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ANNUAL AGREEMENT FOR THE EXECUTION OF THE HOME INVESTMENT PARTNERSHIPS PROGRAM This Agreement, made and entered into this day of ' 2012 and between the City of Concord, a municipal corporation organized and existing under the laws of the State of North Carolina, and serving as the lead entity of the Cabarrus /Iredell /Rowan HOME Consortium (hereinafter "City "), and Cabarrus County, a body politic and incorporated under the laws of the State of North Carolina (hereinafter "Agency ") has been designated to receive $92,841 in project funds and $5,570 for administrative costs; and WITNESSETH WHEREAS, the City has entered into an Agreement to receive funds for a Home Investment Partnerships Program (hereinafter "Funding Agreement ") with the U.S. Department of Housing and Urban Development (hereinafter "HUD "); and WHEREAS, it is the purpose of this agreement to effect a specified portion of the program approved by the Funding Agreement in accordance with the policies expressed by and declared in Title II of the Cranston - Gonzalez National Affordable Housing Act, as amended (hereinafter "Act "); and WHEREAS, pursuant to said purpose the Agency is undertaking certain activities and desires to engage the City to render certain assistance in such undertakings. NOW, THEREFORE, for valuable consideration and mutual promises exchanged between the parties hereto, it is agreed as follows: A. SCOPE OF SERVICES 1. The services to be performed pursuant to this Agreement (hereinafter "Project "), shall be those specified in the Scope of Services (attached hereto as Attachment A), and under the Project Title(s), Rehabilitation of Owner - Occupied Houses, in the Action Plan submitted by the City and approved by HUD as that Action Plan now reads or as it may later be modified in accordance with regulations promulgated by HUD. 2. The City may, from time to time, request changes in the scope of service of the Agency to be performed hereunder. Such changes, including any increase or decrease in the amount of the Agency's compensation, which is mutually agreed upon by and between the City and the Agency, shall be incorporated in written amendments to the Agreement. B. DURATION OF AGREEMENT This Agreement shall be effective as of the 1s' day of July 2012, and shall remain in effect during the period of affordability required by the Act under 24 CFR Part 92.252 or 92.254. C. TERMS AND CONDITIONS 1. The Agency shall enforce this agreement through a promissory note and deed of trust on all real properties receiving an investment of HOME funds which require compliance with all applicable HOME Program requirements. This Agreement shall be considered breached if the Agency materially fails to comply with any term in this Agreement and shall result in the termination of this Agreement and the recapture of all HOME funds disbursed to the Agency. 06! ' number 2 F -7 Page 122