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E. Reversion of Assets <br /> All unexpended funds authorized by the Project Budget (Exhibit C) upon <br /> closeout of the Agreement shall revert to the Snohomish County HOME <br /> Program. The Agency shall, upon expiration or termination of this HOME <br /> Agreement, transfer to the County: <br /> 1. Any HOME funds and Program Income on hand at the time of such <br /> expiration or termination; and <br /> 2. Its rights in any accounts receivable attributable to the use of HOME <br /> funds. <br /> F. Program Income <br /> 1. Program Income is gross income, revenues and receipts of the Agency <br /> derived from activities assisted with HOME funds under this HOME <br /> Agreement ("Post 2016 Program Income"), and derived from activities <br /> assisted with prior year HOME funds which are included in this HOME <br /> Agreement (2016 Program Income), as is fully defined at 24 CFR § 92.2. <br /> Subject to provisions in the following paragraphs (2) through (7), all Post <br /> 2016 Program Income and 2016 Program Income, may be retained for <br /> use by the Agency, if it used exclusively for additional eligible HOME <br /> projects allowed under, and subject to the terms of, this HOME <br /> Agreement. Any such Program Income which the Agency elects not to <br /> retain for such use shall be remitted to the County. <br /> 2. All 2016 Program Income and Post 2016 Program Income received by the <br /> Agency from the Project or from any other HOME-assisted programs or <br /> projects shall be deposited in a single, separate HOME Program Income <br /> account ("the Agency account"). The Agency shall record and maintain <br /> cumulative records of the original source (the HOME Project and the <br /> HOME loan) of each deposit to the Agency account, and the HOME <br /> Project and HOME loan receiving each disbursement from the Agency <br /> account. <br /> 3. 2016 Program Income included in this Agreement shall be used by the <br /> Agency solely to make additional rehabilitation loans to HOME-eligible <br /> homeowners under the terms of this Agreement. All 2016 Program <br /> Income must be committed to loan activities prior to committing 2017 <br /> HOME funds to loan activities. If 2016 Program Income and 2017 HOME <br /> funds are committed to the same loan activity, the 2016 Program Income <br /> funds must be disbursed first. <br /> Exhibit A-1 <br /> HCS-17-42-1701-198(1) <br /> City of Everett <br /> Page 17 of 24 <br />