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1V. PAY1V11NTS/COST REPORT <br />~. l } City shall pay Project Sponsor for the actual costs of providing the <br />admi~~istration of services hereunder, whether provided directly by <br />Project Sponsor, provided, however, the total of all <br />payn~cnts to Project Sponsor shall not exceed the Maximum <br />Obligation as specified in Section Tll of the Agreement. <br />2} City shall draw down HOPWA funds designated far rental subsidy <br />payn~.ents on a n~anthly basis after receipt of certification of <br />individual of individual tezzant subsidy amounts. After fznal <br />approval by City, funds will be disbursed to landlords. <br />13. Project Sponsoj~ 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 hea~eimder. City shall pay Project Sponsor no later than thirty (3fl) <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 1'raject Sponsor s11a11 be accompanied by copies of source <br />doetnllentation including, but plot Iimitcd to, journals, time sheets, canceled <br />checlrs, and records of cost incz~rz-ed by Project Sponsor in the performance of <br />th1S A~re~i]1L'lll. <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 xepoz•ts ofcost <br />incurred by Project Sponsor i~a the perfartnance of this Agreement. <br />E. The Cost Reports} shall be financial and statistical reports(s) submitted by <br />Project Sponsor to City, and shall serve as the basis fox final Settlement of this <br />Agrecn~e~at. `l~l~e Cost Reports(s} shall. detail all costs incurred by Project <br />Sponsor to pz-ovide services hereunder, <br />F. Final Settlement shall be based upon the actual costs incurred by Project <br />Sponsor to provide services hereunder. If the Cost Reports} indicates the total <br />of City's payments to Project Sponsor are less than Project Sponsor's cost to <br />provide the services hereunder, City shall pay Project Sponsor the difference; <br />provided, however, the total payment shall not exceed the Maximum <br />Obligation. if the Cost Rel~ort(s} indicates the fatal of City's payments to <br />Project Sponsor arc higher than Project Sponsor's cast of providing the <br />services hereunder, Proj cct Sponsor shall pay City the difference. Payment <br />due }~u~~suant to tl~c Cost Report{s) shall be made within thirty (30) nays of <br />the Final Settlen~ezlt determination. <br />3 <br />l xhibit 1 <br />,. ~~ <br />.:a <br />,~~'~ <br />