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EXHIBIT B <br /> CONDITIONS FOR PAYMENT BETWEEN <br /> HOUSING AND COMMUNITY DEVELOPMENT <br /> AND <br /> CONTRACTOR <br /> 1. AMOUNT OF THE CONTRACT <br /> It is expressly agreed and understood that the total amount made available by the County <br /> to the Program is One Million Nine Hundred Fourteen Thousand Two Hundred and <br /> Thirty -four Dollars ($1,914,234). Of this amount, a minimum of Five Hundred and <br /> Thirty -one Thousand Seven Hundred and Thirty -Two Dollars ($531,732) must be spent <br /> on Very Low- Income Households. As CONTRACTOR repays NSP funds to the County, <br /> the funds will revolve and be made available for additional phases of the work. It is <br /> expected that Contractor shall complete a minimum of two (2) phases, with declining <br /> amounts of NSP being returned to the Program during each phase. To the extent <br /> practicable, NSP funds will be used on a pro rata basis with other funds leveraged by <br /> CONTRACTOR. <br /> 2. DUE DILIGENCE AND DEPOSITS <br /> CONTRACTOR may submit a draw request for $25,000 to the County for use as a <br /> revolving fund for property deposits and due diligence expenses. If a property becomes a <br /> Subject Property, the deposit and due diligence expenses shall be submitted for <br /> reimbursement through an NSP Property Budget, and the revolving fund will be repaid in <br /> an amount equal to the reimbursement. If a property does not close escrow, <br /> CONTRACTOR shall submit a grant request to the County which includes (1) back -up <br /> documentation of expenses incurred and (2) a written description of why the property is <br /> not included in the NSP program. <br /> 3. BUDGET <br /> Before any disbursement of Contract funds may be made, Contractor shall establish a <br /> budget, to be approved by the Housing Director of her designee, specifying by line item <br /> the expenditures to be made with Alameda County funds. Once a budget is approved by <br /> the County, changes may be made only with a written request to be approved by the <br /> Housing Director or her designee in advance of a request for disbursement of funds. <br /> 4. METHOD OF PAYMENT <br /> All requests for a disbursement of funding will be either to escrow or on a reimbursement <br /> basis. Request shall be in a format approved by the County. <br /> a. All requests for a funding draw or reimbursement shall be on Contractor's <br /> letterhead, contain an original authorized signature, invoice number, total <br />