7.3 HRSR 12-05-2016 - Laserfiche WebLink

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