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g. Final itemized development and operating budgets for the Project. <br /> C. Budget Revisions and Other Adjustments <br /> 1. The County reserves the right to reduce the amount of the Project Budget established <br /> by this Loan Agreement if the Agency is not undertaking the Project activity at a level <br /> consistent with the terms and conditions, including but not limited to Exhibit A, of this <br /> Loan Agreement. In addition, the City reserves the right to withhold payments pending <br /> delivery of Project reports or documents as may be required under this Loan <br /> Agreement. All disbursements under this Loan Agreement shall be subject to audit <br /> and recovery of disallowed costs. <br /> 2. The Agency shall submit to the City a written request for approval of revisions to the <br /> Project Budget line items funded with City funds that exceed the greater of$20,000 or <br /> ten percent (10 %) in a budget category. Written budget revision approval must be <br /> received by the Agency before incurring any expenditures or obligations against the <br /> revised Project Budget category line items that exceed the greater of $20,000 or ten <br /> percent (10%). <br /> 3. Proposed changes which exceed the greater of $20,000 or ten percent (10%) of the <br /> total Loan Agreement Project Budget funded with City funds shall necessitate a written <br /> amendment to this Loan Agreement. <br /> 4. The Agency acknowledges that the City will not provide additional financial assistance <br /> to the Agency in the form of operational or capital subsidies for the Project under this <br /> Loan Agreement. If Project income, including rents (if any) charged, is insufficient to <br /> cover operating, maintenance, and capital costs, the Agency agrees to assume full <br /> financial responsibility for the operating and maintenance of the Project throughout the <br /> term of this Loan Agreement. <br /> D. HOME Maximum Subsidy Limits <br /> The total amount of HOME funds may not exceed 240% of the per-unit dollar limitations <br /> established under Section 234—Condominium Housing Limits, elevator-type, basic <br /> mortgage limits for projects in the Seattle- High Cost Percentage (HCP) area. <br /> Bedrooms HOME Maximum Per- <br /> Unit Subsidy Limit <br /> 0 BR $144,050 <br /> 1 BR $165,134 <br /> 2 BR $200,800 <br /> 3 BR $259,773 <br /> 4+ BR $285,148 <br /> E. HOME Award Retainage <br /> The City shall keep one percent (1%) of the loan amount as a retainage fee until final <br /> close-out and receipt of Project completion documents listed in the HOME Rental <br /> Completion Report (attached hereto as Exhibit K and incorporated herein by this <br /> Loan Agreement <br /> Cocoon House <br /> Page 27 of 51 <br />