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loan closing to defray costs associated with provision of application intake, document preparation, environmental, homebuyer counseling, home inspections, or other project specific services necessary to enable an individual property to close (presuming that Paris Living or one of its consultant(s) performs that actual service). Paris Living agrees that its fees will not exceed amounts allowable as costs that can be charged against the administrative or project related soft costs of the Program or against third party participants. Further it is understood that while the administrative costs will be charged for accomplishing certain administrative tasks, that TDHCA requires that any administrative draw processed to TDHCA not exceed the percentage of projects completed and drawn. Therefore, H&HCI will bill the City and prepare subsequent documentation for reimbursement from TDHCA to the City based upon the following general activity categories and per the following milestones: % OF TOTAL ACTIVITY* CONTRACT FEE l Affirmative Marketing 25% . 2. Record Keeping 36% 3. Financial Management 38% 4 Administrative Environmental 01% . TOT AL: 100% % OF BILLING MILESTONES** CONTRACT FEE 1 2°a home loan completed and reimbursed by TDHCA 10% . 2. 5"' home loan completed and reimbursed by TDHCA 15% 3 10t' home loan completed and reimbursed by TDHCA 25% . 4 15t'' home loan completed and reimbursed by TDHCA 25% . 5 19`h home loan completed and reimbursed by TDHCA 20% . 6. 20'b (or last) home completed and reimbursed by TDHCA 5% TOTAL: 20 home loans completed 100%** *these categories reflect work activity for managing the homebuyer program in general. Activities and work associated with individual loans and projects will be billed to each loan closing as project related soft costs. Such activities would include such items as: document preparation, individual property file reviews, environmental checklist preparation, and document delivery. **If the total contract is not completed the total administrative fees charged to the City and subsequently to TDHCA for reimbursement under the Administrative fee portion of the contract with the City will be in an amount that is the same percentage as the total number of loans completed (as per the HiJD rules). 5. Further, the City understands and agrees that Paris Living may, upon written approval from the City Manager of the City of Paris, subcontract portions of the administration of the Program to other entities, with the understanding that Paris Living has the ultimate responsibility and liability to the City for the administration of the Program. 6. Paris Living and the City agree that the period of this Agreement will be far a minimum of three years from the agreement signing date or to coincide with the length and term of the City's contract with TDHCA including any extensions to thereof, whichever period is longer. 7. It is expressly understood and agreed by the Parties to this Agreement, that Paris Living is an independent contractor, and as such, Paris Living agrees to release, defend, indemnify and - 000103