Agmt15 HIP Housing Development Corporation (HHDC) (Oxford Apts. Rehab)

Browse Search

as hereinafter provided in which case repayment may be accelerated. For the purposes of this Agreement, the "Loan Term" shall be the date which is thirty (30) years from the date the Promissory Note is fully executed. 2. USE OF FUNDS. Contractor will use the funds provided pursuant to Paragraph 1 solely for the Project purposes described in Exhibit A attached hereto and by this reference incorporated herein. 3. CHANGES TO PROJECT. No changes in the Project described in this Agreement which is funded by the financial assistance provided under Paragraph 1 will be made without the prior written consent of City. 4. PAYMENTS. Contractor will keep detailed and accurate records of all expenditures made and expenses incurred which are funded under this Agreement. Payments of funds allocated pursuant to this Agreement will be made to Contractor on a reimbursement basis as follows: (i) Contractor will submit requests for payment to the City quarterly by the 15th day of the month electronically to the website specified by City's CDBG/HOME Program; (ii) all requests for payment will be accompanied by copies of original receipts or other proof of expenditures, and shall disclose amounts of Program Income, if any, generated by user fees; (iii) final payment request must be submitted and received by the City no later than June 1, 2016; (iv) the Program income, if any, will be subtracted from corresponding requests for payment; and (v) Program Income, if applicable, will be expended by Contractor prior to requesting reimbursements from City. 5. STANDARD OF SERVICE. Contractor warrants to City that it will use and account for all funds provided hereunder strictly in accordance with standards governing the use of, and accountability for, funds held and disbursed in trust. The ATTY/AGR/2015.165/HHDC Oxford Apts Rehabilitation REV:08-13-15 RL Page 3 of 35