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AGREEMENT FOR THE EXECUTION OF A <br />HOME INVESTMENT PARTNERSHIPS PROGRAM <br /> <br />This Agreement, made and entered into effective July 1, 2004 by and between the <br />City of Concord, a municipal corporation organized and existing under the laws <br />of the State of North Carolina (hereinafter "City"), in its capacity as the lead <br />funds disbursement entity of the Cabarrus/Iredell/Rowan HOME Consortium Program <br />(the "Program" or the "Grant"); and Cabarrus County, a body politic and <br />incorporated under the laws of the State of North Carolina (hereinafter <br />"County"). <br /> <br />WITNESSETH: <br /> <br />WHEREAS, in its capacity as lead entity for the Program, the City has entered <br />into an Agreement (hereinafter "Funding Agreement") with the U.S. Department of <br />Housing and Urban Development (hereinafter "HUD") in order to receive, on behalf <br />of various participants in the Program, funding for a HUD sponsored Home <br />Investment Partnerships Program (the "HIPP"); and <br /> <br />WHEREAS, the County has been designated to receive from the Program one hundred <br />fifty six thousand three hundred and five dollars and 00/100 ($156,305.00) in <br />project funds and fourteen thousand five hundred and forty five dollars and <br />00/100($14,545.00) for administrative costs; for an aggregate County <br />disbursement from the Program of one hundred seventy thousand eight hundred and <br />fifty dollars and 00/100 ($170,850.00); and <br /> <br />WHEREAS, the purpose of this Agreement is to ensure that a specified portion of <br />the HIPP approved by the Funding Agreement is implemented in the County, all in <br />accordance with the policies expressed by and declared in Title II of the <br />National Affordable Housing Act of 1990, as amended (hereinafter "Act"); and <br /> <br />WHEREAS, the County is undertaking certain HIPP projects in the County and has <br />asked for the City to provide the County with the County's Program funds in <br />order to accomplish the County's HIPP projects and the City is agreeable to <br />functioning as lead entity for Program funding disbursements. <br /> <br />NOW, THEREFORE, in consideration of the premises and other good and valuable <br />consideration, the parties hereto agree as follows: <br /> <br />A. SCOPE OF SERVICES: <br /> <br />1. The HIPPA projects/services to be performed in the County pursuant to this <br />Agreement (hereinafter "Project", or ~Projects") shall be those specified in the <br />Scope of Services and under the Project title(s): <br /> <br />Owner Occupied Rehabilitation and New Construction <br /> <br />in the Action Plan approved by the County and submitted by the City to HUD, and <br />approved by HUD and attached hereto and incorporated herein as Exhibit A (or as <br />it may later be modified in accordance with regulations promulgated by HUD). <br /> <br />2. The City may, from time to time, in order to conform to Program modifications <br />dictated by HUD, request changes in the scope of services of the County to be <br />performed hereunder. Such changes, including any increase or decrease in the <br />amount of the County's compensation which is mutually agreed upon by and between <br /> <br /> <br />