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<br />8A <br />Page 27 <br /> <br /> <br />Contractor shall comply with the requirements and standards of the <br />HOME Investment Partnership Regulations relating to: income <br />targeting to HOME limits of 50% and below median income; <br />affordability term of no less than 20 years; recorded deed <br />restrictions at the time of sale to a HOME eligible buyer which <br />provides for the recapture of HOME funds and first right of refusal <br />in the event of sale prior to the completion of the required <br />affordability period; maximum sales price not to exceed 95% of <br />area median sales prices or $252,700, whichever is less; and <br />requirement for the dwelling to be the primaryiesidence of a low <br />income owner with monthly housing cost~ofprincipal, interest, <br />taxes and insurance at no more than30%oUhe. household's gross <br />income. ':. ......... <br /> <br />7. ASSIGNMENT AND SUBCONtRAcT <br />0.'" .'._ ' .... <br />..,....',.. ,'" '",' : <br />- ..." ",' <br />A. Without the written consentBftre A~en6y, the City Councilor <br />his/her representative, this AgreE!m~ntis not assignable in whole or <br />in part. Any assignrnE!nt by Contraqtor without the written consent <br />of the Agency or City!Cpupcil or his/hE!rrepresentative violates this <br />Agreement and shaH.Ciuton;latically terrnitlate this Agreement. <br /> <br /> <br />8. RECOR..... pS.<. . . ................................... <br /> <br />, . , ~, , <br />.' . -. . - . , . , <br />. "", "'. <br />A. ContrClctor agrees to proVcide to Agency, City, to any Federal or <br />Stat~.departmef1tHCl.vi!1g m;(mitoring or reviewing authority, to City's <br />authori;z:~d r~presentqtjV'E:ls~nd/or their appropriate audit agencies <br />.LJPon reas.9l1able notice,access to and the right to examine and <br />'. aQqit.ClII recqrcjs and documents necessary to determine <br />" complIClnqe with relevant Federal, State, and local statutes, rules <br />and regulptions,c:ljnd this Agreement, and to evaluate the quality, <br />appropriat~ness and timeliness of services performed. <br /> <br />B.Contractc>f shall maintain and preserve all records relating to this <br />Agreement in its possession of any third party performing work <br />related to this Agreement for a period of three (3) years from the <br />termination date of this Agreement, or until audit findings, if any, <br />are resolved, whichever is greater. <br /> <br />9, COMPLIANCE WITH APPLICABLE LAWS <br /> <br />All services to be performed by Contractor pursuant to this <br />Agreement shall be performed in accordance with all applicable <br />Federal, State, City and Municipal laws, ordinances, regulations, <br />including but not limited to appropriate licensure, certification <br /> <br /> <br /> <br /> <br />1:2006 STAFF REPORTS/04-2006/ACTION PLAN ADOPT/Cedar $t Acquisition 7 <br />