Laserfiche WebLink
E. FORM OF SUBSIDY <br /> <br />- Financial assistance provided hereunder shall be in the form of a loan evidenced <br /> by Exhbit B, Promissory Note, herein incorporated by reference, and secured by <br /> Deed of Trust evidenced by Exhibit C, also incorporated by reference. The term <br /> of the loan shall be $258,974.00 with 0% interest, deferred over the 30 year <br /> affordability term. This loan shall be due and payable when the eligible use is no <br /> longer provided, upon sale or transfer of the property or any part or portion <br /> thereof, or interest therein, or 30 years after the date of recordation of this <br /> Agreement, whichever comes first. <br /> <br /> City shall provide matching funds credit on behalf of contractor for another <br /> HOME eligible project independent of this activity. City shall report matching <br /> funds to HUD as required under Section 92.221. <br /> <br /> Applicable federal statutes and regulations, as referred to elsewhere herein <br /> govern this Agreement. Any material deviation by Contractor for any reason <br /> from the requirements thereof, or from any other provision of this Agreement, <br /> shall constitute a breach of this Agreement and may be cause for termination at <br /> the election of City or upon the direction of HUD. City may terminate this <br /> Agreement for cause after giving Contractor notice of any breach or default and <br /> 30 days to cure said breach or default, provided however, that in the event such <br /> breach or default cannot be cured within 30 days, Contractor shall have such <br /> additional time to cure said default as is reasonably required provided that <br />-- Contractor has commenced to cure within the initial 30 day period and is <br /> diligently prosecuting the cure. In the event of termination by whatever means, all <br /> finished and unfinished work shall become the property of City, and the City shall <br /> have the right to direct Contractor's actions with respect to access to materials. <br /> <br /> City reserves the dght to waive any and all breaches of this Agreement, and any <br /> such waiver shall not be deemed a waiver of all previous or subsequent <br /> breaches. In the event City chooses to waive a particular breach of this <br /> Agreement, it may condition same on payment by Contractor of actual damages <br /> occasioned by such breach of Agreement and shall make every effort to resolve <br /> the same quickly and amicably. <br /> <br /> F. CONTRACT TERMINATION <br /> <br /> In the event Contractor is unable to fulfill its responsibilities under this Agreement <br /> for any reason whatsoever, including circumstances beyond its control, City may <br /> terminate this Agreement in whole or in part in the same manner as for breach <br /> hereof. <br /> <br /> F:Atty/Agr/Agr.083 <br /> 121002 15 <br /> <br /> <br />