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<br />6/10/06 les <br /> <br />schedule attached hereto as "Exhibit A". Payments shall be made to CONTRACTOR <br />through the submission of periodic invoices, in a form prescribed by CITY, detailing <br />such expenses. CONTRACTOR agrees to submit the above-stated document to <br />the FEZ Navigator Office, 1000 E. Santa Ana Blvd., Suite 200, Santa Ana, CA <br />92701. CITY shall pay such invoices within thirty (30) days after receipt thereof <br />provided CITY is satisfied that such expenses have been incurred within the scope <br />of this Agreement and that CONTRACTOR is in compliance with the terms and <br />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 first quarter performance by <br />CONTRACTOR as outlined in the Scope of Work attached hereto as "Exhibit B" <br />(c) lack of fiscal accountability of CONTRACTOR; or (d) decrease in available <br />funding. <br /> <br />III. PROGRAM INCOME <br /> <br />A. 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 />B. Program income includes, but is not limited to each of the following: <br />1. Proceeds from the disposition by sale or long term lease of real <br />property purchased or improved with FEZ funds; <br />2. Proceeds from the disposition of equipment purchased with FEZ <br />funds. <br />3. 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 />4. 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 />5. Payments of principal and interest on loans made using FEZ funds; <br />6. Proceeds from the sale of loans made with FEZ funds; <br />7. Proceeds from the sale of obligations secured by loans made with <br />FEZ funds; <br />8. Interest earned on funds held in a revolving fund account; <br />9. 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 />C. 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 />