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<br />th8 sole discretion of the COUNTY upon 30 days written notice <br />to the AGENCY. <br /> <br />C. If a project is for rehabilitation or new construction, the <br />written agreement executed by the AGENCY must provide that <br />construction shall begin within six months of execution of <br />the agreement. If a project is for acquisition, the <br />agreement must provide for purchase within six months of <br />execution, and must further provide that the owner will <br />transfer title within that period. <br /> <br />D. This agreement is in effect for the period of affordability, <br />as established in Section 9-A-5 of Part II of this Agreement, <br />required by 24 C.F.R. §92.252 or §92.254, or as long as the <br />AGENCY has control over HOME funds, whichever is longer. <br /> <br />4. ADMINISTRATION <br /> <br />A. The AGENCY shall appoint a liaison person who shall be <br />responsible for the overall administration of HOME funded <br />project(s) and coordination with the COUNTY. The AGENCY <br />shall also designate one or more representatives who shall be <br />authorized to sign the monthly Voucher and Reporting Form. <br />The names of the liaison persons and representatives shall be <br />specified in the exhibits. <br /> <br />B. For all agencies which are presently parties to Joint <br />Cooperation Agreements with the COUNTY covering planning, t <br />distribution of funds, and program execution under the Act, <br />the AGENCY remains subject to the provisions of such <br />agreement. <br /> <br />5. LOAN DISBURSEMENT <br /> <br />A. Upon approval of the form and content of the Promissory Note <br />and Mortgage referenced in paragraph 7, below, the COUNTY <br />shall loan to the AGENCY a sum not to exceed $218,000.00 (two <br />hundred eighteen thousand dollars) for the purposes set forth <br />in the exhibits. Disbursement shall be based upon a <br />Community Development Voucher and reporting Form submitted <br />with supporting documents and signed by the AGENCY's <br />authorized representative. <br /> <br />B. The AGENCY shall not disburse funds until the Promissory Note <br />and Mortgage referenced in paragraph 7, below, have been <br />fully executed by all parties. <br /> <br />C. The AGENCY shall not request disbursement of funds until <br />needed for payment of eligible costs. The amount of each <br />request shall be limited to the amount needed. <br /> <br />6. OPERATING BUDGET <br /> <br />The AGENCY shall utilize the funds received from the COUNTY under <br />this Agreement set forth in the exhibit(s) attached hereto. <br /> <br />Page -3- <br />