Agenda - 02-05-2002 - 9a - Laserfiche WebLink

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❑ Promissory Tote,forgivable A the and of 40 yens. This Dead of Trost and&amissmy Now shut combine a Ilan on the property,socand only to the Damnation of Reductive Cavmmns dcsmibed m paagmpF 4 of this specimens, with the County as the secured pany/bepafioiary. The County agrees to maintained its Doed of Trust ben on the Roperty to a li® seeming private construction financing acquired by RSI or order to complete no Prijter d. The period of affordability will be 99 yams und wilt be secured by a Dalamtiun of Restrictive Covenants that will ivcoryorote a right of firet refused that maybe cacmissed by RSI manner(hangs Chubby e. An annual tomil operations budget must be submittal to me County each year at feel duty days met to the July 1 be$mting data for the fiscal yam. Pusher,not more Star 90 days after the end of each fiscal year,RSU most furnish to the County an amaal accounting ofinoome rod expmsd Im each dwelling amt.Reasonable cent increases will be acceptable for&tuubudgets add return. f R5]is responsible for veifying the income of[wants and remanding cli®bility data RSI shall mammies tenant&CS m pmt of its Books and Records as required said for We period of time required by Section 5c. of this Agreement. RSI must provide the County an wined occupancy report verifying the income eligibility of all teamtn at the time of initial lease-up. Euh yen thereafter,on or before duly 31,RSI must famish rho County with an annual report on the Pre ect codifying Chat all tenants elm less than JP/, of the area noun income by family sire, as determined by the U.S. Department of Housing and Imbm Danglopmem and as amended from time To time. 2. Pral Payme nts,The County shall make progress payments,when remained by RSI, su the work eminence. Payments shall be based upon work completed and approved by County Profess payment hander shall be based an actual web memi by RSI identified in the Budged as described in Wished landspit B. payment requests shelf be accompanied by copies of documentation for actual oxpenion Roment mmmms shall be van-find by the County for sadsfacmry completion prior to payment. J. Time for Co® ent mtl Compktim. Joined coustmcdon must begin within t1VS(3)yeas ofthe odgimd handsome date of May 29,2001. R6l will importance fm providing dome reports to the County quaMrly detailing me project activities until project completion, In ad it on,RSI agrees to famish m the County a copy of its annual audit performed by a confirm public acep t within 90 days of the end of Orlin fiscal year Mel the Project is complete. The project completion date is the closing date of the purcbme by a qualified buyer of Cc Last of the Southern units m be muslruRW fm&anfine homebnyaa. In&e even that RSI is unalin to funded wish may sups[of Sue project in a timely mmner, and County and RSI determine that reasonable extmelun(s) for completion will mt mostly the situation,them she fascination of Anatomical provisions t softhis Animation($m G -on a) shall permits. Mt may, at its option, submit a written request for a delay of completion 17