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<br />h. Selection of contractor will be bid or from a City established list will be made by Owner. <br />Contractor will bid on specifications. iff bid is within 15% of estimate, a contract will be <br />drawn up between owner and contractor. Ifbid is greater than 15% above estimate <br />contractor will have the opportunity to modifY bid. If not, Owner will select another <br />contractor from the list. <br /> <br />i. Completed application package is presented to Housing Board for approval. <br /> <br />J. Construction contract and all closing documents are prepared and signed. <br /> <br />k. Owner issues Notice To Proceed to contractor. <br /> <br />1. Interim inspections are made as necessary. <br /> <br />m. Final inspection is made. <br /> <br />n. Contractor provides owner with; 1 year warranty, releases from all sub contractors and <br />suppliers. <br /> <br />o. City will provide payment to Contractor on behalf of Owner. <br /> <br />p. Aid applicant in exercising a 1 year warranty made by the contractor when necessary. <br /> <br />4.3 Approval Of Loan Application <br /> <br />If the rehabilitation! reconstruction amount is sufficient to repair the structure to local codes, the <br />application shall be presented to the Housing Board. When signed it will be considered approved. <br /> <br />4.4 Loan Cancellation <br /> <br />An approved rehabilitation loan may be canceled because the applicant has requested cancellation, <br />or is unwilling or unable to proceed with the rehabilitation work. <br /> <br />The City may cancel a rehabilitation loan if it is detennined that information given is incorrect or <br />incomplete. <br /> <br />In either event the City will prepare a letter of cancellation and mail to owner. City will retain a <br />copy. <br /> <br />-9- <br />