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permits and inspections are required. Heritage Place at Lakeshore Limited Partnership <br />' ' may submit pay requests to the City once a month. <br /> The City will pay the funds available under this contract based upon information <br /> submitted and consistent with any approved budget as long as they were incurred after <br /> the Notice to Proceed was issued. Payments will be made for eligible expenses actually <br /> incurred by Heritage Place at Lakeshore Limited Partnership, and not to exceed actual <br /> cash requirements. In addition, the City reserves the right to reduce funds available under <br /> this contract for costs incurred by the City on behalf of the owner, as long as the owner is <br /> given sufficient notification of and explanation for this action. <br /> III. RECORD-KEEPING <br /> Heritage Place at Lakeshore Limited Partnership shall maintain records on all activities <br /> :documentation, and such other information as deemed necessary. Records shall be <br /> maintained for at least five years after final project closeout,with respect to the <br /> City or grantor. <br /> IV. PROJECT REQUIREMENTS <br /> A. Selection <br /> Heritage Place at Lakeshore Limited Partnership, the owner, shall use the funds as <br /> outlined in the proposal dated AuQust 30, 2005, for eligible costs of pre-development, <br /> construction, soft costs and other eligible items associated with the construction of the 80 <br /> rental senior units, legally described as: See attachment. Any changes in the use of these <br /> funds shall submit documentation to the City for approval. <br /> B. Approval ,,. <br /> The City shall review each proposal for consistency with program objectives, <br /> construction budget estimates, and other elements as deemed necessary. The owner <br /> shall not obligate any of the funds budgeted for the project until a written Notice to <br /> Proceed is received from the City. <br /> C. Completion �, <br /> The City will monitor progress on the project to ensure that the schedule is being �, <br /> maintained. <br /> Any extensions to the project schedule must be explained to the City in writing. With the '� <br /> exception of delays caused by the City, any project which becomes more than six months <br /> behind the established schedule, without the owner having provided an acceptable written <br /> explanation to the City, is considered delinquent. The city will then issue a letter <br /> requesting an immediate explanation and/or requesting a meeting to review the project. <br /> If the owner fails to either respond to the letter or to remedy the situation as agreed to in <br /> the review meeting within 30 days, the City may suspend all further payouts of city <br /> funding requests for that project. <br /> 2 <br />