Common use of Regulatory Covenants Clause in Contracts

Regulatory Covenants. So long as the loan obligations remain unsatisfied, Borrower shall: (a) Impose and collect such fees, assessments, rents, and charges that the income will be sufficient at all times for operation and maintenance of the housing, payments on the loan obligations, and maintenance of the accounts herein provided for. (b) Maintain complete books and records relating to Xxxxxxxx's financial affairs, cause such books and records to be audited at the end of each fiscal year, promptly furnish the Government without request a copy of each audit report, and permit the Government to inspect such books and records at all reasonable times. (c) If required by the Government, revise the accounts herein provided for, or establish new accounts, to cover handling and disposition of income from and payment of expenses attributable to the housing or to any other property securing the loan obligations, and submit regular and special reports concerning the housing or Xxxxxxxx's financial affairs.. (d) Not charge rents to domestic farm labor that exceed the rents approved by the Agency after considering the income of the occupants, Agency and non-Agency rental assistance available and the necessary costs of operation, debt service, and adequate maintenance of the housing. (e) Maintain the housing at all times in a safe and sanitary condition in accordance with standards prescribed by state and local law, and Agency requirements. (f) When making occupancy decisions, ensure that domestic farm labor applicants will always receive priority. (g) Unless the Government gives prior consent: ( 1) Not use the housing for any purpose other than as labor housing and related facilities for domestic farm laborers.