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c. The sale price is equal to or less than the fair market value of the <br /> Subject Property, as determined by an independent appraiser. The <br /> final sale price, including the amount of subsidy which must be left <br /> in the property is subject to approval by the Housing Director. <br /> d. Documentation that the proposed purchaser attended a minimum of <br /> 8 hours of HUD approved home buyer counseling <br /> e Documentation that the amount of any NSP funds which must be <br /> left in the property is reasonable and required to make the property <br /> sell. <br /> f. Contractor shall sell the home "as -is" but shall transfer all <br /> applicable warranties to the Eligible Purchaser or Eligible Non <br /> Profit upon sale. Contractor shall provide to the Eligible Purchaser <br /> or Eligible Non Profit a binder or CD with all transferable <br /> warranty information on warrantable items replaced in the <br /> remodel. <br /> g. Contractor shall provide a Homeowner Tool Kit for each house <br /> containing: <br /> Screwdriver <br /> Wrench <br /> Pliers <br /> Hammer <br /> Level <br /> Stud Finder <br /> Measuring Tape <br /> Screws/Nails /Picture Hooks <br /> h. Contractor shall provide the Homeowner with an orientation to the <br /> house and its systems. <br /> 12. Developer Fee. The developer fee shall be an amount equal to 10% of the <br /> Total Development Costs per Subject Property. Upon acquisition of a <br /> Subject Property, Contractor will submit first developer fee draw request <br /> equal to 5% of the total acquisition costs of the Subject Property. At each <br /> construction draw request thereafter, Contractor shall request developer <br /> fee equal to 5% of each draw request. The final draw of the Developer <br /> Fee shall be available upon the close of escrow when the rehabilitated <br /> Subject Property is sold and when all items listed in paragraph 11 above <br /> are met, with the exception of items f. and h. which may occur after the <br /> close of escrow. This final draw shall include reconciliation between the <br /> total actual project costs, the total 10% developer fee, less all fees taken <br /> over the course of the project, with balance remaining to be paid at the <br /> close. Contractor shall submit this amount (including back up <br /> documentation) to be paid through escrow. The County shall approve <br /> such amount in its escrow instructions submitted to title. <br /> In the case of rental properties which are transferred to an Eligible Non <br /> Profit, it is expected that the Eligible Non Profit will develop a separate <br /> development and sources and uses budget for the acquisition of NSP <br />