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