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Berres Development Contract <br />3. Owner agrees to retain Housing Resource Center to act as general contractor on the <br />job at an added cost of $3,175 to cover the cost of those services and the initial inspection work <br />scope development. No outside contractors are to be retained by Owner. All contracts for the <br />rehabilitation work on The Property shall be processed by Housing Resource Center. Housing <br />Resource Center shall be responsible IRS -1099 reporting. <br />4. Based upon the work scope attached as Exhibit C for the rehabilitation work, <br />Owner agrees to deposit $81,770 dollars in a joint account with City for purposes of ensuring <br />adequate financial resources are available to complete the agreed upon work scope for The <br />Property. (The calculation of the deposit amount is attached as Exhibit D.) Furthermore, Owner <br />shall provide evidence of purchases for the materials to be applied to this job as defined by the <br />attached work scope. If said evidence is not provided, then the deposit amount shall be increased <br />by $6,600 (materials estimate plus 10%). No payments shall be made to Owner during the <br />course of the project for Owner supplied labor. <br />5. Withdrawals from the deposit account may only be made by check and after <br />Housing Resource Center provides City with invoices for work completed pursuant to the <br />approved work scope and appropriate lien waivers. Any checks written on the account shall <br />require signatures from both the Owner and the City. Once the rehabilitation project is fully <br />complete, any remaining funds shall be the sole property of the Owner and the City shall <br />promptly assist in releasing its interests in the account. In the event that the deposit amount is <br />inadequate to complete the project, the Owner shall deposit any projected shortfall within 10 <br />days' notice from the City based on documentation received from Housing Resource Center. If <br />funds are not deposited by the required date, this agreement becomes void and Owner will not <br />regain two-family status for The Property. Owner shall also be liable to Housing Resource <br />Center for any unpaid amounts owing under any contract that exists between Owner and Housing <br />Resource Center. <br />6. The Owner agrees to have project fully completed by no later than September 1, <br />2016; at which time two-family status shall be re-established for The Property. Failure to <br />3 <br />4 <br />