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DRAFT <br /> 17 <br /> OCHC shall be responsible for explaining the second mortgage program to potential <br /> buyers and certify by written documentation signed by the buyer that the program <br /> requirements have been fully explained. OCHC shall maintain purchaser files for a <br /> period of 99 years following completion of the development of the Property. <br /> 2. Progress Payments. The County shall make progress payments, when requested by <br /> OCHC, as the work progresses. Payments shall be based upon work completed and <br /> approved by County. Progress payment requests shall be based on actual costs incurred <br /> by OCHC identified in the Budget as described in attached Exhibit A. Payment requests <br /> shall be accompanied by copies of documentation for actual expenses. Request amounts <br /> shall be verified by County for satisfactory completion prior to payment. <br /> 3. Time for Commencement and Completion. OCHC shall commence the Work within <br /> three (3) years of the date of this agreement. OCHC will be responsible for providing <br /> status reports to the County quarterly detailing the project activities until project <br /> completion. In addition, OCHC agrees to furnish to the County a copy of its annual <br /> audit, performed by a certified public accountant within 90 days of the end of each fiscal <br /> year until the Project is complete. <br /> Completion date shall be designated as the closing date of the purchase of the final <br /> Scarlette Drive property. In the event that OCHC is unable to proceed with any aspect of <br /> the project in a timely manner, and County and OCHC determine that reasonable <br /> extension(s) for completion will not remedy the situation, then the conditions of <br /> termination shall be in effect. OCHC may, at its option, submit a written request for a <br /> delay of completion for County approval. Any delay in the completion date shall be <br /> approved by County. <br /> OCHC shall monitor the constructed units for affordability for the period of affordability <br /> —ninety-nine (99) years. Final contract completion date shall be the latest end date of all <br /> assisted unit affordability periods. <br /> 4. Affordability Requirement. The units must remain affordable for period of ninety-nine <br /> years. OCHC retains full responsibility for compliance with the affordability benefit for <br /> assisted units, unless affordability restrictions are terminated due to the occurrence of any <br /> of the following events: 1) foreclosure, 2) transfer in lieu of foreclosure, or 3) assignment <br /> of an FHA insured mortgage to HUD. OCHC shall assure compliance with affordability <br /> of assisted units through the CLT Land Lease Agreement restrictions and by recording <br /> Exhibit B "Declaration of Restrictive Covenants" on every assisted property. <br /> 5. Resale Provisions. OCHC shall assure compliance with affordability of assisted units <br /> through the CLT Land Lease resale restrictions. The CLT Land Lease agreement shall <br /> include at least the following elements in their resale provisions for the Improvements: <br /> 5.1 If the original buyer no longer uses the Improvement as a principal residence or <br /> is unable to continue ownership, then the buyer must sell, transfer, or otherwise <br /> 21 <br />