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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 /> A. The Owner shall perform the projects or tasks related to its allocation of HOME funds as <br /> provided in Exhibit B, Scope of Work and within the proposed budget outlined in Exhibit <br /> C, Project Budget. Exhibits B and C are hereby made a part of this Agreement and are <br /> incorporated by reference, as it now reads or as it may be modified by the parties. <br /> B. The Owner may not request disbursement of funds under this Agreement until the funds <br /> are needed for payment of eligible costs. The amount of each request must be limited to <br /> eligible costs as determined by Orange County staff. <br /> C. Said funds shall be disbursed by check payable to the Owner. <br /> D. HOME funds will be a fixed subsidy provided in the form of a grant. <br /> II. AMOUNT OF HOME FUNDS <br /> The County shall make available to the Owner up to Thirty Thousand Three Hundred <br /> Seventy Four Dollars ($30,374) pursuant to this Agreement. Said funds shall be disbursed <br /> by the County to the Owner for performance of the services described in Exhibit B. <br /> III. TIMELINESS <br /> Owner shall complete the Project within twelve (12)months from the date of this Agreement. <br /> However, in the event of any alterations or additions or circumstances beyond the control of <br /> the Owner, which in the opinion of the Director of the County's Department of Housing, <br /> Human Relations and Community Development will require additional time for completion <br /> of the Project, then in that case, the time of completion shall be extended by the County <br /> Manager in writing for a period of time not to exceed six (6) months. Any further extensions <br /> will require the approval of the Orange County Board of County Commissioners. <br /> IV. DURATION OF THE AGREEMENT <br /> This Agreement will remain in effect during the Period of Affordability, which is ninety-nine <br /> years. <br /> V. AFFORDABILITY REQUIREMENTS <br /> A. Owner agrees to lease the Project dwelling units to low and moderate income families <br /> earning less than 60% of the area median income during the Period of Affordability. <br /> f'f L <br />