ANR INDUSTRIES, INC. (2)-2009 - Laserfiche WebLink

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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. Reserved. 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. The number of brokers shall be reviewed periodically based on program needs and volume. 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 herein defined) at an Affordable Housing Cost. In addition, the Developer agrees to cooperate with the Agency in any subsidized loan program the Agency may in its sole discretion make available to Low or Moderate Income Household purchasers of some or all of the NSP Assisted Units. 504. Sales price. Single Family Homes: Upon completion, the homes will be marketed and sold to households with incomes at or below 120 percent of the area median income, for the sale amount indicated below. Each property must be sold to a qualified homebuyer household at an affordable price. In no case shall the sales price be greater than the lesser of (a) fair market value or (b) the total costs to acquire and rehabilitate the property per NSP guidelines. The City assumes that properties cannot be sold for more than their market value, regardless of the development costs (acquisition, rehab, other eligible costs, developer fee). The City expects to reimburse eligible costs that cannot be recovered from the sale price. Amounts may be amended periodically to reflect changes published by HUD. 9