Agmt06 San Mateo, County of San Mateo & First Community Housing

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Exhibit B Method and Rate of Payment to Contractor In recognition of the City's considerable monetary contribution to this Project over and above the funds specifically provided in this Agreement and recognizing that the City has a reimbursement process in place delineated in the DDA, it is agreed that the City will process and approve all reimbursement requests from Contractor for the $700,000 provided in this Agreement as well as the funds provided by the Redevelopment Agency under the DDA. All payments shall be on a reimbursement basis as provided in the DDA. City shall make payments to Contractor and shall submit to County for reimbursement. Requests for reimbursement shall include copies of invoices paid together with warrants, canceled checks, or other proof that the invoices have been paid. The request must include a brief narrative description of the progress of the Project and the items being reimbursed. The County reserves the right to verify completion of work prior to reimbursement to City. In the event of a questionable payment request, the County shall state in writing the specific nature of its objections to Contractor's work or City's request for reimbursement. The County shall also specify what actions or changes are necessary to make the work or request acceptable. Contractor or City shall respond to County within 15 days of receipt of such objections. The parties to this Agreement shall meet to discuss such objections at the request of any party. The County will not be obligated to make a payment of any billing until any and all objections to the adequacy of the services rendered or the amount of the billing have been resolved. None of the funds shall be used for salary, fringe benefits or other compensation of employees of Contractor or its affiliates. Contractor shall submit a Quarterly Report within 30 days of the end of each quarter which shall detail the status of the project. The report should be in the form of a narrative description of all activities performed in relation to the project including all pre-development activities. The report should include a project time-line and indicate the status of the project in relationship to this time-line. Contractor must document any changes from the time-line submitted with the original application. This report requirement is in addition to any information submitted with requests for reimbursement; this requirement shall extend until completion of the project even if all of the funds provided under this Agreement have been expended. Upon completion of the project Contractor shall provide a Tenant Profile and Project Completion Report on forms provided to Contractor by the County of San Mateo Department of Housing. In the event of termination prior to completion of the Project any funds not expended shall be paid down against the principal of the loan. Any remaining principal, plus accrued interest, if any, shall be immediately due and payable in accordance with the provision of the Promissory Note. As provided in this Agreement, the County will receive 19% of any funds received or credited against principal or accrued interest on the loan. Contract VM 10 -~.~.......~.. ......._._........._._.._.._--_...~---_..._~---~