R95-57 AUTHORIZING AGREEMENT DOWNTOWN RENTAL REHAB

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.l . Y • � t • Rffi�1TAL REHABILITATION CONTRACT This agreement is made between the City of Decatur, a municipal corporation, hereinafter called "City'� and , hereinafter called "Owner" , pur- suant to the DOWNTOWN RENTAL REHABILITATION PROGR.AM of the City to rehabilitate the residential rental property ("property") lo- cated at upon the following terms and conditions performable in Macon County, Illinois. The City is approving a deferred payment loan, the terms and conditions of which are contained in the DOWNTOWN Rental Rehabilitation Promissory Note, a copy of which is hereto at- tached as Exhibit A, to be used by Owner solely for the purpose of rehabilitating the structure (s) ( "structure" ) which legal description is as follows : for the use by Owner as residential rental property. The assistance to be provided will be limited to that work which is required to bring the structure into compliance with the Housing Quality Standards as established by the Department of Housing and Urban Development, and applicable City building and housing codes as identified by the City. The City agrees to provide Owner assistance to rehabilitate the hereinabove described structure in an amount not to exceed $20, 000 of the actual costs of the required rehabilitation work, j or 1/2 of the total project cost, whichever is less . The City will make interim and final payments to the Owner or his designee upon receipt of invoice accompanied by waivers of lien from contractor and subcontractors, and subject to inspec- tion and approval by the City that the work has been satisfac- torily completed. Owner agrees to pay the Contractor in full upon satisfactory completion of the entire work. The payments are subject to satisfactory and final inspection and acceptance by the City. Waivers of lien to date under the Illinois Mechanics Lien Act must be presented to staff before any payment may be made. Prior to final payment, a Certificate of Completion must be executed by the City. All requests for payment must be signed by Owner and Contractor in the City corporate offices before the City will make a payment.