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8 <br /> Reimbursement shall be submitted by the Agency only for funds needed for payment of <br /> eligible Project costs and payment will be limited to the amount so needed. <br /> 1. A check will be drawn by the City for Project needs within fifteen (15) calendar days of <br /> receiving the requested HUD funds from the U.S. Treasury and will be promptly <br /> forwarded to the Agency Project staff contact person for disbursal. <br /> 2. Disbursements shall be limited to the amounts needed for allowable Project costs. <br /> Disbursements will not occur, and payments may be withheld, unless the Agency <br /> provides proper documentation. <br /> C. Repayment of HOME Funds <br /> The Agency shall return to the City funds disbursed to it under this Agreement upon the <br /> occurrence of any of the following events: <br /> 1. if HOME-assisted activities are cancelled; <br /> 2. if overpayments are made; <br /> 1. if the Project or any part thereof is terminated before completion, voluntarily or <br /> otherwise, which termination constitutes an ineligible activity requiring repayment to the <br /> City's HOME Fund, pursuant to 24 CFR §§ 92.205(e) and 92.503(b)(2); or <br /> 4. if the Project or any part thereof ceases to qualify as affordable housing before the <br /> period of affordability expires, pursuant to 24 CFR §§ 92.501 and 92.503(b)(1). <br /> E. Budget Surplus <br /> All funds and authorization of funds remaining in the Project Budget upon closeout of the Loan <br /> shall revert to the City of Everett HOME Program. The Agency shall, upon expiration or <br /> termination of this HOME Agreement, transfer to the City (i) any HOME funds on hand and (ii) <br /> its rights in any accounts receivable attributable to the use of HOME funds. <br /> If other funding entities have differing requirements, the City may amend this paragraph in <br /> writing to be consistent with those other requirements. <br /> H. Insurance <br /> The Agency shall comply with the following insurance provisions: <br /> 1. Liability Insurance <br /> a. The Agency shall obtain and maintain continuously, at its own expense, for the term <br /> of this HOME Agreement, Commercial General Liability insurance with <br /> endorsements and/or other insurance which will indemnify for the activities and <br /> 70 - 10 - <br />