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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, Moderate, and/or Middle 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, Moderate, and/or Middle 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 qualified households at 50 percent or 120 percent of the area median income, as determined by the City, for the sale amount indicated below. 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 in the market. 505. Selection of Buyers. The Developer shall provide the City with a copy of its Marketing Plan, attached hereto as Exhibit G, which shall set forth how the Developer plans to provide interested households with information about the NSP Assisted Units. The Developer shall be solely responsible for the selection of qualified purchasers of the NSP Assisted Units, 9 bu-i i