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N <br />1.4 Schedule of Completion. <br />A. Timely Performance of Work. The Owner agrees to begin work no later than the <br />date for commencement of work as stated in Section 1.1.B. In the event the work <br />is not commenced, diligently continued and completed as required under this <br />Agreement, the PHA may terminate this Agreement or take other appropriate <br />action. The Owner agrees to report promptly to the PHA the date work is <br />commenced and fumish the PHA with progress reports as required by the PHA. <br />B. Time for Com letion. All work must be completed no later than the end of the <br />period stated in Section 1.1.C. Where completion in stages is provided for, work <br />related to units included in each stage shall be completed by the stage completion <br />date in Exhibit E, and all work on all stages must be completed no later than the <br />end of the period stated in Section 1.1.C. <br />C. Delays. If there is delay in the completion due to unforeseen factors beyond the <br />Owner's control as determined by the PHA, the PHA agrees to extend the time <br />for completion for an appropriate period as determined by the PHA. In the case <br />of such delays, the PHA shall reduce the term of the Contract so that the Contract <br />term does not extend beyond the last date of the ACC term for the ACC funding <br />authority from which the Contract is to be funded. <br />1.5 Rehabilitation Period. <br />A. Establishment of Initial Contract Rent. <br />1. The initial Contract Rent for each unit may in no event exceed the amount <br />authorized in accordance with HUD regulations and requirements. <br />2. The Contract Rents stated in Exhibit C of this Agreement will be the initial <br />Contract Rents specified in the Contract unless a lower initial Contract Rent is <br />established by the PHA in accordance with paragraph B of this section, or <br />Section 1.14A of this Agreement. The initial Contract Rents stated in Exhibit C <br />of this Agreement shall not be increased for any reason, including changes in the <br />work. <br />Page 4 of 15 form HUD - 52531 -A (4/90) <br />ref. Handbook 7420.8 <br />