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ANNUAL. AGREEMENT FOR THE EXECUTION OF THE <br />HOME INVESTMENT PARTNERSHIPS PROGRAM <br />This Agreement, made and entered into this day, July 1, 2010 by and between the City of Concord, a <br />municipal corporation organized and existing under the laws of the State of North Carolina, and serving as the <br />lead entity of the Cabarrus /lredell /Rowan HOME Consortium (hereinafter "City"), and Cabarrus County, a body <br />politic and Incorporated under the laws of the State of North Carolina (hereinafter "Agency") has been <br />designated to receive $125,375 In project funds and $7,523 for administrative costs; and <br />W11NESSETH <br />WHEREAS, the City has entered Into an Agreement to receive funds for a Home Investment <br />Partnerships Program (hereinafter "Funding Agreement ") with the U,S. Department of Housing and urban <br />Development (hereinafter "HUD"), and <br />WHEREAS, it is the purpose of this agreement to effect a specified portion of the program approved by <br />the Funding Agreement in accordance with the policies expressed by and declared in Title II of the Cranston <br />Gonzalez National Affordable Housing Act, as amended (hereinafter "Act"); and <br />WHEREAS, pursuant to said purpose the Agency is undertaking certain activities and desires to engage <br />the City to render certain assistance In such undertakings, <br />NOW, THEREFORE, for valuable consideration and mutual promises exchanged between the parties <br />hereto, It is agreed as follows: <br />A. SCOPE OF SERVICES <br />1. The services to be performed pursuant to this Agreement (hereinafter "Project"), shall be those <br />specified in the Scope of Services (attached hereto as Attachment A), and under the Project Tltle(s), <br />Rehabilitation of Owner•OccMP19d Houses. In the Action Plan submitted by the City and approved <br />by HUD as that Action Plan now reads or as it may later be modified In accordance with regulations <br />promulgated by HUD. <br />2. The City may, from time to time, request changes In the scope of service of the Agency to be <br />performed hereunder.. Such changes, Including any increase or decrease in the amount of the <br />Agency's compensation, which is mutually agreed upon by and between the City and the Agency, <br />shall be Incorporated in written amendments to the Agreement. <br />B. DURATIONOFAGREEMENT <br />This Agreement shall be effective as of the 1s day of July 2010, and shall remain in effect during the <br />period of affordability required by the Act under 24 CFR Part 92.252 or 92.254. <br />C. TERMS AND CONDITIONS <br />1. The Agency shall enforce this agreement through a promissory note and deed of trust on all real <br />properties receiving an Investment of HOME funds which require compliance with all applicable <br />HOME Program requirements. This Agreement shall be considered breached If the Agency <br />AttWtknt number 2 <br />F -7 Page 127 <br />