26-Deliberate and act on a Resolution authorizing an amendment of an agreement between the City of Paris and Paris Living to administer the Homebuyer Assistance Program

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BILLING MILESTONES: Paris Living agrees to invoice the City on a scheduled basis in accordance with directions received from TDHCA. In that those directions may change at anytime, the following example of billing milestones example is offered to identify how the billing will occur. The example is based up a contract size of fifteen units. In the following example, the number of home loans completed may change, but the percentage of home loans completed which would trigger billing remain the same. % OF BILLING MILESTONES** CONTRACT FEE 1. 2nd home loan completed and reimbursed by TDHCA 13% 3. 5"' home loan completed and reimbursed by TDHCA 20% 4. 10t" home loan completed and reimbursed by TDHCA 33% 5. 14"' home loan completed and reimbursed by TDHCA 27% 6. 15"' (or last) home completed and reimbursed by TDHCA 7% TOTAL: 15 home loans completed 100%** *these categories reflect work activity for managing the homebuyer program in general. **If the total contract is not completed the total administrative fees charged to the City of Paris and subsequently to TDHCA for reimbursement under the Administrative fee portion of the contract with the City of Paris will be in an amount that is the same percentage as the total number of loans completed (as per the HUD rules). Activities and work associated with individual loans and projects will be billed to the City of Paris at the time of each loan closing as project related soft costs. These costs are capped at the allowable soft cost expenditures as published by TDHCA. Reimbursement of said costs will be requested from TDHCA at the same time as the reimbursement for the down payment and closing costs are requested on each loan closed. Project related soft costs are determined by TDHCA and include such items as: application intake, document preparation, homebuyer counseling, home inspections, environmental checklist preparation, and document delivery. If and when TDHCA changes the allowable soft costs or soft cost caps, Paris Living will change the subsequent invoicing appropriately. Further, the City understands and agrees that Paris Living may, at its own discretion, subcontract portions of the administration of the Program to other entities, with the understanding that Paris Living has the ultimate responsibility to the City of Paris for the administration of the Program. All of the other terms and conditions of the Agreement dated April 30, 2009, which have not been amended herein, shall remain in full force and effect. For the convenience of the parties hereto, any number of counterparts of this Amended Agreement may be executed by the parties hereto. Each such counterpart shall be, and shall be deemed to be, an original instrument, but all counterparts taken together shall constitute one and the same Agreement as amended. This Amended Agreement may not be modified or amended except in writing and signed by the parties hereto. If the foregoing correctly sets forth our agreement, please have both enclosed copies of this letter signed in the spaces provided and return one copy to us at P.O. Box 26, Paris Texas 75461. If you have any questions or desire further comment please call me at (903) 784-0836 or our consultant, Michael Hunter at (972) 771-5907. Page 2 of 3 201