ANR HOMES INC. -2009 - Laserfiche WebLink

Home Browse Search

item shall be reallocated to "Contingency" and thereafter be available for disbursement in accordance with the terms of this Agreement. 406. Retainage. City will withhold a Retainage of 10% from each Disbursement for each of the Hard Cost line items of the Project Cost Breakdown (and other line items thereof designated for withholding of retainage) until all conditions to the final Disbursement of Hard Costs have been satisfied. In lieu of City's withholding Retainage, Developer can by written notice to City elect not to draw any overhead or profit as would otherwise be permitted under the Construction Contract until such time as Retainage would otherwise have been released. City shall not retain funds for building materials purchased by Developer for which Developer supplies documentation to City proving payment in full or for soft costs. 407. Holdback. The retainage otherwise available for disbursement shall be subject to a holdback of one hundred twenty-five percent (125%) of the estimated cost (as determined by the Executive Director) for "punch-list" items. Such holdback will be released when all punch-list items have been completed to the satisfaction of City. 408. Waiver of Disbursement Conditions. Unless City otherwise agrees in writing, the making by City of any disbursement with knowledge that any condition to such disbursement is not fulfilled shall constitute a waiver of such condition only with respect to the particular disbursement made, and such condition shall be condition to all further disbursements until fulfilled. 409. Modification of Disbursement Conditions and Procedures. The Executive Director shall have the authority to modify the disbursement conditions and procedures set forth herein in order to conform them to the payment provisions of the Rehabilitation Contract. 500. COVENANTS, RESTRICTIONS, SALE TO HOMEBUYERS 501. Use in Accordance with Redevelopment Plan. The Developer covenants and agrees for itself, its successors, assigns, and every successor in interest to the properties, that upon the Closing and during rehabilitation and thereafter, until Developer's sale of the NSP Assisted Units, the Developer shall devote the properties to the uses specified in the Redevelopment Plan and this Agreement for the periods of time specified therein. All uses conducted on the properties, including, without limitation, all activities undertaken by the Developer pursuant to this Agreement, shall conform to the Redevelopment Plan and all applicable provisions of the Santa Ana Municipal Code. The foregoing covenants shall run with the land. 502. Selection of Broker by Developer. Developer shall select local real estate brokers that are most knowledgeable of the market and have a successful track record in the area. Selection of the broker will be based on criteria such as volume of sales in the area, days on the market, and comparison of listing price versus sales price, excluding foreclosed properties. 503. NSP Assisted Units. Developer agrees to make available, restrict occupancy to, and sell each of the NSP Assisted Units to Low or Moderate Income Households (as that term is 9