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In the event that a Subject Property does not sell, and is converted <br />to a rental property, CONTRACTOR shall be paid the final draw <br />of the Developer Fee at conversion and shall be allowed to collect <br />a reasonable property management fee until property resale. <br />15. Repayment of NSP Loan. The NSP funds invested in each property may <br />be converted to a) a grant to Contractor in the amount equal to the total project <br />cost for each Subject Property less the market value of the Subject Property; and <br />b) a silent second mortgage or down payment assistance to the eligible purchaser. <br />The remaining amount of the loan shall be repaid through an escrow to county. <br />This conversion shall be documented on the NSP Property Budget and a HUD 1 <br />Statement at the close of escrow. All such funds converted are subject to the <br />Housing Director's approval. <br />B. Responsibility for Carrying Out Activities <br />Contractor shall have primary responsibility for carrying out all phases of the <br />development, including but not limited to: <br />1. Securing additional financing; <br />2. Acquiring approved, vacant single-family houses that are foreclosed and located in <br />the qualifying neighborhoods of County of Alameda; <br />3. Seeking all governmental and planning permissions, use permits, and other <br />governmental approvals necessary; <br />4. Selecting and engaging primary and secondary architectural and civil engineering <br />firms as required; <br />5. Providing or procuring associated development services such as structural <br />engineering, landscape architecture, phone and data-cabling design and installation <br />firms, and other specialty services; <br />6. Undertaking, overseeing and managing the overall design and construction of the <br />Program and its various components, including but not limited to: <br />a) Feasibility analysis; <br />b) Design research and materials research; <br />c) Preliminary design; <br />d) Final design, development of construction documents, and value engineering; <br />e) Manage and oversee the entire Entitlement process with all necessary and <br />appropriate agencies; <br />f) Acquire all permits and related permissions, or facilitate architect, engineer <br />and subcontractors in doing the same; <br />g) Prepare for and represent the Program at any Design Review, Planning <br />Commission, EIR reviews, City Council, community or other related reviews <br />and/or presentations; <br />26 of 55 <br />