Agenda - 12-09-2003-8m - Laserfiche WebLink

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1.4 Schedule of Completion A. Timel Performance of Work. The Owner agrees to begin work no later than the date for commencement of work as stated in Section 1 I B In the event the work is not commenced, diligently continued and completed as required under this Agreement, the PHA may terminate this Agreement or take other appropriate action. The Owner agrees to report promptly to the PHA the date work is commenced and furnish the PHA with progress reports as required by the PHA, B Time for Completion. All work must be completed no later than the end of the period stated in Section 1 LC. Where completion in stages is provided for, work related to units included in each stage shall be completed by the stage completion date in Exhibit E, and all work on all stages must be completed no later than the end of the period stated in Section 1. LC. C Delavs. If there is delay in the completion due to unforeseen factors beyond the Owner's control as determined by the PHA, the PHA agrees to extend the time for completion for an appropriate period as determined by the PHA, In the case of'such delays, the PHA shall reduce the term of the Contract so that the Contract term does not extend beyond the last date of the ACC term for the A CC funding authority from which the Contract is to be funded. L5 Rehabilitation Period, A. Establishment of Initial Contract Rent. The initial Contract Rent for each unit may in no event exceed the amount authorized in accordance with HUD regulations and requirements. 2, The Contract Rents stated in Exhibit C of this Agreement will be the initial Contract Rents specified in the Contract unless a lower initial Contract Rent is established by the PHA in accordance with paragraph B of this section, or Section 1.14A of this Agreement. The initial Contract Rents stated in Exhibit C of this Agreement shall not be increased for any reason, including changes in the work. Page 4 of 15 form Ht1D•5253YA (4/90j ref. Handbook 7420 B