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b. the City shall have the right to approve plans and specifications for any major <br /> rebuilding and the right to approve disbursements of insurance or condemnation <br /> proceeds for rebuilding under a construction escrow or similar arrangement; and <br /> c. no material default then exists under the Loan Documents. <br /> If the casualty or condemnation affects only part of the Premises and total rebuilding <br /> is infeasible, then proceeds may be used for partial rebuilding and partial repayment <br /> of the Loan in a manner that provides adequate security to the City for repayment of <br /> the remaining balance of the Loan. <br /> V. RECORDS AND REPORTS <br /> The Agency agrees to maintain the following records and submit the following reports in order <br /> to assist the City in meeting its recordkeeping and reporting requirements. <br /> A. Records <br /> Records under this Loan Agreement shall be retained for the applicable periods required <br /> by 24 CFR § 92.508(c). <br /> The Agency agrees to generate and maintain sufficient records to enable the City to <br /> determine whether the Agency has met the requirements of this Loan Agreement, which <br /> records shall include the following: <br /> 1. Financial management records in the form of separate accounts, including personnel, <br /> property, financial, and programmatic records, which sufficiently and properly reflect all <br /> direct and indirect costs of any nature and all services performed under this Loan <br /> Agreement; <br /> 2. Records that demonstrate that the City HOME-Assisted Units in the Project meet the <br /> property standards contained in 24 CFR § 92.251, and to demonstrate compliance <br /> with affordable rental housing provisions contained in 24 CFR § 92.252; <br /> 3. Equal Opportunity and fair housing records containing: <br /> a. Data, as required by 24 CFR § 92.508(a)(7)(i)(A), on the extent to which each <br /> racial and ethnic group and single-headed families (by gender of family head) have <br /> applied for, participated in, or benefited from, any program or activity funded in <br /> whole or in part with HOME funds; <br /> b. Documentation and data on the steps taken to implement the City's outreach <br /> programs to minority-owned and female-owned businesses, including data <br /> indicating the racial/ethnic or gender character of each business entity receiving a <br /> contract or subcontract of $25,000 or more paid or to be paid, with HOME funds, <br /> the amount of the contract or subcontract, and documentation of the Agency's <br /> affirmative steps to assure that minority business and women's business <br /> enterprises have an equal opportunity to obtain or compete for contracts and <br /> subcontracts as sources of supplies, equipment, construction, and services; and <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 39 of 51 <br />