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4892-4116-9314, v. 6 <br /> <br />WHEREAS, as of the effective date of this Agreement, the Property is owned by the Town <br />of Chapel Hill, North Carolina (hereinafter, the “Town”). The Town selected the Community <br />Housing Partners as the developer for the Property as part of a competitive RFQ process. The <br />Town will enter into a ground lease with Owner; and <br /> <br />WHEREAS, notwithstanding any provision of this Agreement, the County and <br />Community Housing Partners hereby agree and acknowledge that this Agreement is conditioned <br />on satisfactory completion of an applicable environmental review. The parties further agree that <br />the provision of such funds to the project is conditioned on the County’s determination to proceed <br />with, modify, or cancel the project based on the results of such environmental review. The County <br />acknowledges and agrees that the completion by HUD of its Part 50 environmental review satisfies <br />the County’s requirements. <br /> <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 PROJECCT FUNDS <br /> <br />A. Community Housing Partners shall cause Owner to perform the projects or tasks related <br />to its allocation of Project funds as provided in Exhibit B, Scope of Services, and <br />within the proposed budget outlined in Exhibit C (in addition to funds provided by <br />other parties). <br /> <br />B. Community Housing Partners may not request disbursement of Project funds under this <br />Agreement until the funds are needed for payment of eligible costs. The amount of each <br />request must be limited to eligible costs as determined by County staff. <br /> <br />C. Said Project funds shall be disbursed by the County to Community Housing Partners <br />for performance of the services described in Exhibit B by check made payable to <br />Community Housing Partners. <br /> <br />D. Project funds will be a fixed subsidy provided in the form of a grant. <br /> <br /> <br />II. AMOUNT OF PROJECT FUNDS/LOAN TERMS <br /> <br />A. The County shall make available to Community Housing Partners up to Nine Hundred <br />and Fifty Thousand ($ 950,000.00) pursuant to this Agreement. <br /> <br />B. Said funds to be disbursed by the County to Community Housing Partners to be loaned <br />to Owner for the performance of the services described in Exhibit B. <br /> <br /> <br />III. LIEN POSITION <br /> <br />DocuSign Envelope ID: 6723EB43-5934-4E1A-A173-E46F70EADEBB