R2007-70 AUTHORIZING AGREEMENT - Laserfiche WebLink

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D. Duration of Agreement. All funds received under this Agreement must be expended ' within one vear from the date of this agreement unless an extension is granted by the ', City. A request for any extension to this term of agreement shall be made in writing and ', shall include an explanation for why it is required. The City shall inform NHDC within '� three weeks of the receipt of the request for extension as to whether it has been granted. All provisions of this Agreement, and specifically those in Section V. A., shall remain in effect throughout the affordability period which has been established for the HOME- assisted units II. REPORTING AND REIMBURSEMENT PROCEDURE A. Monthly Reporting NHDC shall provide the City with monthly progress reports and financial reports. Monthly reports shall be submitted to the City by the tenth(l Oth)working day of the succeeding calendar month. Monthly reports shall include the status of all projects currently underway, financial expenditures to date, any anticipated revisions to the project budget, and any other pertinent information. The City reserves the right to request additional information as necessary before processing reimbursement requests. Reimbursements will only be processed if NHDC is current with submissions of monthly reports. B. Reimbursement , Reimbursements to NHDC will be made upon receipt by the City by way of Pay Requests and all supporting documentation. Supporting documentation shall include invoices or receipts for payment, lien waivers, and final inspection reports on any work for which City permits and inspections are required. NHDC shall submit pay requests to the City at least once and not more than twice, per month. The City of Decatur will pay to NHDC funds available under this contract based upon infortnation submitted by NHDC and consistent with any approved budget as long as they were incurred after the Notice to Proceed was issued. Payments will be made for eligible expenses actually incurred by NHDC, and not to exceed actual cash requirements. In addition, the City reserves the right to reduce funds available under this contract for costs incurred by the City on behalf of NHDC, as long as NHDC is given sufficient notification of and explanation for this action. C. Monitoring The City shall continue to monitor NHDC's compliance with the terms stated in Section IV.E. of this Agreement throughout the 10 or 15 year affordability period. Specifically, NHDC shall provide evidence on an annual basis that each assisted purchaser continues to occupy his or her property as their principal residence as determined annually by the U.S. Department of Housing and Urban Development, and with all applicable property standards as stated in Section V.D. 2