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c) Operate the property in compliance with all applicable rules and <br /> regulations for HOME assisted units, which shall, at minimum, continue for a <br /> twenty (20) year "affordability period." "Affordability period" shall be <br /> defined as the period of time equal to twenty years (unless terminated earlier <br /> pursuant to the terms of this Agreement) commencing on the date the <br /> construction is completed, and 100% of the units are leased, as measured from <br /> the date all required data regarding the leasehold interests in the units shall <br /> have been entered into HUD's Integrated Disbursement Information System, <br /> and continuing for a period of twenty consecutive years thereafter. Owners' <br /> obligation hereunder shall survive termination of this Agreement. <br /> 9. RECORD RETENTION. Both Owner and City shall maintain records for the twenty(20) <br /> year period of affordability,and an additional 5 years. Owner's obligation hereunder <br /> shall survive termination of this Agreement. As required under 24 CFR 92.508(a)(3)(i), <br /> 92.508(a)(3)(ii),92.508(a)(3)(iii),92.508(a)(3)(iv),and 92.508(a)(3)(xiv),the Owner's <br /> records must specify the project location, document eligible and permissible project <br /> costs for both HOME-assisted units and non-assisted units, include underwriting <br /> evaluations, copies of inspection reports,and include copies of written agreements for <br /> compliance. <br /> 10.DEED RESTRICTIONS. Owner and City shall execute a deed restriction, note, and <br /> mortgage as approved by City (hereto incorporated as Exhibits A-C),which instruments <br /> shall require Owner to maintain the properties up to minimum code standards, <br /> including lead hazard control requirements, and comply with the rental affordability <br /> requirements of 24 CFR 92.251, 24 CFR 92.355, and 92.504(c)(3)(vii). <br /> 11.TRANSFER OF AGREEMENT PROHIBITED. Owner shall neither assign nor transfer any <br /> interest in this Agreement without prior written consent of the City. Provided, <br /> however, that claims for money due or to become due Owners under this Agreement <br /> may be assigned to a bank, trust company, or other financial institution without such <br /> approval. Notice of any such assignment or transfer shall be furnished promptly to City. <br /> If for any reason the property subject to this Agreement shall be sold prior to <br /> completion of the entire affordability period, without City consent, Owner shall <br /> promptly repay the loan in its entirety, as required under 24 CFR 92.504(c)(3)(vii) <br /> Enforcement of the Agreement. <br /> 12.CAP ON FUNDING. City shall not provide financial assistance for actual costs to <br /> construct the residential units in excess of$62,500 per unit, or an aggregate maximum <br /> of$250,000,whichever is less. <br /> 13. INTERIM CONSTRUCTION PAYMENTS. City shall make interim construction payments <br /> (less 10% withheld), and final construction payments (not to exceed $250,000) to <br /> Owner or their designees only upon receipt of invoices accompanied by lien waivers, <br /> and after inspection and approval by City that the work is within the scope of this <br /> Agreement, and Owner's proposal. Owner shall provide City fully executed,binding lien <br /> waivers for work performed through date of invoice, in accordance with applicable <br /> 4 <br />