Agmt17 HIP Housing Funds to Acquie 1512 Stafford

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Request for Notice of Default substantially in the form attached hereto as Exhibit "C", which is incorporated herein by reference. 4. CHANGES TO PROJECT. No changes in the Project described in this Agreement will be made without the prior written consent of City. 5. PAYMENTS. Contractor shall submit a Disclosure of Estimated Fees from First American Title Insurance Company or such other escrow company as may be agreed upon by the parties (buyer, seller and City) to City for payment in accordance with the provisions of Exhibit "A". City shall deposit One Million Five Hundred Seventy -Seven Thousand, Seven Hundred Fifty and no/100 Dollars ($1,577,750.00) into an escrow account prior to close of Escrow. 6. 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 Project will conform to the highest standards providing for projects of similar or like nature in the San Francisco Bay Area. Contractor will be responsible for, and hold City harmless from, any failure to adhere to such standards. Contractor will verify that all activities funded hereunder benefit only a housing development within City's corporate limits. 7. REPORTS. Contractor will submit annual reports to the City describing the Project funded under this Agreement to document Contractor's success in meeting the Project requirements referenced in this Agreement. The initial report will be submitted no later than sixty (60) days after closing of the acquisition transaction. The reports will include the total number of direct beneficiaries of the Project with demographic ATTY/AGR/2017.145/ STAFFORD FUNDING AGREEMENT REV: 06-21-1715 Page 6 of 41