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WHEREAS, Contactor has now made a request to the Agency for a loan <br />in the amount of Five Hundred Thousand and No /100 Dollars ($500,000.00; the <br />"Agency Loan ") to rehabilitate the Property; and <br />WHEREAS, as a condition to the approval and funding of the Agency <br />Loan, Contractor shall provide proof to the Agency that the City Loan has been <br />repaid; and <br />WHEREAS, upon repayment of the City Loan, City shall reconvey the <br />deed of trust held by City as security for the City Loan and recorded against the <br />Property. <br />NOW, THEREFORE, IT IS HEREBY AGREED BY THE PARTIES <br />HERETO AS FOLLOWS: <br />1. SERVICES TO BE PERFORMED <br />Contractor, under the general direction of the Agency Director or his or <br />her authorized representative (collectively, the "Agency Director'), shall perform <br />services as described in Exhibit 'A" in consideration of the payments hereinafter <br />set forth in Exhibit "B." <br />2. PAYMENTS <br />A. Maximum Amount. In full consideration of Contractor's <br />Performance of the services described in Exhibit A, the amount <br />that the Agency shall be obligated to pay under this Agreement <br />shall not exceed Five Hundred Thousand and No /100 Dollars <br />($500,000.00). The Agency Loan shall be set up as a construction <br />loan and disbursements to Contractor shall be made upon receipt, <br />review and approval of invoices by the Agency Director. Payments <br />shall be made on the 30th day of each month for complete <br />approved invoices received by the Agency Director prior to the 15th <br />day of the previous calendar month. <br />B. Rate of Payment. The rate and terms of payment shall be as <br />specified in Exhibit A. Any change is subject to the approval of the <br />Agency Director, and shall not be binding on Agency unless so <br />approved in writing. In no event may the terms of payment be <br />changed to the extent that the maximum Agency obligation shall <br />exceed the total specified in Paragraph 2A above. Each payment <br />shall be conditioned on the performance of the services described <br />in Exhibit A to the full satisfaction of the Agency Director. <br />3/3/2003 <br />4 <br />