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<br />WHEREAS, HABITAT will build thirty six ownership units on the Property <br />for the benefit of very low income households currently residing within the city <br />limits of Redwood City; and <br /> <br />WHEREAS, the following exhibits are attached hereto and incorporated <br />by reference herein: <br /> <br />Exhibit A: <br /> <br />Agreement with Peninsula Habitat for Humanity to Construct <br />Replacement Housing and Related Capital Improvements <br />Escrow and Disbursement Agreement <br />G rant Deed <br />Addendum to Grant Deed - Restrictions for Affordable Ownership <br />Housing <br /> <br />Exhibit B: <br />Exhibit C: <br />Exhibit D: <br /> <br />NOW, THEREFORE, IT IS HEREBY AGREED BY THE PARTIES HERETO AS <br />FOllOWS: <br /> <br />1. SERVICES TO BE PERFORMED <br /> <br />HABITAT, under the general direction of the Housing Coordinator or her <br />authorized representative, shall perform services described in Exhibit A in <br />consideration of the payments hereinafter set forth in Exhibit B. <br /> <br />2. PAYMENTS <br /> <br />A. Maximum Amount. In full consideration of HABITAT's <br />performance of the services described in Exhibit A, HABITAT shall be obligated <br />to pay no less than One Hundred Thousand and no/100 dollars ($100,000) <br />toward the installation of offsite improvements. The amount that the City of <br />Redwood City shall be obligated to contribute under this Agreement shall not <br />exceed the sum of One Hundred and Ninety Thousand ($190,000) and the <br />amount that the Redevelopment AGENCY shall be obligated to contribute under <br />this Agreement shall not exceed the sum of Seventy Five Thousand Dollars <br />($75,000). <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 Housing <br />Coordinator or her authorized representative, and shall not be binding on City <br />unless so approved in writing. In no event may the terms of payment be <br />changed to the extent that the maximum CITY's and AGENCY's respective <br />obligation shall exceed the total specified in Paragraph 2A above. Each <br />payment shall be conditioned on the performance of the services described in <br />Exhibit A to the full satisfaction of the Housing Coordinator or her representative. <br /> <br />Acquisition - h1 <br />FXS:fs <br />04/14/00 <br /> <br />2 <br />