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<br />10/24/2003 11:52 <br /> <br />5502519102 <br /> <br />RWC CITY CLERK <br /> <br />PAGE 04 <br /> <br />2. <br /> <br />Terms of Financina <br /> <br />The terms of financing shall be as <br /> <br />follows. These funds shall be provided as grant conditioned upon <br /> <br />Contractor maintaining use of the property for public benefit for a term not <br /> <br />to exceed 30 years from the date of this Agreement. <br /> <br />3. <br /> <br />Use of Funds. <br /> <br />Contractor shall use the funds provided <br /> <br />Exhibits A <br /> <br />to paragraph 1 solely for the Program purposes described in <br />(Budget), and B (Contract Objectives). attached hereto and <br /> <br />pursuant <br /> <br />by this <br /> <br />reference incorporated herein. <br /> <br />4. <br /> <br />Reversion of Assets. <br /> <br />Contractor agrees that any <br /> <br />unexpended funds, or other assets earned as a result of HOME funding <br /> <br />for the Program shall be returned to City upon completion of the program <br /> <br />objectives as stated in Exhibit B. <br /> <br />5. <br /> <br />Changes to Pro9ram. <br /> <br />No changes in the Program <br /> <br />described in this Agreement, which are funded hereunder, shall be made <br /> <br />without the prior written consent of City. <br /> <br />6. <br /> <br />Payments. <br /> <br />Contractor shall keep detailed and accurate <br /> <br />records of all expenditures made and expenses incurred which are funded <br /> <br />under this agreement. <br /> <br />Payments of funds allocated pursuant to <br /> <br />paragraph 1 hereof shall be made to Contractor on a reimbursement <br />basis as follows: (i) Contractor shall submit requests for payment to City <br /> <br />monthly on forms provided by City's Housing Coordinator; (ii) all requests <br /> <br />for payment shall be accompanied by receipts or other proof of <br />expenditure, and shall disclose amounts of Program income, if any, <br /> <br />9/) 12003 <br /> <br />3 <br /> <br />., "'b___.'_'.d_.-T-"'"'-"O"-"'-- dO.. <br />