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, . � ' tto�oi�-: 405`3 F'ag�e �+1� <br /> desires to provide funds to the owner for approved exterior design and facade <br /> restoration from funding available through the Community Development Block <br /> Grant (CDBG) program of the United States Department of Housing and Urban <br /> Development, and; <br /> Whereas, City agrees to provide funds for renovation work to the exterior <br /> design and facade of the building, as described on the Statement of the Work <br /> attached hereto as Exhibit A and incorporated by reference, subject to the <br /> financial limitations set forth herein and the CDBG Program guidelines <br /> established by HUD, and; <br /> Whereas, Owner agrees to renovate the exterior design and facade of the <br /> building in accordance with the terms of this agreement, CDBG guidelines and <br /> Owner's contract for facade renovation as the same shall have been reviewed <br /> and approved by City, and; <br /> Whereas, it is the Parties' intent that this agreement bind the current <br /> owner of the property as well as all subsequent owners, for a period of ten years <br /> commencing from the City's approval of the completed exterior design and <br /> facade improvements; <br /> Now, therefore, in consideration of the sums of money to be paid by City <br /> for restoration of the exterior design and facade of the building, and Owner's <br /> covenants to renovate and maintain the exterior design and facade, the parties <br /> agree as follows: <br /> 1. City shall, from available Community Development Block Grant <br /> Program funding, reimburse Owner for approved exterior design and facade work <br /> to the building, upon proof that Owner has first expended such sums as City shall <br /> require as and for Owner's share of the improvements, and only for such eligible <br /> amounts as remain due and owing after Owner has paid Owner's share of the <br /> exterior design and facade improvements. City's liability hereunder for all such <br /> renovation work shall be limited to 10% for the professional fees, shall not be <br /> less than five thousand dollars ($5,000) and shall not exceed sixty-five thousand <br /> ($65,000) per building. If Owner fails to meet every requirement of this <br /> 2 Updated 4/2010 <br />