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accordance with the budget contained in Exhibit C attached hereto, which <br /> is incorporated herein by this reference, as may hereafter be amended (the <br /> "Project Budget"). <br /> 2. The funds will be used by the Agency to provide housing rehabilitation loans <br /> to homeowners of low-income families in accordance with the provisions of <br /> 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 HOME loans generated by the <br /> Project between July 1, 2017 and June 30, 2018 ("2017 Program Income") <br /> in the amount of Two Hundred Eight-Nine Thousand and Thirty-One <br /> Dollars and Thirty-Three Cents ($289,031.33), shall be used by the <br /> Agency solely to make additional rehabilitation loans to HOME eligible <br /> homeowners under the terms of this HOME Agreement and shall be used <br /> in accordance with the terms of this HOME Agreement, including but not <br /> limited to, Section IV-F of Exhibit A hereof. <br /> 4. 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 HOME loans generated by the <br /> project beginning July 1, 2018 ("Post 2017 Program Income") shall be used <br /> in accordance with Section IV-F of Exhibit A hereof. <br /> 5. 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 January 1, 2019 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, this <br /> Agreement may be terminated by either party as provided in the Basic Terms <br /> and Conditions Agreement. <br /> Exhibit A <br /> HCS-19-42-1801-198 <br /> City of Everett <br /> Page 2 of 24 <br />