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EXHIBIT B <br />CONDITIONS FOR PAYMENT BETWEEN <br />HOUSING AND COMMUNITY DEVELOPMENT <br />AND <br />CONTRACTOR <br />L AMOUNT OF THE CONTRACT <br />It is expressly agreed and understood that the total amount made available by the County <br />to the Program is One Million Nine Hundred Fourteen Thousand Two Hundred and <br />Thirty-four Dollars ($1,914,234). Of this amount, a minimum of Five Hundred and <br />Thirty-one Thousand Seven Hundred and Thirty-Two Dollars ($531,732) must be spent <br />on Very Low-Income Households. As CONTRACTOR repays NSP funds to the County, <br />the funds will revolve and be made available for additional phases of the work. It is <br />expected that Contractor shall complete a minimum of two (2) phases, with declining <br />amounts of NSP being returned to the Program during each phase. To the extent <br />practicable, NSP funds will be used on a pro rata basis with other funds leveraged by <br />CONTRACTOR. <br />2. DUE DILIGENCE AND DEPOSITS <br />CONTRACTOR may submit a draw request for $25,000 to the County for use as a <br />revolving fund for property deposits and due diligence expenses. If a property becomes a <br />Subject Property, the deposit and due diligence expenses shall be submitted for <br />reimbursement through an NSP Property Budget, and the revolving fund will be repaid in <br />an amount equal to the reimbursement. If a property does not close escrow, <br />CONTRACTOR shall submit a grant request to the County which includes (1) back-up <br />documentation of expenses incurred and (2) a written description of why the property is <br />not included in the NSP program. <br />3. BUDGET <br />Before any disbursement of Contract funds may be made, Contractor shall establish a <br />budget, to be approved by the Housing Director of her designee, specifying by line item <br />the expenditures to be made with Alameda County funds. Once a budget is approved by <br />the County, changes may be made only with a written request to be approved by the <br />Housing Director or her designee in advance of a request for disbursement of funds. <br />4. METHOD OF PAYMENT <br />All requests for a disbursement of funding will be either to escrow or on a reimbursement <br />basis. Request shall be in a format approved by the County. <br />a. All requests for a funding draw or reimbursement shall be on Contractor's <br />letterhead, contain an original authorized signature, invoice number, total <br />