Agenda - 01-18-2001-6c - Laserfiche WebLink

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II that incorporates a right of first refusal that may be exercised by Habitat and/or Orange County. e. Habitat is responsible for soliciting buyers for the dwelling units constructed on the Property. Habitat and/or its buyers shall be responsible for securing permanent mortgage financing for the homes built on the Property. f. Habitat is responsible for verifying the income of the homebuyers, explaining the affordability requirements and certifying by written documentation signed by the homebuyer that the program requirements have been fully explained. Habitat shall maintain purchaser files as part of its Books and Records as required and for the period of time required by Section 6.c. of this Agreement. 2. Progress Payments. The County shall make progress payments, when requested by Habitat, as the work progresses. Payments shall be based upon work completed and approved by County. Progress payment requests shall be based on actual costs incurred by Habitat identified in the Project Budget as described in July 2000 Housing Development Application. Payment requests shall be accompanied by copies of documentation for actual expenses. Request amounts shall be verified by the County for satisfactory completion prior to payment. 3. Time for Commencement and Completion. Actual construction must begin within six months of the date of this Agreement and must be completed by December 31, 2002. Habitat will be responsible for providing status reports to the County quarterly detailing the project activities until project completion. In addition, Habitat agrees to furnish to the County a copy of its annual audit, performed by a certified public accountant within 90 days of the end of each fiscal year until the Project is complete. The Project completion date is the closing date of the purchase by a qualified buyer of the last of the twenty-five units to be constructed for first time homebuyers. In the event that Habitat is unable to proceed with any aspect of the Project in a timely manner, and County and Habitat determine that reasonable extension(s) for completion will not remedy the situation, then the Termination of Agreement provisions of this Agreement (Section 6.a.) shall pertain. Habitat may, at its option, submit a written request for a delay of completion for County approval. The County may, at its option, approve any delay in the completion date or declare Habitat in default. Habitat shall monitor the constructed units for affordability for the period of affordability - ninety-nine (99) years. Final contract completion date shall be the latest end date of all assisted unit affordability periods. 4. Affordability Requirement. Each unit must remain affordable for a period of ninety- nine years. Habitat retains full responsibility for compliance with the affordability requirement for assisted units, unless affordability restrictions are terminated due to the sale of the Property to a non-qualified buyer in which event the Resale Provisions of Section 5 of this Agreement pertain. Habitat shall assure compliance with affordability of assisted units by having recording, at the time it sells each of the twenty-five dwelling units, a "Declaration of Restrictive Covenants" (EXHIBIT B) on the Property. This