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<br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed between the parties hereto as follows: <br /> <br />I. USE OF BOND FUNDS <br /> <br />A. InChuCo shall perform the projects or tasks related to its allocation of Affordable <br />Housing Bond funds as provided in Exhibit B, Scope of Services, and within the <br />proposed budget outlined in Exhibit C. <br /> <br />B. InChuCo may not request disbursement of Project funds under this Agreement until the <br />funds are needed for payment of eligible costs. The amount of each request must be <br />limited to eligible costs as determined by County staff. <br /> <br />C. Said Project funds shall be disbursed by the County to InChuCo for performance of the <br />services described in Exhibit B by check made payable to InChuCo. <br /> <br />D. Bond funds will be a fixed subsidy provided in the form of a grant. <br /> <br /> <br />II. AMOUNT OF BOND FUNDS/LOAN TERMS <br /> <br />A. The County shall make available to Owner up to One Hundred Sixty-Five Thousand <br />Eight Hundred and Forty Dollars ($165,840.00) pursuant to this Agreement. <br /> <br />B. Said funds to be disbursed by the County to InChuCo for the performance of the <br />services described in Exhibit B. <br /> <br /> <br />III. LIEN POSITION <br /> <br />N/A <br /> <br />IV. TIMELINESS <br /> <br />Owner shall complete the Project within twelve (12) months from the date of this Agreement. <br />However, in the event of any alterations or addition or circumstances beyond the control of the <br />Owner, which in the opinion of the Director of the County’s Department of Housing and <br />Community Development Department will require additional time for completion of the <br />Project, then in that case, the time of completion shall be extended by the County Manager in <br />writing for a period of time not to exceed six (6) months. Any further extension will require <br />the approval of the Orange County Board of County Commissioners. <br /> <br />V. DURATION OF THE AGREEMENT <br /> <br />This Agreement will remain in effect for the Period of Affordability as provided in Section VI, <br />Affordability Requirements, the term of which is ninety-nine (99) years from proper recording <br />DocuSign Envelope ID: D9F5DB48-6B35-4950-A760-8532DDEBD76E