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DocuSign Envelope ID:66F168C2-3C54-4274-9428-4F16B3F1802A <br /> 4. USE OF HOME FUNDS/SUBSIDY TYPE <br /> A. CHT shall perform the projects or tasks related to its allocation of HOME funds as <br /> provided in this Agreement, Exhibit A, Scope of Services, Exhibit B, Proposed Budget <br /> and Source of Funds, the Declaration of Restrictive Covenants the form of which is <br /> attached as Exhibit C, and the Ground Lease, the form of which is attached as Exhibit D. <br /> All Exhibits, attachments and addendums annexed hereto or referred to herein are <br /> hereby incorporated into and made a part of this Agreement as if set forth herein, as it <br /> now reads or as it may be modified by the Parties. <br /> B. CHT may not request disbursement of funds under this Agreement until the funds are <br /> needed for payment of eligible costs. The amount of each request must be limited to the <br /> amount needed for eligible costs as determined by Orange County staff and may not <br /> exceed the amount needed. <br /> C. Said funds shall be disbursed by check payable to CHT. <br /> D. HOME funds provided will be as a grant to each subject property as a fixed subsidy. <br /> 5. AMOUNT OF HOME FUNDS <br /> A. The County shall make available to CHT up to Sixty Thousand Dollars ($60,000.00) <br /> pursuant to this Agreement. <br /> B. Said funds shall be disbursed by the County to CHT for the performance of the services <br /> described in Exhibit A. <br /> 6. TIMELINESS <br /> CHT shall complete the Project within six (6) months from the date of this Agreement. <br /> However, in the event of any alterations or additions or circumstances beyond the <br /> control of the Owner, which in the opinion of the Director of the County's Department <br /> of Housing and Community Development will require additional time for completion of <br /> 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 <br /> extensions will require the approval of the Orange County Board of County <br /> Commissioners. CHT will be responsible for providing status reports to the County <br /> quarterly detailing the project activities until project completion. In addition, CHT <br /> agrees to furnish to the County a copy of its annual audit performed by a certified public <br /> accountant within 90 days of the end of each fiscal year until the Project is complete. <br /> The Project completion date is the closing date of the Ground Lease by a qualified buyer <br /> of the last of the Project dwelling units. In the event that CHT is unable to proceed with <br /> any aspect of the project in a timely manner, and County and CHT determine that <br /> reasonable extension(s) for completion will not remedy the situation, then the <br /> Termination of Agreement provisions of this Agreement (Section I I.D.) shall pertain. <br /> 3 <br />