Laserfiche WebLink
as stated above, and 3) receipt by City of a commercial insurance policy <br /> naming the City of Decatur as additional insured. <br /> 6. City shall have no obligation to reimburse Owner(s) for expenditures made <br /> pursuant to this Agreement and Notice to Proceed. During the rehabilitation, <br /> and initial occupancy phases, Owner(s) shall provide City written monthly <br /> reports, detailing rehabilitation progress, amounts expended, and any other <br /> matters as may from time to time be reasonably required by City. <br /> 7. Owner(s) have identified the following schedule for rehabilitation: <br /> Month 1 - Solicit bids. <br /> Month 2 - Boiler installation. Finalize all construction and clean. <br /> Owner(s) may request an extension of the expenditure limitation. City shall be <br /> � under no obligation to grant an extension absent proof by Owners of the <br /> existence of extenuating circumstances beyond Owners' control, such as <br /> weather, or material delivery delays, that Owners reasonably could not have <br /> anticipated. City shall be under no obligation to consider any request unless <br /> the same shall be in writing, setting forth in adequate detail the basis for the <br /> request. City shall promptly consider Owners' extension request, and shall <br /> inform the Owner(s) of City's decision to grant or deny Owners' request within <br /> three (3) weeks of receipt of the request. <br /> 8. Owners' obligations to: <br /> a) Maintain the property to minimum code standards, and <br /> b) Maintain the property as residential rental property, and <br /> c) Operate the property in compliance with all applicable rules and <br /> regulations for HOME assisted units <br /> shall continue for a one (1) year "affordability period." "Affordability period" <br /> shall be defined as the period of time not to exceed One year commencing on <br /> the date the rehabilitation is completed, and 100 % of the units are leased, as <br /> measured from the date all required data regarding the leasehold interests in <br /> the units shall have been entered into HUD's Integrated Disbursement <br /> Information System, and continuing for a period of One. Owners' obligation <br /> hereunder shall survive termination of this Agreement. <br /> 9. Owner(s) shall maintain records for the period of affordability and an <br /> additional 5 years. Owners' obligation hereunder shall survive termination of <br /> this Agreement. <br /> 10. Owner(s) shall execute a deed restriction and mortgage in such form as shall <br /> be approved by City, which instruments shall require Owners to maintain the <br /> properties up to minimum code standards, including lead hazard control <br /> requirements, and comply with the rental affordability requirements of 24 CFR <br /> 92.251, 24 CFR 92.355, and 92.504(c)(3)(vii). <br /> 11. Owner(s) shall neither assign nor transfer any interest in this Agreement <br /> without prior written consent of the City. Provided, however, that claims for <br /> money due or to become due Owner(s) under this Agreement may be assigned <br /> to a bank, trust company, or other financial institution without such approval. <br /> Notice of any such assignment or transfer shall be furnished promptly to City. <br /> 2 <br />