2010-096 RES APPROVING AMENDMENT OF AGREEMENT BETWEEN THE CITY OF PARIS AND PARIS LIVING TO ADMIN HOMEBUYER PROGRAM CONTRACT NO 1001224

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FIRST AMENDED AGREEMENT FOR ADMINISTRATION OF HOMEBUYER'S ASSISTANCE PROGRAM BETWEEN THE CITY OF PARIS, TEXAS AND PARIS LIVING - A COMMUNITY DEVELOPMENT CORPORATION The City of Paris (the "City") and Paris Living - A Community Development Corporation ("Paris Living" or "the Corporation") previously entered into a consulting and administrative services agreement dated April 30, 2009, under which Paris Living agreed to provide all Administrative Services to run the City's Homebuyer Assistance Program funded by the Texas Department of Housing and Community Affairs ("TDHCA") under HOME Contract No. 10000930 (the "Agreement"). The City of Paris and Paris Living now desire to amend the Agreement and both agree to amend this contract in order to 1. extend the expiration date; and 2. to continue the basis of the agreed upon relationship between the two parties, to afford Paris Living the authorization to manage future grants and loans on behalf of and received by the City of Paris from the Texas Department of Housing and Community Affairs. TERM: The City of Paris and Paris Living agree that the period of this Amendment will be for a minimum of three years from the agreement signing date or to coincide with the length and term of City of Paris' contract with TDHCA including any extensions thereof, whichever period is longer. It is further agreed that this amended contract may be renewed and extended at the end of the above stated term for an additional three-year period upon the written agreement of the Parties hereto. COMPENSATION: In consideration of services provided pursuant to this agreement, the City of Paris agrees to pay or cause to be paid to Paris Living an administrative fee, in an amount equal to 4% of all project funds expended. In addition, Paris Living will receive a potential additional amount, not to exceed TDHCA allowable amounts for each successful downpayment and closing cost award to be paid at each loan closing to defray costs associated with provision of application intake ($600), project document preparation ($100), environmental review ($400), homebuyer counseling ($300), home inspections ($350), information services ($200), schedule of values ($100) or other project specific services necessary to enable an individual property to close, otherwise known as project related soft costs (presuming that Paris Living or one of its consultant(s) or subcontractars 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, Paris Living 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 projected milestones: % OF TOTAL ACTIVITY* CONTRACT FEE 1. General Management and Oversight of contract 79.0% 2. Affirmative Marketing 2,5% 3. Record Keeping 10.0% 4. Financial Management 2 5% 5. Administrative Environmental 6.0% TOTAL: 100.0% Page 1 of 3 EXH1B1T .3~