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ATTY/AGR/2017.145/ STAFFORD FUNDING AGREEMENT <br />REV: 06-21-17 JS <br />Page 6 of 41 <br />Request for Notice of Default substantially in the form attached hereto as Exhibit “C”, <br />which is incorporated herein by reference. <br /> 4. CHANGES TO PROJECT. No changes in the Project described in this <br />Agreement will be made without the prior written consent of City. <br />5. PAYMENTS. Contractor shall submit a Disclosure of Estimated Fees from <br />First American Title Insurance Company or such other escrow company as may be <br />agreed upon by the parties (buyer, seller and City) to City for payment in accordance with <br />the provisions of Exhibit “A”. City shall deposit One Million Five Hundred Seventy-Seven <br />Thousand, Seven Hundred Fifty and no/100 Dollars ($1,577,750.00) into an escrow <br />account prior to close of Escrow. <br /> 6. STANDARD OF SERVICE. Contractor warrants to City that it will use and <br />account for all funds provided hereunder strictly in accordance with standards governing <br />the use of, and accountability for, funds held and disbursed in trust. The Project will <br />conform to the highest standards providing for projects of similar or like nature in the San <br />Francisco Bay Area. Contractor will be responsible for, and hold City harmless from, any <br />failure to adhere to such standards. Contractor will verify that all activities funded <br />hereunder benefit only a housing development within City’s corporate limits. <br /> 7. REPORTS. Contractor will submit annual reports to the City describing the <br />Project funded under this Agreement to document Contractor’s success in meeting the <br />Project requirements referenced in this Agreement. The initial report will be submitted no <br />later than sixty (60) days after closing of the acquisition transaction. The reports will <br />include the total number of direct beneficiaries of the Project with demographic <br />6.3.E. - Page 18