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C. Performing initial property inspections of approved properties with applicable <br /> inspection staff. <br /> D. Preparation of scope of work and oversight of bidding process. <br /> E. Program loan document origination. <br /> F. Construction project oversight, draw inspections and contractor payment requests <br /> and project closeout. <br /> G. Preparation and submission of quarterly Program reports to HRA. <br /> H. Maintenance and retention of records in accordance with HRA guidelines. <br /> 3. Reservation of Funds. The HRA shall allocate $100,000 per year for three years <br /> ($300,000 total) to the Program to be used as loan funds to eligible Loan Applicants and <br /> Administrative Fee payments to Administrator. The Administrator shall not make, or <br /> commit to make, any loans under the Program in excess of this allocation without prior <br /> written approval of the HRA. The HRA has the authority to allocate additional funds to <br /> the Program at any time during the term of this Agreement. <br /> 4. Administrative Fees. The Administrator will receive an annual Administrative fee of <br /> $15,000 per year, for a three year total of $45,000 (15% of total Program fund <br /> allocation). Administrator will submit invoices for payment to the HRA on a quarterly <br /> basis. The first quarterly invoice of $3,750 will be submitted after this Agreement is <br /> executed to help offset initial Program administration expenses. If the HRA allocates <br /> additional funding to the Program during the term of this Agreement, additional <br /> Administrative Fee amount shall be 15% of additional funding amount. The Administer <br /> will not be compensated separately for necessary incidental expenses for, such as, but not <br /> limited to, office space, administration, lodging, food, telephone, internet, photocopies, <br /> faxes, and computer. <br /> 5. Representations and Warranties of Administrator. The Administrator certifies, <br /> represents, covenants and warranties as follows: <br /> A. It is a duly constituted entity in good standing and authorized to do business in the <br /> State of Minnesota. <br /> B. It has legal authority to enter into, execute, and deliver this Agreement, and has <br /> taken all actions necessary and incident to its execution and delivery thereof. <br /> C. It shall work affirmatively to ensure that all persons, regardless of age,race, color, <br /> creed, religion, national origin, sex, marital status, status with regard to public <br /> assistance, disability, sexual orientation, or familial status, will be given fair and <br /> equal opportunity to participate in the Program. <br /> 2 <br />