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