8E Consent 2009 1207 - Laserfiche WebLink

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c. The sale price is equal to or less than the fair market value of the Subject Property, as determined by an independent appraiser. The final sale price, including the amount of subsidy which must be left in the property is subject to approval by the Housing Director. d. Documentation that the proposed purchaser attended a minimum of 8 hours ofHUD-approved home buyer counseling e Documentation that the amount of any NSP funds which must be left in the property is reasonable and required to make the property sell. £ Contractor shall sell the home "as-is" but shall transfer all applicable warranties to the Eligible Purchaser or Eligible Non- Profit upon sale. Contractor shall provide to the Eligible Purchaser or Eligible Non-Profit a binder or CD with all transferable warranty information on warrantable items replaced in the remodel. g. Contractor shall provide a Homeowner Tool Kit for each house containing: • Screwdriver Wrench • Pliers • Hammer • Level • Stud Finder • Measuring Tape • Screws/Nails/Picture Hooks h. Contractor shall provide the Homeowner with an orientation to the house and its systems. 12. Developer .Fee. The developer fee shall be an amount equal to 10% of the Total Development Costs per Subject Property. Upon acquisition of a Subject Property, Contractor will submit first developer fee draw request equal to 5% of the total acquisition costs of the Subject Property. At each construction draw request thereafter, Contractor shall request developer fee equal to 5% of each draw request. The final draw of the Developer Fee shall be available upon the close of escrow when the rehabilitated Subject Property is sold and when all items listed in paragraph 11 above are met, with the exception of items f. and h. which may occur after the close of escrow. This final draw shall include reconciliation between the total actual project costs, the total 10% developer fee, less all fees taken over the course of the project, with balance remaining to be paid at the close. Contractor shall submit this amount (including back up documentation) to be paid through escrow. The County shall approve such amount in its escrow instructions submitted to title. In the case of rental properties which are transferred to an Eligible Non Profit, it is expected that the Eligible Non Profit will develop a separate development and sources and uses budget for the acquisition of NSP 23 of 55