1. Market study reports shall be in writing and authored/signed by a licensed and authorized officer and the principal market analyst specified in this agreement (“Market Analyst”). Photocopies of the Market Analyst’s professional credentials shall be included as exhibits in the market study report. Members of the Market Analyst’s clerical and/orsupport staff shall not sign or initial a market study report on behalf of the authorized officer or principal analyst who authored the market study report. 2. Subcontracting of the market study assignment, or any portions thereof, is expressly forbidden without CHFA’s prior written consent. 3. The principal Market Analyst shall personally perform a thorough physical inspection of the development, which inspection shall include, but not be limited to, a review of the development’s exterior, its common areas and at least one of each of the representative unit types and perform a thorough review of the proposed development’s plans and specifications. 4. The Market Analyst shall verify with CHFA’s staff Underwriter that the Market Analyst has received and is incorporating the most current underwriting model for the development in the market study. 5. If, in the Market Analyst’s reasonable opinion, a market study assignment is orbecomes substantially dissimilar to that which was understood by the Market Analyst pursuant to this Agreement, then the Market Analyst shall immediately notify CHFA in writing and not proceed further until receiving guidance/direction from CHFA.
