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<br />4. PAYMENTS. Contractor will keep detailed and accurate records of all <br />expenditures made and expenses incurred which are funded under this Agreement. <br />Payments of funds allocated pursuant to Paragraph 1 will be made to Contractor on a <br />reimbursement basis as follows: (i) Contractor will submit requests for payment to City <br />quarterly on forms provided by City's Housing Coordinator; (ii) all requests for payment <br />will be accompanied by original receipts or other proof of expenditures, and will disclose <br />amounts of Project income, if any, generated by user fees on a monthly basis; (iii) <br />Contractor will submit requests for payment over a ten (10) month period (Final <br />payment must be submitted and received by the City no later than ten (10) calendar <br />days after the Project completion date set forth in Exhibit B); (iv) The Project income will <br />be subtracted from corresponding requests for payment; and (v) Project income, if <br />applicable, will be expended by Contractor prior to requesting reimbursements from <br />City. <br /> <br />5. STANDARD OF SERVICE. Contractor warrants to City that it will use and <br />account for all funds provided hereunder strictly in accordance with standards <br />governing the use of, and accountability for, funds held and disbursed in trust. The <br />Project will conform to the highest standards providing for projects of similar or like <br />nature in the San Francisco Bay Area. Contractor will be responsible for, and hold City <br />harmless from, any failure to adhere to such standards. Contractor will verify that all <br />activities funded hereunder benefit only residents within City's corporate limits. <br />6. ANNUAL REPORT. No later than July 15, 2008, Contractor will submit a <br />narrative report (the "Report") to City describing the activities funded under this <br />Agreement. The Report will include the total number of direct beneficiaries of the <br />Project with demographic information regarding income, household composition, <br />ethnicity, age and other data as required by City or the United States Department of <br />Housing and Urban Development and will be submitted on forms provided by City's <br />Housing Coordinator. <br /> <br />A TTY/AGR/2007.085 <br />092107 <br /> <br />2 <br />