Snohomish County Human Services 3/6/2018 (2)

the object of Exhibit B, as now or hereafter amended. The sum of said subgrant and any amendments thereto may only be expended in accordance with the budget contained in Exhibit C attached hereto, which is incorporated herein by this reference, as may hereafter be amended (the "Project Budget"). 2. The funds will be used by the Agency to provide housing rehabilitation loans to homeowners of low-income families in accordance with the provisions of this HOME Agreement and Exhibit B. 3. All Program Income (as that term is defined in Section IV-F-1 of Exhibit A hereof) from the interest on or repayment of HOME loans generated by the Project between January 3, 2017 and June 30, 2017 ("2016 Program Income") in the amount of One-Hundred Thirty Thousand Five-Hundred and Thirty-Two Dollars and Thirty-Eight Cents ($130,532.38), shall be used by the Agency solely to make additional rehabilitation loans to HOME eligible homeowners under the terms of this HOME Agreement and shall be used in accordance with the terms of this HOME Agreement, including but not limited to, Section IV-F of Exhibit A hereof. 4. All Program Income (as that term is defined in Section IV-F-1 of Exhibit A hereof) from the interest on or repayment of HOME loans generated by the project beginning July 1, 2017 ("Post 2016 Program Income") shall be used in accordance with Section IV-F of Exhibit A hereof. 5. The Agency shall manage the Project so that Project costs do not exceed the Project Budget. Further, the Agency shall absorb all costs in excess of the authorized subgrant amount. 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 prior written approval from the County. D. Term of Agreement The term of this Agreement begins October 1, 2017 and expires on the date the Agency ceases to conduct its Community Housing Improvement Program, including the origination of new housing rehabilitation loans and the servicing of existing housing rehabilitation loans as provided for in this Agreement, PROVIDED, HOWEVER, that no funds will be provided by the County to the Agency pursuant to this Agreement until the Agreement has been fully executed by both parties hereto. Notwithstanding the preceding sentence, Exhibit A HCS-17-42-1701-198 City of Everett Page 1 of 24