2000-129-RES APPROVING AND AUTHORIZING AN OWNER

Home Browse Search

note, and mortgage must require that the affordability requirements continue to be met throughout the term of the loan and that the affordability requirements shall be binding upon the heirs, successors, assigns, and transferees of the Administrator. 21.3 Administrator agrees that all repayments, including all interest and any other return on the investment of HOME funds will be made to Department. Department reserves the right to permit Administrator to retain interest or return on the investment of HOME funds for additional eligible activities by the Administrator. 21.4 Administrator shall ensure that all projects assisted with funds provided under this Contract shall meet the requirements of24 C.F.R. part 92 for the duration of this Contract. 21.5 Administrator shall adopt and submit, for Department's approval, affirmative marketing procedures and requirements. The affirmative marketing procedures and requirements shall include, but need not be limited to, those specified in 24 C.F.R. part 92. Administrator must provide Department with an annual assessment of the affirmative marketing program for the development. The assessment shall be prepared in accordance with the HOME Implementation Manual. 21.6. Upon termination of this Contract, all funds remaining on hand on the date of termination, and all accounts receivable attributable to the use of funds received under this Contract, shall revert to Department. Administrator shall return these assets to Department within seven (7) business days after the date of termination. 21.7 Department shall not release any funds for any costs incurred by Administrator under this Contract until Department has received from Administrator an executed, legally enforceable agreement containing remedies adequate to enforce the affordability requirements of 24 C.F.R. part 92, as applicable, with Administrator. Administrator shall record said agreement in the real property records of the county where the project is located and return the original document, duly certified as to recordation by the appropriate county ofticial, to the Department. Receipt of such certified recorded original by the Department is required prior to disbursement of any funds under this Contract. 21.8. Funds provided under this Contract may not be used in connection with acquisition or rehabilitation of a development located in an area identified by the Federal Emergency Management Agency (FEMA) as having special flood hazards, unless the locality in which the site is located is participating in the National Flood Insurance Program or less than a year has passed since FEMA notification regarding such hazards and flood insurance is obtained as a condition of approval of the commitment. ARTICLE 22 Oral And Written Agreements All oral and written agreements between the Parties to this Contract relating to the subject matter of this Contract that were made prior to the execution of this Contract have been reduced to writing and are contained in this Contract. The attachments enumerated and denominated below are a part of this Contract and constitute promised performances under this Contract: I. Exhibit A, Performance Statement 2. Exhibit B, Budget 3. Exhibit C, Applicable Laws and Regulations 4. Exhibit D, Certifications 5. Exhibit E, Performance Timetable 53039 SC ityofParis.doc Page 10 of 16