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<br />City of Santa Ana <br />08-CaIHome-4922 <br />Page 1 of 1 <br /> <br />EXHIBIT B <br /> <br />BUDGET DETAIL AND PAYMENT PROVISIONS <br />(Owner-Occupied Rehabilitation) <br /> <br />A. Payments to Contractor for mortgage assistance shall be on an advance or <br />reimbursement basis. Upon the effective date of this Agreement, and upon submission <br />of the required draw request form(s) and submission of any Department required <br />documentation. Contractor may obtain an advance of funds in an amount not to exceed <br />25% of the total amount provided under this Agreement. As these funds are used for <br />eligible expenditures, the Contractor shall forward all required documentation to the <br />Contract Manager. When two-thirds (2/3) of the initial disbursement of CalHome <br />Program funds on hand has been expended, the contractor may request the next <br />advance of 25% of the total amount provided under this Agreement. This procedure of <br />advances shall continue until the total amount provided under this Agreement is <br />expended. This system of advances is subject to the requirements of Exhibit A, Section <br />4A, Completion Dates, of this Agreement. <br /> <br />B. The Department reserves the right to request copies of any documentation at any time <br />prior to, or after the processing of any draw request. <br /> <br />C. As a condition of the first draw of funds, Contractor Shall submit for the Department <br />review and approval: <br /> <br />1. Program guideiines describing the Contractor's owner-occupied rehabilitation <br />program per CalHome Program Regulations Section 7735(a); (b) written <br />procedures for long-term loan servicing; (c) a copy of Reuse Account Plan; (d) an <br />executed 20-year Monitoring Agreement provided by the Department; and (e) <br />copies of the promissory note and deed of trust that will be used by the <br />Contractor. <br />