8.2 SR 01-03-2022 - Laserfiche WebLink

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The Grantee will comply with all requirementsas further described in Exhibit A attached to this Grant Contract Agreementand incorporated by reference. The Grantee will be in compliance with the Workforce Housing Development Program Guide, as amended (the “Program Guide”), which is incorporated into this Grant Contract Agreementby reference. 2.2Provisions for Contracts and Sub-grants. (a) Contract Provisions.The Grantee must include in any contract and sub-grant, in addition to provisions that define a sound and complete agreement, such provisions that require contractorsand sub- grantees to comply with applicable local, state and federal laws, rules,regulations and ordinances, as well as any applicable MHFApolicies. (b) Use of Grant Funds.The Grant Funds(as defined below) awarded under this Grant Contract Agreementmayonly be used by Grantee or awarded by Grantee to third parties as grant funds or loans in accordance with the terms of the Program Guide.All Grant Funds must be used by an Eligible Project Area for the Qualified Expenditures of a Market Rate Residential Rental Property (as such terms are defined in the Program Guide).If awarded as a loan, any fees or interest charged cannot unduly enrich any parties involvedbeyond the approximate cost of the administrative costs associated with the Project. 3Time The Granteemust comply with all the time requirements described in this Grant Contract Agreementand the Program Guide. In the performance of this Grant Contract Agreement, time is of the essence.Project construction must begin within 12 months upon signing this Grant Contract Agreement. Construction completion must occur within 2 years of construction start. 4Consideration and Payment 4.1Consideration. MHFAwill pay for all services performed by the Granteeunder this Grant Contract Agreementas follows: (a)Compensation The Granteewill be paid in accordance to section 4.2 of this Grant Contract Agreement. (b)Total Obligation. The total obligation of MHFAfor all compensation and reimbursements to the Granteeunder this Grant Contract Agreementwill not exceed $\[ENTER AWARD AMOUNT\](the “Grant Funds”). 4.2Payment For all disbursementsof Grant Funds, the Grantee be in compliance with the Program Guide and must complete and submit aWorkforce Housing Development Program Disbursement Request Form, attached to this Grant Contract Agreementas Exhibit B,to MHFAfor review and approval. MHFAwill promptly pay the Granteeup to one third of the Grant Funds on or afterclosing. The Grantee may request an additional one third of the Grant Fundsas neededupon providing evidence of a grant or loan agreementrelating to the Project with a subgrantee. The remaining one third of the Grant Fundswill be withheld for final disbursement andwill not be released until construction completion of the Project and upon completion of all reporting and monitoring requirements pursuant to this Grant Contract Agreement. 3Unexpended Funds The Granteemust promptly return to MHFAany unexpended Grant Fundsthat: (i)have not been accounted for annually in a financialreport to MHFAdue at Grant Contract Agreementcloseout; or (ii) 2 October 2021WorkforceHousing Development Program Competitive Grant Agreement