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WHEREAS, IFC agrees to utilize HOME funds provided for the purpose of <br /> constructing the Property as described in its HOME Program applications February 28, 2005, <br /> February 25, 2009, February 26, 2010 and February 25, 2011 which is hereby incorporated into <br /> this Agreement and hereinafter referred to as "the Project"; and <br /> WHEREAS, notwithstanding any provision of this Agreement, the County and IFC <br /> agree and acknowledge that this Agreement does not constitute a commitment of funds or site <br /> approval, and that such commitment of funds or approval may occur only upon satisfactory <br /> completion of an environmental review and receipt by Orange County of a Release of Funds <br /> from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if <br /> applicable. The parties further agree that the provision of such funds to the project is <br /> conditioned on Orange County's determination to proceed with, modify, or cancel the project <br /> based on the results of a subsequent environmental review. <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations <br /> contained herein, it is agreed between the parties hereto as follows: <br /> I. USE OF HOME FUNDS/SUBSIDY TYPE <br /> 1. The Sublessee shall perform the projects or tasks related to its allocation of HOME funds <br /> within the proposed budget outlined in Exhibit B, Schedule of Values. Exhibits B is hereby <br /> made a part of this Agreement and are incorporated by reference, as it now reads or as it may be <br /> modified by the parties. <br /> 2. The Sublessee must comply with all of the Lease and Agreement for Sublease of Property <br /> obligations, terms and conditions throughout the term of this Agreement and prior to requesting <br /> any disbursement of funds under this Agreement. The amount of each request must be limited to <br /> eligible costs as determined by Orange County staff. <br /> 3. The Sublessee shall provide all insurance required by the Lease, naming Orange County <br /> as an additional insured as to its interest in said Property including any improvements. <br /> 4. Said funds shall be disbursed by check payable to the Sublessee. <br /> 5. HOME funds will be a fixed subsidy provided in the form of grant. <br /> II. AMOUNT OF HOME FUNDS/GRANT TERMS <br /> The County shall make available to the Sublessee up to Five Hundred Thousand Dollars <br /> ($500,000)pursuant to this Agreement. The funding provided by the County will be provided as <br /> a fixed subsidy in the form of a grant. <br /> Said funds shall be disbursed by the County to the Sublessee for performance of the services <br /> described in Exhibit B. <br /> 2 <br />