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<br />III. BUDGET <br /> <br />The following budget is an estimate only of the cost of providing the services hereunder <br />for the term July I, 2005 through June 30, 2006. This budget maybe modified by mutual <br />written agreement of the Contract Officers. <br /> <br />Administration <br />ASF (not to exceed) <br />Contractor (not to exceed) <br />Housing Assistance PaymentslProgram Expense <br /> <br />$ 12,000.00 <br />$ 24,750.00 <br />$488,250.00 <br /> <br />TOTAL (Maximum Obligation) <br /> <br />$525,000.00 <br /> <br />IV. PAYMENTS/COSTREPORT <br /> <br />A. <br /> <br />I) <br /> <br />City shall pay Project Sponsor for the actual costs of providing the <br />administration of services hereunder, whether provided directly by <br />Project Sponsor or Contractor, provided, however, the total of all <br />payments to Project Sponsor shall not exceed the Maximum <br />Obligation as specified in Section III of the Agreement. <br /> <br />2) City shall draw down HOPW A funds designated for rental subsidy <br />payments on a monthly basis after receipt of certification of <br />individual of individual tenant subsidy amounts. After final <br />approval by City, funds will be disbursed to landlords. <br /> <br />B. Project Sponsor shall invoice City monthly exclusive of rental subsidy <br />payments, in arrears, based on the actual cost of providing and contracting for <br />the services hereunder. City shall pay Project Sponsor no later than thirty (30) <br />days following receipt of such invoice. Monthly payments are interim <br />payments only, and are subject to final settlement and reconciliation to the <br />final Cost Report submitted by Project Sponsor. <br /> <br />C. All billings by Project Sponsor shall be accompanied by copies of source <br />documentation including, but not limited to, journals, time sheets, canceled <br />checks, and records of cost incurred by Project Sponsor and Contractor in the <br />performance of this Agreement. <br /> <br />D. At such times and in such a format as the Contract Officers mutually agree in <br />writing, Project Sponsor shall prepare and submit to City reports of cost <br />incurred by Project Sponsor in the performance ofthis Agreement. <br /> <br />E. The Cost Report(s) shall be financial and statistical reports(s) submitted by <br />Proj ect Sponsor to City, and shall serve as the basis for final Settlement of this <br />Agreement. The Cost Reports(s) shall detail all costs incurred by Project <br />Sponsor to provide services hereunder. <br /> <br />3 <br />