R2003-181 AUTHORIZING EXECUTION OF AGREEMENT

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� . ' II. DURATION A. Term The term of this agreement and the provisions herein shall end three years from the date of this agreement unless an extension is granted by the City. Any request for an extension to this term of agreement shall be made in writing at least thirty(30) days prior to the expiration date, and shall include an explanation for why an extension is required. The City shall inform East Lake within two weeks of the receipt of the request for extension as to whether it has been granted. B. Completion Schedule At a minimum, East Lake shall have constructed at least seven(7)homes by the end of the first year, at least twenty-two (22)homes by the end of the second year, and the total forty-three (43)homes by the end of the third year of this Agreement. Any request for a �I deviation from this completion schedule shall be explained in writing and shall include a plan and estimated revised date for completion. The City shall inform East Lake within li two weeks of the receipt of the request as to whether it has been accepted. ��I III. REPORTING AND PAYMENT PROCEDURE � A. Progress Reports I�I East Lake shall provide the City with monthly progress reports and financial reports until I the HOME program funds are expended and all homes are initially occupied. 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 the project, 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. Payment requests will only be processed if East Lake is current with submission of monthly reports. � B. Payment Requests � Payments to East Lake will be made upon receipt by the City of payment requests and all supporting documentation. Supporting documentation shall include invoices and/or receipts for payment, lien waivers, and final inspection reports on any work for which City permits and inspections aze required. East Lake shall submit pay requests to the City not more than once per month. The City will pay to East Lake funds available under this contract,based upon information submitted by East Lake and consistent with the approved budget as long as the expenses aze HOME-eligible,permitted under Section I.(A) of this Agreement, and were incurred after the Notice to Proceed was issued. Payments will be made for eligible expenses actually incurred by East Lake, not to exceed $13,000 per unit, in 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 East Lake, as long as East Lake is 2 -