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<br />D. FORM OF SUBSIDY <br /> <br />Financial assistance provided hereunder shall be in the form of a grant. The <br /> <br />services under this agreement provided to non-profit housing developers shall be <br /> <br />for a period no less than two program years. Funds shall be disbursed to Contractor <br /> <br />as work progresses and such work is acceptable to Hip Housing Development <br /> <br />Corporation and City. <br />The City is providing matching funds credit on behalf of contractor from <br />Redevelopment Housing Funds for this activity. City shall report matching funds to <br />HUD as required under Section 92.221. <br />Applicable federal statutes and regulations, as referred to elsewhere herein <br />govern this Agreement. Any material deviation by Contractor for any reason from the <br />requirements thereof, or from any other provision of this Agreement, shall constitute <br />a breach of this Agreement and may be cause for termination at the election of City <br />and/or Agency or upon the direction of HUD. City and/or Agency may terminate this <br />Agreement for cause after giving Contractor notice of any breach or default and thirty <br />(30) days to cure said breach or default, provided however, that in the event such <br />breach or default cannot be cured within thirty (30) days, Contractor shall have such <br />additional time to cure said default as is reasonably required provided that Contractor <br />has commenced to cure within the initial thirty (30) day period and is diligently <br />prosecuting the cure. In the event of termination by whatever means, all finished and <br />unfinished work shall become the property of City and/or Agency, and the City and/or <br />Agency shall have the right to direct Contractor's actions with respect to access to <br />materials. <br />City and/or Agency reserve the right to waive any and all breaches of this <br /> <br />Agreement, and any such waiver shall not be deemed a waiver of all previous or <br />