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DocuSign Envelope ID: F396A7D5-62F3-4B5B-A968-F49AA5397EFF <br /> months after completion of any rehabilitation. In the event that Owner is unable to <br /> complete its obligations to acquire and occupy the Project dwelling units within this time <br /> or by extensions approved by the County under the terms of this Agreement, Owner will <br /> be required to repay the full amount of the County's outstanding loan as provided in the <br /> loan documents. <br /> 1. Owner shall ensure that the Project dwelling unit meets the Section 8 Housing <br /> Quality Standards (HQS) prior to leasing. All repair work must be completed in <br /> accordance with applicable building and zoning ordinances and N.C. Housing <br /> Finance Agency Energy Standards. <br /> 2. Any tenants residing in the Project dwelling unit at the time of acquisition of the <br /> Project dwelling units that are displaced due to the repair work must be notified in <br /> writing of the need for temporary relocation and must be adequately housed in the <br /> community. Owner must submit within 90 days of the date of this Agreement a <br /> detailed written report of the relocation plan for all tenants. All relocation activities <br /> will be fully funded by Owner. <br /> C. Owner is responsible for verifying the income of prospective tenants and maintaining <br /> eligibility data. Owner shall maintain tenant files as part of its Books and Records as <br /> required and for the period of time required by Section VIII. C.6 of this Agreement. <br /> Owner must provide the County an initial occupancy report verifying the income <br /> eligibility the tenant at the time of initial lease-up. Owner must furnish the County with <br /> an annual report on the Project dwelling unit by July 31 of each year thereafter certifying <br /> that the tenant is earning no more than 80% of the area median income by family size, as <br /> determined by the U.S. Department of Housing and Urban Development and as amended <br /> from time. <br /> D. The Project dwelling must have a value that does not exceed 100% of its appraised value. <br /> An independent, qualified appraiser must conduct the appraisal. <br /> E. Owner must submit an annual rental operations budget to the County each year at least <br /> sixty days prior to the July 1 beginning date for the fiscal year. <br /> F. Owner agrees and authorizes the County to conduct on-site reviews, examine client and <br /> contractor records, client applications and to conduct any other procedures or practices to <br /> assure compliance with these provisions. <br /> G. Owner agrees to not violate any State or Federal laws, rules or regulations regarding a <br /> direct or indirect illegal interest on the part of any employee or elected official of the <br /> Owner in the Project or payments made pursuant to this Agreement. <br /> H. Owner agrees that to the best of its knowledge, neither the Project nor the funds provided <br /> therefore, and the personnel employed in the administration of the program shall be in <br /> any way or to any extent engaged in the conduct of political activities in contravention of <br /> Chapter 15 of Title 5,United States Code, referred to as the Hatch Act. <br />