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ix i <br /> �� Ii , <br /> D. Duration of Agreement. All funds received under this Agreement must be expended <br /> within one year from the date of this agreement unless an extension is granted by the City <br /> Council. A request for any extension to this term of agreement shall be made in writing <br /> and shall include an explanation for why it is required. The City shall inform NHDC <br /> within four weeks of the receipt of the request for extension as to whether it has been <br /> granted. All provisions of this Agreement, and specifically those in Section V. A., shall <br /> remain in effect throughout the affordability period which has been established for the <br /> HOME-assisted units. All deeds and/or mortgages shall reflect the applicable <br /> affordability period and name the city as an interested party to ensure HUD affordability � <br /> requirements are satisfied. <br /> II. REPORTING AND REIMBURSEMENT PROCEDURE <br /> A. Monthly Reporting <br /> NHDC shall provide the City with monthly progress reports and financial reports. <br /> Monthly reports shall be submitted to the City by the tenth (l Oth)working day <br /> of the succeeding calendar month. Monthly reports shall include the status of all projects <br /> currently underway, financial expenditures to date, any anticipated revisions to the <br /> project budget, and any other pertinent information. The City reserves the right to <br /> request additional information as necessary before processing reimbursement requests. <br /> Reimbursements will only be processed if NHDC is current with submissions of monthly <br /> reports. <br /> B. Reimbursement <br /> Reimbursements to NHDC will be made upon receipt by the City by way of Pay <br /> Requests and all supporting documentation. Supporting documentation shall include <br /> invoices or receipts for payment, lien waivers, and final inspection reports on any work <br /> for which City permits and inspections are required. NHDC shall submit pay requests to <br /> the City at least once and not more than twice,per month. <br /> The City of Decatur will pay to NHDC funds available under this contract based upon <br /> information submitted by NHDC and consistent with any approved budget as long as <br /> they were incurred after the Notice to Proceed was issued. Payments will be made for <br /> eligible expenses actually incurred by NHDC, and not to exceed actual cash <br /> requirements. In addition, the City reserves the right to reduce funds available under this <br /> contract for costs incurred by the City on behalf of NHDC, as long as NHDC is given <br /> sufficient notification of and explanation for this action. <br /> C. Monitoring <br /> The City shall continue to monitor NHDC's compliance with the terms stated in Section <br /> IV.E. of this Agreement throughout the affordability period. Specifically, NHDC shall <br /> provide evidence on an annual basis that each assisted purchaser continues to occupy his <br /> or her property as their principal residence as determined annually by the U.S. <br /> Department of Housing and Urban Development, and with all applicable property <br /> standards as stated in Section V.D. <br /> 2 <br />