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9 <br /> I. GENERAL AGREEMENT <br /> The Agency hereby agrees to receive and utilize ADDI funds in the amount of One Hundred <br /> Thousand Six Hundred Forty-Five Dollars ($100,645) allocated by the County to provide <br /> homeownership downpayment assistance to low-income qualified homebuyers in accordance <br /> with the terms of the Consolidated Plans, which Consolidated Plans are incorporated herein by <br /> this reference. Failure to comply with any of the terms and conditions of this Agreement may <br /> lead to suspension or termination of ADDI funding to the Agency. <br /> A. Designation <br /> Contingent upon release of funds from HUD, the Agency, as a ADDI subrecipient, will <br /> undertake a homeownership downpayment assistance program referred to as City of Everett <br /> ADDI Setaside, ADDI 2003 #021ADDI 2004 #2/ADDI 2005 #3/ADDI 2006 #1 and more fully <br /> described in Attachment A hereto, Project Description, which is incorporated herein by this <br /> reference (the "Project"). Section I-F hereof contains a schedule for completing the tasks <br /> required by this Agreement. <br /> The undertaking of the Project shall be in full accord with the HOME Investment Partnerships <br /> Act of 1990, 42 U.S.C. § 12701 et seq., as now or hereafter amended, including the <br /> amendments made by the American Dream Downpayment Act, 42 U.S.C. § 12821 et seq., and <br /> rules and regulations promulgated thereunder. The Agency agrees to comply fully with all <br /> applicable federal, state, and local laws, ordinances, and regulations in activities funded in <br /> whole or in part with funds provided through this Agreement and in carrying out the Project in <br /> accordance with Attachment A and with all other terms of this Agreement. <br /> B. Subgrant <br /> Subject to the provisions of Section I-C hereof, the Agency is hereby allotted through a <br /> subgrant the sum of One Hundred Thousand Six Hundred Forty-Five Dollars ($100,645) for the <br /> full undertaking and performance of the Project. The subgrant may be amended from time to <br /> time in any manner described elsewhere in this Agreement, so long as the same remains <br /> consistent with the object of Attachment A, as now or hereafter amended. The sum of said <br /> subgrant or any amendments thereto may only be expended in accordance with the budget in <br /> Attachment B hereto, which is incorporated herein by this reference, as may hereafter be <br /> amended (the "Project Budget"). <br /> The funds will be used to provide homeownership downpayment assistance to qualified low- <br /> income (at or below 80% of the area median income) first-time homebuyers in the City of <br /> Everett. The homes must be the principal residence of the homebuyer. Additionally, 2004 and <br /> 2005 ADDI funds can be used to abate lead-based paint hazards and to address health and <br /> safety issues. The rehabilitation must be completed within one year of purchase. <br /> The Agency shall manage the Project so that Project activity costs do not exceed the Project <br /> Budget. Further, the Agency shall absorb all costs in excess of the authorized subgrant <br /> amount. <br /> ADDI Agreement between Page 2 of 23 <br /> City of Everett and Snohomish County <br /> 67 <br />