written request by the Authority MFA addressed to the Owner. Upon such request the Owner shall immediately terminate the contract within a period of not more than thirty (30) days and shall make arrangements reasonably satisfactory to the Authority MFA for continuing proper management of the Project. (c) The books, contracts, records, computerized data, documents and other papers relating to compliance of the Owner and the Project with Section 42 of the Code and with this Agreement and to the eligibility of the Owner to claim the Federal Credits credits with respect to the Project shall at all times be maintained at the Project, or at the Owner's principal place of business in the State of ColoradoNew Mexico, in reasonable condition for proper audit and shall be subject to examination and inspection and copying at any reasonable time by the Authority MFA or its authorized agents. The Authority MFA shall also have the right to enter and inspect the Project at any reasonable time. (d) Owners are required to shall keep records for each Qualified Low-Income Building in the Project showing the following: (i) the total number of residential rental units in the building (including the number of bedrooms and the size in square feet of each unit); (ii) the percentage of residential rental units in the building that are Tax Credit Low- Income Units; (iii) the gross rent charged on each residential rental unit in the building (including any utility allowance and any non-optional feesallowance); (iv) the number of occupants in each Tax Credit Low-Income Unit; (v) the Tax Credit Low-Income Unit vacancies in the building and information that shows when, and to whom, the next available units were rented; (vi) the annual income certification of each Qualifying Tenant; (vii) documentation to support each Qualifying Tenant's income certification; (viii) the Eligible Basis eligible basis and qualified basis of the building at the end of the first year of the Credit Periodcredit period; and (ix) the character and use of the nonresidential portion of the building included in the building's Eligible Basis eligible basis under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities, or facilities reasonably required by the Project). Owners are required to shall keep all records for each building for a minimum of six (6) years after the due date (with extensions) for filing the Owner's federal income tax return for any year; provided, that the records for the first year of the Credit Period credit period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the Compliance Period compliance period of the building. (e) The Authority has the right to conduct physical inspections of the Project and to conduct a review of the Owner’s files relating to the Project throughout the Extended Use Period.