R2009-12 AUTHORIZING FUNDING AGREEMENT FOR WOODFORD HOMES, INC.

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8. Owners may request an extension of the one year expenditure limitation. City shall be under no obligation to grant an extension absent proof by Owners of the existence of extenuating circumstances beyond Owners' control, such as weather, or material delivery delays, that Owners reasonably could not have anticipated. City shall be under no obligation to consider any request unless the same shall be in writing, setting forth in adequate detail the basis for the , request. City shall promptly consider Owners' extension request, and shall inform the Owners of City's decision to grant or deny Owners' request within three (3) weeks of receipt of the request. 9. Owners' obligations to: a) Maintain the property to minimum code standards, and b) Maintain the property as residential rental property, and c) Operate the property in compliance with all applicable rules and regulations for HOME assisted units shall continue for a twenty (20) year "affordability period." "Affordability period" shall be defined as the period of time not to exceed twenty years commencing on the date the construction is � completed, and 100 % of the units are leased, as measured from the date all ', required data regarding the leasehold interests in the units shall have been '� entered into HUD's Integrated Disbursement Information System, and continuing for a period of twenty consecutive years thereafter. Owners' obligation hereunder shall survive termination of this Agreement. 10. Owners shall maintain records for the period of affordability and an additional 5 years. Owners' obligation hereunder shall survive termination of this Agreement. 11. Owners shall execute a deed restriction and mortgage in such form as shall be approved by City, which instruments shall require Owners to maintain the properties up to minimum code standards, including lead hazard control requirements, and comply with the rental affordability requirements of 24 CFR 92.251, 24 CFR 92.355, and 92.504(c)(3)(vii). 12. Owners shall neither assign nor transfer any interest in this Agreement without prior written consent of the City. Provided, however, that claims for money due or to become due Owners under this Agreement may be assigned to a bank, trust company, or other financial institution without such approval. Notice of any such assignment or transfer shall be furnished promptly to City. 13. If for any reason the property subject to this Agreement shall be sold prior to completion of the entire affordability period, Owners shall promptly repay the loan in its entirety, as required under 24 CFR 92.504(c)(3)(vii). 14. City shall not provide financial assistance for actual costs to construct the residential units in excess of $20,000 per unit, or an aggregate maximum of $432,920, whichever is less. 15. City shall make interim construction payments (less 10% withheld), and final construction payments (not to exceed $231,639) to Owners or their designees only upon receipt of invoices accompanied by lien waivers, and after 3