2008-122 Housing -Grant Agreement 2008 Home Funds $100,000.00

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the Ground Lease, exercise all rights and remedies available to the Lessor in the Ground Lease for that purpose. 3. Each housing unit must have a value that does not exceed 95% of the area median purchase price for that type of housing. Value must be established by one of the following methods: i. An appraisal by a qualified appraiser. ii. Tax assessments may be used to establish value, but only if they are current and can be computed at 100% of market value. 4. Amount of HOM); fwrdslForm of Subsidy The County shall make available to the Owner up to One Hundred Thousand Dollars ($100,000) pursuant to this Agreement. Funds shall be distributed at the time necessary for payment of eligible costs. The HOME Program subsidy will be provided as a grant to each subject property as a fixed subsidy. 5. Time fm• Commencement and Completion. The Project must begin within one (1) year of the date of this Agreement. CHT will be responsible for providing status reports to the County quarterly detailing the project activities until project completion. In addition, CHT 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. The Project completion date is the closing date of the Ground Lease by a qualified buyer of the last of the Project dwelling units. In the event that CHT is unable to proceed with any aspect of the project in a timely manner, and County and CHT determine that reasonable extension(s) for completion will not remedy the situation, then the Termination of Agreement provisions of this Agreement (Section 7.a.) shall pertain. CHT may, at its option, submit a written request for a delay of completion for County approval. The County may, at its option, approve any delay in the completion date or• declare CHT in default. CHT shall monitor the housing units for affordability for the period of affordability - ninety-nine (99) years and, if renewed, an additional ninety-nine years. Final contract completion date shall be the end date of the last affordability period. 6. Affordability Requirement. Each housing unit must remain affordable for a period of ninety-nine years. CHT retains full responsibility for compliance with the affordability requirement for assisted housing units. CHT shall assure compliance with affordability of assisted housing units by having recorded, no later than the time it leases the first of the housing units, a "Declaration of Restrictive Covenants" (Exhibit A) on the Property. To further assure compliance with the affordability requirements the Ground Lease shall be made an attachment to the Declaration of Restrictive Covenants and recorded therewith. All other security documents should be recorded thereafter. 3