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<br /> <br />time. Monthly rents must not exceed the HUD Published Fair Market Rents in effect at <br />the time of occupancy. Residential leases will not exceed one year in term. <br /> <br />B. Owner agrees to cooperate with County to allow County to finance the rehabilitation of <br />the Project dwelling unit if needed. The Project shall be occupied no later than six <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 /> <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 /> <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 /> <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 a veteran earning less than 60% of the area median income by family <br />size, as determined by the U.S. Department of Housing and Urban Development and as <br />amended from time. <br /> <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 /> <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 /> <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 /> <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 />DocuSign Envelope ID: 26C611FC-889B-477B-8950-766E41A4752D