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3 <br /> CLOSEOUT AGREEMENT TERMS AND CONDITIONS <br /> Agreement Number: 08-F6401-004CA <br /> NEIGHBORHOOD STABILIZATION PROGRAM 1 (NSP1) <br /> Washington State Department of Commerce <br /> The purpose of this Closeout Agreement is to acknowledge that the project has been certified complete <br /> and the final grant amount for the Neighborhood Stabilization Program 1 (NSP 1)Agreement Number <br /> 08-F6401-004 has been adjusted, if necessary, as reflected on the Closeout Agreement Face Sheet. <br /> Washington State Department of Commerce(hereinafter referred to as"COMMERCE"), and the City of <br /> Everett(hereinafter referred to as the"Contractor")agree to close-out NSP1 Agreement Number 08- <br /> F6401-004 and agree to the following: <br /> 1. PROJECT COMPLETE.All activities identified in the Statement of Work of NSP1 Agreement <br /> Number 08-F6401-004 are complete. <br /> 2. FINAL GRANT AMOUNT.Any NSP1 funds not disbursed before the date this Closeout <br /> Agreement is executed shall be returned to COMMERCE. The final amount of the NSP1 grant shall <br /> be five hundred forty-five thousand five hundred two dollars and eighty-five cents ($545,502.85). <br /> 3. NSP1 CLOSEOUT REPORT.The Contractor submitted to COMMERCE,to COMMERCE's <br /> satisfaction, an NSP1 Closeout Performance Report accounting for all the NSP1 activities and <br /> beneficiaries resulting from the NSP1 project,herein included as Attachment A to this Closeout <br /> Agreement. <br /> 4. FINAL PUBLIC HEARING. On 8/14/2012 the Contractor held a public hearing to solicit public <br /> comments and review the performance of the completed NSP1 project,in accordance with 24 CFR <br /> 570.486. <br /> 5. SINGLE AUDITS.If the Contractor expended or accrued$500,000 or more in federal funds in a <br /> fiscal year during the term of NSP1 Agreement Number 08-F6401-004,the Contractor submitted to <br /> COMMERCE single audits conducted in accordance with OMB Circular 133 for each applicable <br /> year. If any of the Contractor's NSP 1 sub-recipients expended or accrued$500,000 or more in <br /> federal funds in a fiscal year during the term of NSP1 Agreement Number 08-F6401-004,the <br /> Contractor has reviewed to the Contractor's satisfaction the single audits of such sub-recipient(s), <br /> which were conducted in accordance with OMB Circular 133 for each applicable year. <br /> 6. CONTINUED AFFORDABILITY.The Contractor will ensure the continued affordability of all <br /> the properties assisted with NSP1 funds, in accordance with the requirements of 24 CFR 92.252 for <br /> rental units and 24 CFR 92.254 for owner-occupied units, and in accordance with NSP1 Agreement <br /> Number 08-F6401-004. <br /> 7. ADDITIONAL DATA AND REPORTING. Should the U.S.Department of Housing and Urban <br /> Development(HUD) or COMMERCE request additional information or data about the NSP1 project <br /> and/or use of NSP1 funds,the Contractor agrees to provide such information or data within 30 <br /> calendar days from the date the Contractor receives the request. If required,the Contractor agrees to <br /> Department of Commerce Page 2 Closeout Agreement <br /> Neighborhood Stabilization Program 1 1 5 08-F6401-004CA <br />