CA DEPT HOUSING & C.D. 2 - 2004 - Laserfiche WebLink

Home Browse Search

,. shall not be modified or amended except by the express written consent of the Recipient and Department. 4. Recipient shall monitor and service loans made with CalHome funds or funds from the local reuse account (hereinafter collectively referred to as "CalHome loans") in conformance with the loan servicing plan approved by the Department. The loan servicing plan approved by the department shall not be modified or amended except by the express written consent of the Recipient and Department. 5. Recipient shall permit the Department, its employees, agents, or designees, upon reasonable notice and at reasonable times, to enter Recipient's premises and inspect any and all records pertaining to the local reuse account and Recipient's servicing of CaIHome loans. The Department may request any other information that it deems necessary to monitor compliance with requirements set forth in this Agreement. Recipient shall promptly provide such information. 6. Recipient shall file an annual report with the Department for the period July 1 through June 30. This report shall be submitted no later than July 31 of each year. The report shall provide information on the dollar amount of deposits to and withdrawals from the local reuse account, and a description of the uses of funds withdrawn, including but not limited to number and dollar amounts of loans made, expenses of providing homebuyer education, and dollar amount of fees for loan servicing, loan processing or loan activity. The annual report shall also provide information on Recipient's loan servicing activities during the year including, but not limited to costs of loan servicing, loans in default, remedial actions undertaken, foreclosures, bankruptcies. 7. In the event of a breach or violation of the provisions of this Agreement, the Department may give written notice to the Recipient thereof by certified mail or any express delivery service with a delivery receipt addressed to the Recipient at the address stated in this Agreement. If the breach or violation is not cured to the satisfaction of the Department within the time period specified in the notice, which shall not be fewer than 30 days, the Department may declare a default and may seek legal remedies including specific performance of this Agreement, declaratory, and/or injunctive relief, or other remedies as may be available at law or equity. 8. Recipient agrees and acknowledges that failure to cure a violation to the satisfaction of the Department within the time allotted shall constitute grounds for denial of eligibility for future CaIHome funding due to lack of organizational capacity, and shall constitute grounds under any other program administered by the Department for making a determination that the Recipient lacks the capacity to administer the program funds being applied for. 9. In the event that the breach or violation involves charges to individual homebuyers in excess of those permitted under the Standard Agreement or Regulations, the Department may demand, and seek as an additional remedy, the return of such excess charges to the affected households. 10. The remedies of the Department hereunder are cumulative, and the exercise of one or more of such remedies shall not be deemed an election of remedies and shall not preclude the exercise by the Department of anyone or more of its other remedies. Monitoring Agreement (April 2004)