25K - NEIGHBORHOOD STABILIZATION PROGRAM

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NSP activities to the Developer. Developer shall select and pay the appraiser directly as one of its development costs. 205. Funding of Acquisition/Rehabilitation. City shall deposit into escrow, funds for Developer as agreed upon during the Selection Phase. City shall record a lien, in the form of a Deed of Trust, Affordability Covenants and Restrictions, and Promissory Note (attached hereto and incorporated herein as Exhibits A , B, and C), against each of the selected properties equal to the amount of money deposited into escrow for such Property. 206. Relocation. Developer acknowledges and agrees that, pursuant to 24 CFR 92.253 and consistent with the other goals and objectives of this part, City must ensure that it has taken all reasonable steps to minimize the displacement of persons as a result of the Rehabilitation. Furthermore, to the extent feasible, residential tenants must be provided a reasonable opportunity to lease and occupy a suitable, decent, safe, sanitary and affordable dwelling unit on the Property upon completion of the rehabilitation. Developer agrees to cooperate fully and completely with City in meeting the requirements of 24 CFR 92.253 and shall take all actions and measures reasonably required by the City Manager in connection therewith. All applicable federal and state guidelines must also be followed. 300. REHABILITATION REQUIREMENTS. The following Rehabilitation Requirements shall apply to all NSP Assisted Units: 301. Permits and Approvals. Developer shall diligently obtain all permits, including all building permits, licenses, approvals, exemptions and other authorizations of governmental agencies required in connection with the rehabilitation of the Property. 302. Commencement and Completion of Rehabilitation. The Rehabilitation shall be considered complete for purposes of this Agreement only when (a) all work described has been completed and fully paid for, and (b) all work requiring inspection or certification by any governmental authority has been completed and all requisite certificates, approvals and other necessary authorizations (including required final certificates of occupancy) have been obtained. 303. Rehabilitation Standards. Residential Rehabilitation Standards (24 CFR 570): Developer certifies that it will perform rehabilitation in conformance to the standards outlined in the City's Residential Rehabilitation Standards ,which exceed the HUD Housing Quality Standards and with strict adherence to state and local building codes, safety standards, protection of historical integrity and for maximum achievement in the area of energy efficiency. Demolition shall be conducted in cases of extreme deterioration, to eliminate illegal additions, and in concert with local authorities. 304. Protection of Historical Structures (24 CFR Part 58/36CFR Part 800). Developer will comply with and obtain approval of the Federal and State Historic 5 25K-41