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C <br /> B. The Project <br /> The Grant is provided to the Grantee for the undertaking and performance of the <br /> Project described in Exhibit A. The Grant may be amended from time to time in <br /> any manner described elsewhere in this HTF Agreement, so long as the same <br /> remains consistent with the object of Exhibit A, as now or hereafter amended. <br /> C. Project Budget <br /> The Grantee shall pay all Project costs in excess of the authorized Grant amount. <br /> D. Public Information <br /> In all news releases and other public notices related to the Project funded under <br /> this HTF Agreement, the Grantee shall include information identifying the source <br /> of funds as the City of Everett 2060 Housing Trust Fund. The Grantee also shall <br /> erect a sign to City specifications at shelter site for the Project, identifying the <br /> source of funds. <br /> E. Resident Population of the Project <br /> From the date of this Agreement and continuing for 15 consecutive years, except <br /> as otherwise herein provided, the Project shall be operated as a family shelter <br /> available exclusively to occupants whose gross annual household income (at the <br /> time of initial occupancy) is not more that fifty percent (50%) of the annual <br /> median income for the Seattle-Bellevue-Everett metropolitan statistical area, <br /> adjusted for household size, as estimated from time to time by the U.S. <br /> Department of Housing & Urban Development (HUD). If at any future time HUD <br /> ceases issuing said median household estimates, the income under this <br /> Agreement shall be as determined by the City. <br /> Further, the Grantee shall verify the income of tenants of Assisted Units only in <br /> accordance with methods prescribed by or agreed to by the City. <br /> II. TERM OF AGREEMENT <br /> The term of this 2060 HTF Agreement begins on the date of the Agreement and expires <br /> 15 years from the date of this Agreement. This Agreement may be terminated by the <br /> City prior to its expiration date as provided in Section XII hereof. <br /> Following expiration or termination of this Agreement, the Grantee'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, including, <br /> but not limited to, repayment of the Loan; certificate of occupancy; inspection of the final <br /> Project; and to the extent all funds identified in the Project budget have not been <br /> disbursed, letters from other funders evidencing their satisfaction with the Project and <br /> stating that there are no outstanding issues which would cause their withholding of <br /> funds. <br /> I r� <br /> 2 <br />