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<br />CONTRACTOR through the submission of periodic invoices, in a form prescribed <br />by CITY, detailing such expenses. CONTRACTOR agrees to submit the above- <br />stated document to the FEZ Navigator Office, 1000 E. Santa Ana Blvd., Suite 200, <br />Santa Ana, CA 92701. CITY shall pay such invoices within thirty (30) days after <br />receipt thereof provided CITY is satisfied that such expenses have been incurred <br />within the scope of this Agreement and that CONTRACTOR is in compliance with <br />the terms and conditions of this Agreement. <br /> <br />CITY has the right to de-obligate the funds hereunder and take such funding <br />back from CONTRACTOR due to any of the following reasons: (a) lack of <br />performance by CONTRACTOR; (b) lack of fiscal accountability of <br />CONTRACTOR; or (c) decrease in available funding. <br /> <br />III. <br /> <br />PROGRAM INCOME <br /> <br />A. <br /> <br />B. <br /> <br />C. <br /> <br />For the purposes of this Article (III) "Program income," shall mean gross <br />income received by the CONTRACTOR directly generated from the use of <br />FEZ funds, except as provided below in Paragraph III.C. When such income <br />is generated by an activity that is only partially assisted with FEZ funds, the <br />income shall be prorated to reflect the percentage of FEZ funds used. <br /> <br />Program income includes, but is not limited to the following: <br /> <br />1. <br /> <br />Proceeds from the disposition by sale or long term lease of real <br />property purchased or improved with FEZ funds; <br />Proceeds from the disposition of equipment purchased with FEZ <br />funds. <br />Gross income from the use or rental of real or personal property <br />acquired by the CONTRACTOR with FEZ funds, less the costs <br />incidental to the generation of such income; <br />Gross income from the use or rental of real property owned by the <br />CONTRACTOR that was constructed or improved with FEZ funds, <br />less the costs incidental to the generation of such income; <br />Payments of principal and interest on loans made using FEZ funds; <br />Proceeds from the sale of loans made with FEZ funds; <br />Proceeds from the sale of obligations secured by loans made with <br />FEZ funds; <br />Interest earned on funds held in a revolving fund account; <br />Funds collected through special assessments made against <br />properties owned and occupied by households not of low and <br />moderate income, where such assessments are used to recover all <br />or part of the FEZ portion of a public improvement. <br /> <br />2. <br /> <br />3. <br /> <br />4. <br /> <br />5. <br />6. <br />7. <br /> <br />8. <br />9. <br /> <br />Program income does not include income on grant advances from the U.S. <br />Treasury. The following items of income earned on grant advances must be <br />remitted to HUD for transmittal to the U.S. Treasury. <br /> <br />Page 6 of 14 <br />