Orange County NC Website
Low- income Houses, in combination with financing described in this <br />Agreement, will be affordable to Low- income Persons. The costs, <br />expenses, and sales prices shown on the Budget are based on the <br />Corporation's best information regarding cost, expenses, and sale <br />prices of the construction as shown on the Site Plans as of the date <br />of this Agreement; however, the parties acknowledge that the Budget <br />line items are likely to be modified, that although the Town's <br />Manager's consent is necessary for all Material Changes in the <br />Low- income Houses pursuant to Paragraph II.C. of this Agreement, the <br />Corporation has the sole authority to amend and /or to modify the <br />Budget, including but not limited to increasing or decreasing the <br />overall costs and expenses reflected in the Budget and altering the <br />sales prices of the Market and Low- income Houses from those projected <br />r <br />(subject to the requirements of Paragraph V.A.1.(a) of this <br />Agreement), and that any such amendments and /or modifications to the <br />Budget, whether or not material variations in the actual or estimated <br />costs, expenses, and salep prices, shall not be deemed a breach of <br />this Agreement and shall not affect the Town's rights and duties <br />hereunder. Notwithstanding the foregoing, the Corporation agrees that <br />it shall not make Budget modifications related to Material Changes in <br />the Low- income Houses until the Town Manager has consented to said <br />Material Changes. The Corporation shall establish and maintain <br />financial records in a manner consistent with generally accepted <br />accounting practices which will account in detail for the expenditures <br />made pursuant to the Budget. These records shall be subject, at all <br />reasonable times within five years of the date of completion of <br />=to= <br />