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NOW, THEREFORE, IT IS HEREBY AGREED BY THE PARTIES <br /> HERETO AS FOLLOWS: <br /> <br /> 1. SERVICES TO BE PERFORMED <br /> <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 /> <br /> 2. PAYMENTS <br /> <br /> A. Maximum Amount. In full consideration of Contractor's <br /> Performance of the services described in Exhibit A, the amount that the <br /> City shall be obligated to loan Contractor under this Agreement ithe <br /> "Loan") shall not exceed Two Hundred Forty One Thousand, Four <br /> Hundred and 22/100 Dollars ($241,400.22). <br /> <br /> B. Rate of Payment. 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 not be <br /> binding on City unless so approved in writing. In no event may the temps <br /> of payment be changed to the extent that the maximum City obligation <br /> shall exceed the total specified in Para~aph 2A above. Each payment <br /> shall be conditioned on the performance of the services described in <br /> Exhibit A to the full satisfaction of the Housing Coordinator or his <br /> representative. <br /> <br /> C. Time Limit for Submitting Invoices. Contractor shall submit a final <br /> invoice for payment no later than June 20. 2002. <br /> <br /> D. Disbursements. The proceeds of the Loan shall be applied to the existing <br /> loan held by City on the Property, to reimburse the Home Program in the <br /> approximate amount of Twenty Eight Thousand Two Hundred Fifty-Six <br /> and 22/100 Dollars ($28,256.22), and to pay for additional improvements <br /> to the Property in the approximate amount of Sixty Thousand and NO/100 <br /> Dollars ($60.000.00). <br /> <br />3. RELATIONSHIP OF PARTIES <br /> <br /> It is expressly understood that this is an agreement between two (2) independent <br />contractors and that no agency, employee, partnership, joint venture or other relationship <br />is established by this Agreement. The intent of City and Contractor is to create an <br />independent contractor relationship. <br /> <br /> 12/17/01 -2- <br /> <br /> <br />