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4 . All expenses associated with managing the property . 1= or example the cost of` <br /> the annual audit . Direct management fees shall be limited to an amount equal <br /> to no more than ffle_en percent� _.f> "1oZoi` the amount of total rents received <br /> durim)the calendar v ar , <br /> 5 . The amount of- Funds in the reserve account at the beginning and the end of <br /> the calendar near ; and. <br /> 6_. the reagerve„ account exoenditffes for thy, calendar yeat* <br /> C ' . Proof from CO ( 1NTY property al:rpraiser ' s office that the tax exemption for each NSP <br /> propertywas atpplicd for and recei )✓ed . The proof shall be provided to COUNTY no later <br /> than„ the last da .y of _februa_ry ofthea. folli wim ) calendar vecir , <br /> D f mm videnee „ b .oram the insurance pr_ oNrder. that the faro, ertti t5 insured for full reel .ee <br /> ►nent <br /> value and that (:' OUNTY is named as additional insured on each policy . The evidence <br /> shall be provided to COUNTY prior to the last day of' January of the followinQ calendar <br /> year . <br /> ARTICLE, III - ANNUM: , INSPECTION REQUIREMENTS <br /> During the affordability period , DI VI I OP R s11all , prior to the end U_{' February of each _calendar <br /> ) ear, <br /> arrange for a fel? tesentative _o { ( ;' 01 iNI to inspect the interior and exterior of_cach housing unit_a_cu ' red <br /> ......_ _ <br /> and /or renovated v% ith NSI' fundis . CO [ ' N' " Y representative shall complete an inspection report <br /> for <br /> each housirlta unit . ,'1t a rlrinimur11,:tIinspection ie �cl rt shall contain the following: <br /> A ..._ Int ormatlon on the condition %of each exterior elevation cit th pi,R( vti l <br /> B . Information on the condition of the walls and floor covering , <br /> C . Information on the condition (and. operation of the exterior doors , interior doors and <br /> vvindows ; <br /> D . Information on the condition of the li ,11it fixtures and ceilimy tans , <br /> FS <br /> Information on the condition of the kitchen and bathroom cabinetry : <br /> F Information on the condition and operation of allplumbing fixtures : and <br /> G hilormation on the condition of all ;jpl�hanccs purchased with NSP funding . <br /> ARTICI.., E IV - FUND FOR RESERVE AND REPLACEMENT <br /> An amolint coual to ten _thousarrd dollars ( $ .10 , 000j,11 TrA) ert_purchas d and /or renovated xvith NSP <br /> {undine shall accrue in D1T `,l I OPI_ It � NSP properties favid foe Reserve Replacement At the enc{ �7f <br /> each calendar year when the funds in the NSI' properties Reserve for Replacement account exceed <br /> an <br /> amount ec ual to ten thousand dollars ( $ 10 , 000 . 0O ) >>er NSP property acquired , DEVELOPER may expend <br /> the additional funds received for NSP clir ~ iblc activities . The annualaudit report sUbmitted by <br /> DI I L OPI R to C_OL NIN shall include_ information on the ex . enditure of the NSI' protorarn <br /> income <br /> funding received and the amount retained in the Reserve for Replacement . <br /> At the„ umctusion ol,' the affordability 1icrrod_, the f,rnrds remaining in the Reserve <br /> ....._and Rerflace_rne >_Zt <br /> account shall be retained by l ) 1 ? VL; I , OP1 _? R . <br /> FACommunity Deve1opment\CDBG\2008 NSP\Contracts\NonprotitsV"rCI ISC Contract Amendment - Sept 2012\Attachments to Modification <br /> Agreement\Revised Appendix Rdocx <br />