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<br />WHEREAS, Service League of San Mateo County has agreed to pursue <br />property acquisition for the purpose of providing affordable transitional housing for <br />individuals in the City of Redwood City; and <br /> <br />WHEREAS, the following exhibits are attached hereto and incorporated by <br />reference herein: <br /> <br />Exhibit A: <br />Exhibit B: <br />Exhibit C: <br />Exhibit C1: <br /> <br />Program Services <br />Method of Payment <br />Declaration of Affordability Covenants <br />Legal Description <br /> <br />NOW, THEREFORE, IT IS HEREBY AGREED BY THE PARTIES <br />HERETO AS FOllOWS: <br /> <br />1. SERVICES TO BE PERFORMED. Contractor, under the general <br />direction of the Housing Coordinator or her authorized representative, shall <br />perform services as described in Exhibit A in consideration of the payments <br />hereinafter set forth in Exhibit B, and shall cause to be recorded through escrow, <br />the Security Instrument set forth in Exhibit C. Security Instrument shall be <br />recorded in second position subordinate to first mortgage holder and shall be in <br />effect 55 years from the date of this Agreement. <br /> <br />2. PAYMENTS <br /> <br />A. Maximum Amount. In full consideration of Contractor's Performance <br />of the services described in Exhibit A, the amount that the City shall be <br />obligated to pay under this Agreement shall not exceed Two Hundred Fifty <br />Thousand and 00/100 Dollars ($250,000.00). <br /> <br />B. Rate of Payment. The rate and terms of payment shall be as <br />Specified in Exhibit B. Any change is subject to the approval of the <br />Housing Coordinator or her authorized representative, and shall not be <br />binding on City unless so approved in writing. In no event may the terms of <br />payment be changed to the extent that the maximum City obligation shall <br />exceed the total specified in Paragraph 2A above. Each payment shall be <br />conditioned on the performance of the services described in Exhibit A to <br />the full satisfaction of the Housing Coordinator or his/her representative. <br /> <br />C. Time Limit for Submittinq Invoices. Contractor shall submit a <br />Disclosure of Estimated Fees from First American Title Insurance Company <br />or such other escrow company as may be agreed upon by the parties <br />(buyer, seller and City) to City for payment in accordance with the <br />provisions of Exhibit A. City shall deposit $250,000.00 into escrow account <br />no later than three days prior to close of Escrow. City shall not be obligated <br />to pay Contractor for the services covered by any invoice if Contractor <br /> <br />ATTY/AGR/2008.072 <br />081308 <br /> <br />2 <br />