2007/01/03 Council Agenda Packet

4 9 C. Notice to Proceed The County shall furnish the Agency with written Notice to Proceed upon release of funds from HUD related to the Project pursuant to 24 CFR Part 58. No work on the Project prior to the Notice to Proceed shall occur without written approval from the County. D. Term of Agreement The term of this Agreement begins on the date of the Agreement and shall expire on the date the Agency ceases to conduct the homebuyer loan program, including the origination of new homebuyer loans and the servicing of existing homebuyer loans as provided for in the Agreement. Notwithstanding the preceding sentence, this Agreement may be terminated by either party as provided in Section VI-B hereof. E. Obligations Following Expiration or Termination Following expiration or termination of this Agreement, the Agency's obligations to the County shall remain in full force and effect until all closeout requirements are completed. Closeout requirements comprise all actions required to demonstrate to the County's satisfaction that all terms and conditions of the Agreement have been fulfilled, including, but not limited to, repayment to the County of all Program Income (as that term is defined in Section IV-H-1 of this Agreement) on hand, assignments of accounts receivable, reconciliation of accounts, disposition of tangible property, and provision of reports and data. F. Term for Expenditure of ADDI Funds The Agency shall fully expend the ADDI funds provided under this Agreement for homebuyer loans made in accordance with the terms hereof according to the following schedule: • 2003 ADDI funds expended by July 1, 2008; • 2004 ADDI funds expended by July 1, 2009; • 2005 ADDI funds expended by July 1, 2010; and • 2006 ADDI funds expended by July 1, 2011. On the end dates for the Program Years indicated above, the Agency shall no longer be entitled to draw against the corresponding ADDI funds pursuant to this Agreement. If the Agency does not fully expend the respective Program Year's funds by the date indicated, the allotment to the Agency referred to in Sections I and I-B hereof shall be reduced by the amount not so expended. G. Capitalized Terms All capitalized terms used but not defined herein shall have the meanings ascribed to them in 24 CFR Part 92. In addition, the meanings of capitalized terms defined herein are qualified in their entirety by reference to the definitions contained in 24 CFR Part 92. s ADDI Agreement between Page 3 of 23 City of Everett and Snohomish County