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• i <br /> 1V. PAY1yiENTS/COST REPORT ~ ~I <br /> k <br /> A. 1) City shall pay Project Sponsor for the actual costs of providing the ~ ' <br /> administration of services hereunder, whether provided duectly by <br /> • Project Sponsor, provided, however, the total of ail <br /> payments to Project Sponsor shall not exceed the 1Vlaxinaum <br /> Obligation as specified in Section III of the Agreement. <br /> 2) City shall draw down HOPWA funds designated for rental subsidy <br /> payments on a monthly basis after receipt of certification of <br /> individual of individual tenant subsidy amounts. After final <br /> approval by City, funds will be disbursed to landlords. <br /> B. Project Sponsor shall invoice City monthly exclusive of rental subsidy <br /> payments, in arrears, based on the actual cost of providing and contracting for ~ <br /> the services hereunder. City shall pay Project Sponsor na later than thirty (30) <br /> days following receipt of such invoice. Monthly payments are interim <br /> payments only, and are subject to final settlement and reconciliation to the ' <br /> final Cost Report submitted by Project Sponsor. <br /> C. All billings by Project Sponsor shall be accompanied by copies of source <br /> documentation including, but not limited to, journals, time sheets, canceled <br /> checks, and records of cost incurred by Project Sponsor in the performance of _ <br /> this Agreement. <br /> D. At such times and in such a format as the Contract Officers mutually agree in # <br /> writing, Project Sponsor shall prepare and submit to City reports of cost <br /> incurred by Project Sponsor in the performance of this Agreement. <br /> E. The Cast Report(s) shall be imancial and statistical reports(s) submitted by <br /> Project Sponsor to City, and shall serve as the basis for final Settlement of this <br /> Agxeenaent. The Cost Reports(s) shall detail alI costs incurred by Project <br /> Sponsor to pravide services hereunder. <br /> F. Final Settlement shall be based upon the actual costs incurred by Project . <br /> Sponsor to provide services hereunder. Ifthe Cost Report(s) indicates the total <br /> <br /> . ~ of City's payments to Project Sponsor are less than Proj ect Sponsor's cost to f <br /> provide the services hereunder, City shall pay Project Sponsor the difference; s <br /> provided, however, the total payment shall not exceed the Maximum <br /> Obligation. Tf the Cost Report(s) indicates the total of City's paymen#s to <br /> Project Sponsor are higher than Project Sponsor's cost of providing the <br /> services hereunder, Pxojecf Sponsor shah pay City the difference. Payment <br /> due pursuant to the Cost Report(s) shall be made within thirty (30) days of <br /> the Final Settlement determination.. - <br /> 3 <br /> 25D-7 <br /> <br />