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elsewhere in this Agreement, so long as the same remains consistent with <br /> the object of Exhibit B, as now or hereafter amended. The sum of said <br /> subgrant and any amendments thereto may only be expended in <br /> accordance with the budget contained in Exhibit C attached hereto, which <br /> is incorporated herein by this reference, as may hereafter be amended <br /> (the "Project Budget"). <br /> 2. The funds will be used by the Agency to provide housing rehabilitation <br /> loans to homeowners of low-income families in accordance with the <br /> provisions of this HOME Agreement and Exhibit B. <br /> 3. All Program Income (as that term is defined in Section IV-F-1 of Exhibit A <br /> hereof) from the interest on or repayment of loans shall be deposited by <br /> the Agency into a separate HOME Program Income fund, as required by <br /> Section IV-F-2 of Exhibit A hereof, and shall be used by the Agency solely <br /> to make additional rehabilitation loans to HOME-eligible homeowners. <br /> 4. The Agency shall manage the Project so that Project costs do not exceed <br /> the Project Budget. Further, the Agency shall absorb all costs in excess of <br /> the authorized subgrant amount. <br /> C. Notice to Proceed <br /> The County shall furnish the Agency with written Notice to Proceed upon <br /> release of funds from HUD related to the Project pursuant to 24 CFR Part 58. <br /> No work on the Project prior to the Notice to Proceed shall occur without prior <br /> written approval from the County. <br /> D. Term of Agreement <br /> The term of this Agreement begins August 22, 2016 and expires on the date <br /> the Agency ceases to conduct its Community Housing Improvement Program, <br /> including the origination of new housing rehabilitation loans and the servicing <br /> of existing housing rehabilitation loans as provided for in this Agreement, <br /> PROVIDED, HOWEVER, that no funds will be provided by the County to the <br /> Agency pursuant to this Agreement until the Agreement has been fully <br /> executed by both parties hereto. Notwithstanding the preceding sentence, <br /> this Agreement may be terminated by either party as provided in the Basic <br /> Terms and Conditions Agreement. <br /> E. Term for Commitment of HOME Funds <br /> 1. The Agency shall fully commit the pre-2015 HOME funds provided under <br /> this agreement to homeowners for housing rehabilitation loans for the <br /> Project in accordance with the terms hereof by July 31, 2017. The <br /> Exhibit A-2 <br /> HCS-16-42-1601-198(2) <br /> City of Everett <br /> Page 2 of 24 <br />