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r <br /> E. Term of Agreement <br /> The term of this Agreement shall commence on the date of the Agreement and shall <br /> expire on the date the Agency ceases to conduct the homebuyer loan program, <br /> including the origination of the new homebuyer loans and the servicing of existing <br /> homebuyer loans as provided for in the Agreement. Notwithstanding the preceding <br /> sentence, this Agreement may be terminated by either party as provided in section <br /> VI-B hereof. <br /> F. Obligations Following Termination <br /> Following expiration or termination of this Agreement, the Agency's obligations to the <br /> City shall remain in full force and effect until all closeout requirements are completed. <br /> Closeout requirements comprise all actions required to demonstrate to the City's <br /> satisfaction that all terms and conditions of the Agreement have been fulfilled, <br /> including, but not limited to, repayment to the City of all Program Income (as that <br /> term is defined in Section IV-H-1 of this Agreement) on hand, assignments of <br /> accounts receivable, reconciliation of accounts, disposition of tangible property, and <br /> provision of reports and data. <br /> G. Term for Expenditure of HOME and ADDI Funds <br /> The Agency shall fully expend the HOME and ADDI funds provided under this <br /> Agreement for homebuyer loans made in accordance with the terms hereof according <br /> to the following schedule: <br /> • 2003 HOME and ADDI funds expended by July 1, 2008 and <br /> • 2004 HOME and ADDI funds expended by July 1, 2009 and <br /> • 2005 ADDI funds expended by July 1, 2010 and <br /> • 2006 ADDI funds expended by July 1, 2011 . <br /> On the dates indicated above, the Agency shall no longer be entitled to draw against <br /> the 2003 HOME and ADDI funds, or the 2004 HOME and ADDI funds or the 2005 <br /> ADDI funds or the 2006 ADDI funds, as the case may be, pursuant to this <br /> Agreement. If the Agency does not fully expend the 2003, 2004, 2005 or the 2006 <br /> funds by the date indicated, the allotment to the Agency referred to in Sections I and <br /> I-B hereof shall be reduced by the amount not so expended. <br /> H. Capitalized Terms <br /> All capitalized terms used but not defined herein shall have the meanings ascribed to <br /> them in 24 CFR Part 92. In addition, the meanings of capitalized terms defined <br /> herein are qualified in their entirety by reference to the definitions contained in 24 <br /> CFR Part 92. <br /> HOME and ADDI Agreement between <br /> , r <br /> City of Everett and HomeSight r.; 1 <br /> 4 <br />