NEIGHBORHOOD STABILIZATION PROGRAM 2

In the event that a Subject Property does not sell, and is converted to a rental property, CONTRACTOR shall be paid the final draw of the Developer Fee at conversion and shall be allowed to collect a reasonable property management fee until property resale. 15. Repayment of NSP Loan. The NSP funds invested in each property may be converted to a) a grant to Contractor in the amount equal to the total project cost for each Subject Property less the market value of the Subject Property; and b) a silent second mortgage or down payment assistance to the eligible purchaser. The remaining amount of the loan shall be repaid through an escrow to county. This conversion shall be documented on the NSP Property Budget and a HUD 1 Statement at the close of escrow. All such funds converted are subject to the Housing Director's approval. B. Responsibility for Carrying Out Activities Contractor shall have primary responsibility for carrying out all phases of the development, including but not limited to: 1. Securing additional financing; 2. Acquiring approved, vacant single family houses that are foreclosed and located in the qualifying neighborhoods of County of Alameda; 3. Seeking all governmental and planning permissions, use permits, and other governmental approvals necessary; 4. Selecting and engaging primary and secondary architectural and civil engineering firms as required; 5. Providing or procuring associated development services such as structural engineering, landscape architecture, phone and data cabling design and installation firms, and other specialty services; 6. Undertaking, overseeing and managing the overall design and construction of the Program and its various components, including but not limited to: a) Feasibility analysis; b) Design research and materials research; c) Preliminary design; d) Final design, development of construction documents, and value engineering; e) Manage and oversee the entire Entitlement process with all necessary and appropriate agencies; 0 Acquire all permits and related permissions, or facilitate architect, engineer and subcontractors in doing the same; g) Prepare for and represent the Program at any Design Review, Planning Commission, EIR reviews, City Council, community or other related reviews and /or presentations;