15 - Acceptance of a donation fromt the RAM & Cecil Foundations to be used with the HOME Programs (2)

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MEMORANDUM OF UNDERSTANDING This MEMORANDUM OF UNDERSTANDING (MOU) is entered into by and between the Philip and Sally Cecil Foundation, Inc. (Cecil) and the City of Paris, Texas (City), each a "Party" and collectively referred to as the "Parties." WHEREAS, the Parties wish to enter into this MOU for the use of funds to be donated by Cecil to the City to assist in alleviating the need for affordable and low-income housing within the corporate limits of City; and WHEREAS, to that end, Cecil will donate the sum of $200,000.00 under the terms and conditions set forth herein to be used by City in the administration of the HOME programs for the provision of affordable and low-income housing; and WHEREAS, also to that end, the RAM Foundation (RAM) has agreed to donate the sum of $300,000.00 to City; and WHEREAS, on December 13, 2021, the City Council of the City of Paris, Texas accepted both donations by Resolution No. ; and WHEREAS, this MOU is a non-binding document setting out the anticipated roles and responsibilities of the Parties to effectuate the intent of the donations from Cecil and RAM. The Parties agree as follows: 1. Term: This agreement shall be effective immediately upon execution of the Parties and will expire upon the expenditure of all identified funds, unless terminated before that in accordance with paragraph 8 herein below. 2. Roles and Responsibilities of the Parties: 2.1 Cecil a) Cecil will donate the sum of $200,000.00 directly to City for use in the HOME programs, including the HRA (Homeowner Reconstruction Assistance) and HANC (Homeowner Assistance for New Construction) programs. Participation in the HANC program is dependent upon the State of Texas' implementing said program during the term of this MOU. b) Cecil reserves the right to review the use of the Cecil funds on or about the three year anniversary of the execution of this MOU to determine how much of said funding has been expended. At that time, should less than half of the donated funds have been utilized, Cecil may recoup some or all of the funding from City to be used in other housing projects minus any funds that have already been committed for any particular home or homes under the HOME programs. 151In1,61,4 `I B r .