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Resolution 8837
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Resolution 8837
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6/25/2019 10:08:27 AM
Creation date
10/20/2017 11:55:34 AM
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MV City Council
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12 MANAGEMENT AGREEMENT <br /> <br /> <br />9.18. Compliance with Section 42. <br /> <br />(a) Agent, property managers/supervisors and on-site office staff appointed or <br />assigned to the Development and all site personnel shall carefully review <br />and become familiar with all regulatory requirements promulgated under <br />the LIHC Program. The aforementioned personnel (hereinafter referred to <br />as "Staff') shall attend LIHC compliance training as soon as is practicable. <br />At least once every 2 years thereafter, Staff must attend seminars, <br />·conference and/or workshops on the LIHC Program to ensure continued <br />knowledge of and compliance with Section 42, as may be periodically <br />amended by the Treasury Department or Internal Revenue Service (IRS). <br />Agent shall ensure that the Development is operated and managed in <br />compliance with all of the foregoing; cooperate with the IRS and other <br />governmental authorities in connection therewith; and inform Owner of <br />any such information which may subsequently become available, which <br />may be material to the operation and management of the Development <br />and/or Owner's investment therein. <br /> <br />(b) Owner will provide Agent with copies of the following documents in a <br />timely manner: (1) MHFA LIHC Compliance Manual, (3) Section 42 rent <br />and income tables, (4) utility allowance schedules from the appropriate <br />utility source. Owner further agrees to provide Agent with amendments, <br />changes, rulings and announcements to the aforementioned documents, as <br />they occur. Agent agrees to provide copies of documents for Staff as defined <br />in this Section 9.24. Current copies are to be maintained at the Development <br />for the duration of the compliance period required by the LIHC Program. <br /> <br />(c) Agent will provide MHFA with a copy of all Tenant file documentation for <br />any and all Tenants that occupied a unit in the Development from January <br />1 through December 31 through the end of the compliance period as <br />indicated in the Land Use Restriction Agreement. Such documentation will <br />be submitted to MHFA within sixty (60) days of said December 31 date. <br /> <br />(d) Agent will immediately report to MHFA any and all noncompliance of <br />which it becomes aware and will take prompt action to correct any <br />noncompliance. <br /> <br />Section 10. Other Acts. Everything done by the Agent under the provisions of this <br />Agreement shall be done as agent of the Owner, and all obligations or expenses incurred <br />thereunder shall be for the account of and on behalf of the Owner. Any payments to be made by <br />the Agent hereunder shall be made out of such sums as are available in the Operating Receipts
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