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i~ <br />change order. Also, a modification agreement stating these changes in the <br />contract amount must be completed by Orange County, and executed by the <br />owner. <br />16. Progress payments: The contractor is entitled to request a maximum of one <br />partial payment during construction per $8,000 of contracted amount. When a <br />payment is requested, the Rehabilitation Specialist will inspect the work within <br />three days, list all items deemed 100% complete, and calculate a payment based <br />on the total contracted amount of those completed items. <br />17. Closeout: When the contractor declares the work complete, program staff will <br />thoroughly inspect work. If deficiencies are observed, the contractor will be <br />required to correct them. When the Rehabilitation Specialist and the homeowner <br />are satisfied that the contract has been fulfilled, each will sign off and, after receipt <br />of the contractor's final invoice, the final payment will be ordered. The contractor <br />will submit all lien releases prior to release of the final payment. All material and <br />workmanship will be guaranteed for cone-year period after the date of project <br />completion. <br />18.Post-construction conference: Following construction the contractor and the <br />Rehabilitation Specialist will sit down with the homeowner one last time. At this <br />conference the contractor will hand over all owner's manuals and warranties on <br />equipment. The contractor and Rehabilitation Specialist will go over operating and <br />maintenance requirements for the new equipment and appliances and discuss <br />general maintenance of the home with the homeowner. A review of any lead <br />hazard related work will be held. The homeowner will have the opportunity to ask <br />any final questions about work. <br />19. Recordation and assignment: As soon as possible after the contract has been <br />awarded, and prior to beginning work, Orange County will execute and record the <br />required loan note and deed of trust. If, upon completion of all rehabilitation work, <br />the contract price has changed due to the effect of change orders, Orange County <br />will execute and record a loan modification agreement reflecting the resulting <br />increase or decrease in the original loan amount. The loan will then be "assigned" <br />to NCHFA. That means that the loan will become the property of NCHFA, with <br />original documents sent there for storage and "servicing". <br />20.The warranty period: It is extremely important that any problems with the work <br />that was performed be reported to the Rehabilitation Specialist as soon as <br />possible. All bona fide defects in materials and workmanship reported within one <br />year of completion of construction will be corrected free of charge. <br />What are the key dates? If, after reading this document, you feel that you qualify for <br />this program and wish to apply, please keep the following dates in mind: <br />• Applications available to the public starting September 3, 2008 or earlier if <br />possible. <br />• Applications must be turned to Orange County by 5:00 PM on November 14, 2008. <br />9 <br />