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<br />NOW, THEREFORE, IT IS HEREBY AGREED BY THE PARTIES <br />HERETO AS FOLLOWS: <br /> <br />1. <br /> <br />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. <br /> <br />A. <br /> <br />3, <br /> <br />PAYMENTS <br /> <br />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 (the <br />"Loan") shall not exceed Two Hundred Forty One Thousand, Four <br />Hundred and 22/100 Dollars ($241,400.22). <br /> <br />B, <br /> <br />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 not be <br />binding on City unless so approved in writing. In no event may the terms <br />of payment be changed to the extent that the maximum City obligation <br />shall exceed the total specified in Paragraph 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. <br /> <br />Time Limit for Submittin2 Invoices. Contractor shall submit a final <br />invoice for payment no later than June 20, 2002. <br /> <br />D. <br /> <br />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 NOll 00 <br />Dollars ($60,000.00). <br /> <br />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 <br /> <br />- 2 - <br />