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ATTY/AGR/2018.027/MID PEN MOSIAC GARDENTS (ATHERTON COURT) <br />REV: 02-06-18 JS <br />Page 7 of 41 <br />5. PAYMENTS. Contractor shall submit a Disclosure of Estimated Fees from <br />Old Republic Title Company or such other escrow company as may be agreed upon by <br />the parties (buyer, seller and City) to City for payment in accordance with terms of the <br />Promissory Note. City shall deposit One Million One Hundred Thousand and no/100 <br />Dollars ($1,100,000.00) into an escrow 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. AFFORDABILITY COMPLIANCE REPORT. <br />Annually on June 30th of every year of the Affordability Period, Contractor shall <br />submit a report to the City containing, at a minimum, the following items and information: <br />i) Total number of Assisted Units that are occupied; <br />ii) Total number of Assisted Units that are vacant; <br />iii) A certified rent roll for Assisted Units containing the unit numbers, <br />the lease commencement and expiration dates, the numbers of bedrooms <br />and bathrooms within the rented Assisted Units and the rental rate for <br />each rented Assisted Unit; <br />6.3.A. - Page 21