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<br />ANNUAL AGREEMENT FOR THE EXECUTION OF THE <br />HOME INVESTMENT PARTNERSHIPS PROGRAM <br />This Agreement, made and entered into this day, by July 1, 2009 and between the <br />City of Concord, a municipal corporation organized and existing under the laws of the State <br />of North Carolina, and serving as the lead entity of the Cabarrus/lrede[I/Rowan HOME <br />Consortium (hereinafter "City"}, and Cabarrus County, a body politic and incorporated under <br />the laws of the State of North Carolina (hereinafter "Agency"} has been designated to receive <br />$126,084 in project funds and $7565 for administrative costs; and <br />WITNESSETH: <br />WHEREAS, the City has entered into an Agreement to receive funds for a Home <br />Investment Partnerships Program {hereinafter uFunding Agreement"} with the U.S. <br />Department of Housing and Urban Development (hereinafter "HUD"); and <br />WHEREAS, it is the purpose of this agreement to effect a specified portion of the <br />program approved by the Funding Agreement in accordance with the policies expressed by <br />and declared in Title 11 of the Cranston-Gonzalez National Affordable Housing Act, as <br />amended (hereinafter "Act"}; and <br />WHEREAS, pursuant to said purpose the Agency is undertaking certain activities and <br />desires to engage the City to render certain assistance in such undertakings. <br />NOW, THEREFORE, for valuable consideration and mutual promises exchanged <br />between the parties hereto, it is agreed as follows: <br />A. SCOPE OF SERVICES: <br />The services to be performed pursuant'to this Agreement (hereinafter "Project°), <br />shall be those specified in the Scope of Services (attached hereto as Attachment <br />A), and under the Project Titles}, Scattered Si#e Housing Rehabilitation & <br />Replacement Housing, in the Action Plan submitted by the City and approved by <br />HUD as that Action Plan now reads or as it may later be modified in accordance <br />with regulations promulgated by HUD, <br />2. The City may, from time to time, request changes in the scope of service of the <br />Agency to be performed hereunder. Such changes, including any increase or <br />decrease in the amount of the Agency's compensation, which is mutually agreed <br />upon by and between the City and the Agency, shall be incorporated in written <br />amendments to the Agreement. <br />B. DURATION OF AGREEMENT: <br />This Agreement shall be effective as of the 1gt day of Julv 2009, and shall remain in <br />effect during the period of affordability required by the Act under 24 CFR Part 92.252 or <br />92.254. <br />C. TERMS AND CONDITIONS: <br />1. The Agency shall enforce this agreement through a promissory note and deed of <br />trust on all real properties receiving an investment of HOME funds which require <br />Revis~ ~t number 2 <br />F-3 age 8 of 362 <br />