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e e City of Santa Ana 05-CaIHome-147 Page 1 of 5 EXHIBIT C HCD GENERAL TERMS AND CONDITIONS 1. Effective Date and Commencement of Work This Agreement is effective upon approval bv the State which is the date stamped by the Department of Housing and Community Development (HCD) in the lower right hand corner of page one of the Agreement. The Contractor agrees that Work shall not commence, nor any costs to be paid with CalHome funds be incurred or obligated by any party prior to execution of this Agreement by the State, completion of all required environmental clearances, and compliance with the applicable conditions of this Agreement. The Contractor agrees that the Work shall be completed in accordance with the date specified in Exhibit A, Section 4A. This Agreement shall terminate on the date set forth in Exhibit A, Section 4C. 2. Amount and Form of Fundinq A. For the purposes of performing the Work, the State agrees to provide to the Contractor the amount specified in Exhibit A, Section 3; Amount of Agreement. In no instance shall the State be liable for any costs for the Work in excess of this amount, nor for any unauthorized or ineligible costs. B. The State shall provide funding in the following forms: 1. As a grant, if the Work consists of a program to provide: loans to first- time homebuyers for down payment assistance; or loans to owner- occupants for rehabilitation. 2. As a secured development loan that may convert to a grant, if the Work consists of a new construction homeownership project. 3. As a secured permanent-only loan if the Work consists of assistance to a mutual housing or cooperative development. 3. Permitted Uses of Funds The Contractor shall use funds provided pursuant to this Agreement only for performance of the Work, and consistent with the requirements of the NOFA and the CalHome Regulations. 4. Termination and Breach A. In the event of the Contractor's failure to satisfy or comply with any term or condition in this Agreement or with respect to the loan documents, if any, specified in Exhibit B; Budget Detail and Payment Provisions, within the time and in the manner specified, after written notice to the Contractor by State specifying: (1) the breach; (2) the action required to cure such breach; and (3) a date, not less than fifteen (15) days from the date of receipt of such notice by the Contractor, by which such breach must be cured, the State may withdraw its