Agenda - 01-20-2000 - 9e - Laserfiche WebLink

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DRAFT 3 EmPOWERment shall be responsible for explaining the second mortgage program to potential homebuyers and certify by written documentation signed by the homebuyer that the program requirements have been fully explained. EmPOWERment shall maintain purchaser files for a period of 99 years following completion of the development of the Property. 2. Progress Payments. The County shall make progress payments, when requested by EmPOWERment, as the work progresses. Payments shall be based upon work completed and approved by County. Progress payment requests shall be based on actual costs incurred by EmPOWERment identified in the Budget as described in attached Exhibit B. Payment requests shall be accompanied by copies of documentation for actual expenses. Request amounts shall be verified by County for satisfactory completion prior to payment. The bond funding provided by the County will be provided as a deferred second mortgage transferable to the individual families at the time of sale. The bond investment will be secured by a forty (40) year Deed of Trust and Promissory Note, forgivable at the end of 40 years. The period of affordability will be 99 years and will be secured by a deed covenant that will incorporate a right of first refusal that may be exercised by EmPOWERment and/or Orange County. If the Property is sold during the term of affordability, all equity realized from the sale will be divided 50150 by the seller of the Property and the County. 3. Time for Commencement and Completion. EmPOWERment, Incorporated must submit a sound, site - specific development proposal for developing the Property within eighteen (18) months of initial award. Actual construction must begin within three (3) years of the original application date. EmPOWERment will responsible for providing status reports to the County quarterly detailing the project activities until project completion. In addition, EmPOWERment agrees to furnish to the County a copy of its annual audit, performed by a certified public accountant within 90 days of the end of each fiscal year until the Project is complete. Completion date shall be designated as the closing date of the purchase of the final Pine Hill Drive property. In the event that EmPOWERment is unable to proceed with any aspect of the project in a timely manner, and County and EmPOWERment determine that reasonable extension(s) for completion will not remedy the situation, then the conditions of termination shall be in effect. EmPOWERment may, at its option, submit a written request for a delay of completion for County approval. Any delay in the completion date shall be approved by County. EmPOWERment shall monitor the constructed units for affordability for the period of affordability — ninety-nine (99) years. Final contract completion date shall be the latest end date of all assisted unit affordability periods. 4. Affordability Requirement. The units must remain affordable for period of ninety-nine years. EmPOWERment retains full responsibility for compliance with the affordability 3