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9 <br />1.5. Progress Payments: The contractor is entitled to request a maximum of one pa~°tial <br />payment during construction der $8,000 of contracted amount. When a payment is <br />requested, the Rehabilitation Specialist will inspect -the work within three days, list all <br />items deemed 00% complete, and calculate a payment based on 85% of the -total <br />contracted amount of those completed items. Payments will be -made within four- business <br />days of the inspection. <br />16. Close-out: When the contractor declares the work complete, program staff will thoroughly <br />inspect work. If deficiencies are observed, the contractor-will be required to correct them. <br />When the Rehabilitation Specialist and the homeowner are satisfied that the contract has <br />been fulfilled, each will sign off and, after-receipt of the contractor's final invoice and lien <br />releases, the final payment will be ordered. All material and workmanship will be <br />guaranteed by the contractor for aper-iod of one-year from the date of completion of the <br />work. <br />17. Post-Construction Conference: Following construction the contractor and the <br />Rehabilitation Specialist will sit down with the homeowner one last time. At this <br />conference the contractor will hand over all owner's manuals and warranties an equipment. <br />The -cor..tractor and Rehabilitation Specialist will go over operating and maintenance <br />requirements for the new equipment and appliances and discuss general maintenance of the <br />home with the homeowner. The homeowner will have the opportunity to ask -any finai- <br />questions about work. <br />18. Recordation and Assignment: ~1s_soon as possible after the contractor has been selected, <br />and prior to beginning work, Orange County staff and the homeowner will execute the <br />requir-ed promissory note deezi of trust. These documents are then recorded by the Orange <br />County staff. If, upon completion of all rehabilitation work, the contract price has changed <br />due- to the effect of change orders, Orange County staff will execute and record a loan <br />modification agreement reflecting the resulting increase in the original loan amour-_t. If the <br />amount of the loan is decreased due to a change order, then an Estoppel Agreement is <br />executed by NCHFA, reducing the amount of the lien. <br />19. The Warranty Period: It is extremely important that any problems with the work that <br />was performed be reported by the homeowner, to the Rehabilitation Specialist, as soon as <br />possible. All bona fide defects in materials and workmanship reported within one year of <br />completion of construction will be corrected free of charge. <br />What are the key dates? If after reading this document, you feel that you qualify for this <br />program and wish to apply, please keep the following dates in mind: <br />• Applications available to the public starting September 1, 2011. <br />• Applications must be turned in to Orange County by 5:00 PM on November 1, 201 1. <br />• Selection of units will be made monthly on September 30, October 31, and November <br />30, 2011. <br />• All rehabilitation work must be under construction by December 31, 2012. <br />• All rehabilitation work must be completed by June 30, 2014. <br />8 <br />