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WHEREAS, Peninsula Habitat for Humanity will build six ownership units <br /> on the property for sale to very low income households currently residing within <br /> the city limits of Redwood City; and <br /> WHEREAS, the following exhibits are attached hereto and incorporated <br /> by reference herein: <br /> Exhibit A: Program Services <br /> Exhibit B: Method of Payment <br /> Exhibit C: Restrictions for Affordable Ownership Housing <br /> NOW, THEREFORE, IT IS HEREBY AGREED BY THE PARTIES <br /> FiERETO AS FOLLOWS: <br /> 1. SERVICES TO BE PERFORMED <br /> Contractor, under the general direction of the Housing Coordinator or her <br /> authorized representative, shall perform services as described in Exhibit A in <br /> consideration of the payments hereinafter set forth in Exhibit B. <br /> 2. PAYMENTS <br /> A. Maximum Amount. In full consideration of Contractor's <br /> Performance of the services described in Exhibit A, the amount that <br /> the City shall be obligated to pay under this Agreement shall not <br /> exceed Two Hundred Sixty Thousand Dollars ($260,000), and the <br /> Redevelopment Agency shall be obligated to pay under this <br /> Agreement shall not exceed One Hundred Thousand Dollars <br /> ($100,000). <br /> B. Rate of Pavment. The rate and terms of payment shall be as <br /> Specified in Exhibit B. Any change is subject to the approval of the <br /> Housing Coordinator or her authorized representative, and shall <br /> not be binding on City unless so approved in writing. In no event <br /> may the terms of payment be changed to the extent that the <br /> maximum City obligation shall exceed the total specified in <br /> Paragraph 2A above. Each payment shall be conditioned on the <br /> performance of the services described in Exhibit A to the full <br /> satisfaction of the Housing Coordinator or his representative. <br /> C. Time Limit for SubmittinQ Invoices. Contractor shall submit a <br /> Disclosure of Estimated Fees from Old Republic Title Company to <br /> City for payment in accordance with the provisions of Exhibit A. <br /> City and Agency shall collectively deposit $360,000 into escrow <br /> 1/18/99 2 <br /> _.. . . _ _ _ , _,. _ _._ _._._..__,..T. _ .. __.. <br />