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<br />6.2E <br />Page 8 <br /> <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 C 1 : <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 <br /> <br />Contractor, under the general direction of the Housing Coordinator or her <br />authorized representative, shall perform services as described in Exhibit A in <br />consideration of the payments hereinafter set forth in Exhibit B, and shall cause to <br />be recorded through escrow, the Security Instrument set forth in Exhibit C. <br />Security Instrument shall be recorded in second position subordinate to first <br />mortgage holder and shall be in effect 55 years from the date of this Agreement. <br /> <br />2. PAYMENTS <br /> <br />A. Maximum Amount. In full consideration of Contractor's <br />Performance of the services described in Exhibit A, the amount that the <br />City shall be obligated to pay under this Agreement shall not exceed Two <br />Hundred Thousand and 00/100 Dollars ($200,000.00). <br /> <br />B. Rate of Payment The rate and terms of payment shall be <br />as 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 Submittina Invoices. Contractor shall submit <br />a Disclosure of Estimated Fees from Fidelity National Title Insurance <br />Company or such other escrow company as may be agreed upon by the <br />parties (buyer, seller and City) to City for payment in accordance with the <br />provisions of Exhibit A. City shall deposit $200,000.00 into escrow account <br /> <br />ATTY/AG R/2009. 038 <br />081909 <br /> <br />2 <br />