Contribution and Purposes. The contribution by the City under this Agreement is $3,000,000.00 (the "Contribution") and will be advanced to the Recipient pursuant to the terms and conditions stated herein and such Contribution shall only to be used for the acquisition of the land and the construction of the affordable multi- residential housing, as described in the Deliverables, and eligible costs associated with the foregoing including pre-development and pre-construction (e.g. environmental site assessments, cost consultant reports, architectural or engineering reports, legal/closing costs related to acquisition of land and buildings) for the development of permanent affordable housing Units. The parties agree that the Recipient shall be required to supplement the Contribution with its own funds so as to complete the Deliverables and to operate the units comprising the Deliverables for the 20 year period required herein. The Recipient agrees and confirms that it shall not borrow funds from any party or grant security interest in the project to any party for the purpose of the construction and operation of the Deliverables. The Recipient may rely upon the receipt of funding from the Province of New Brunswick, in which case the Recipient shall provide proof of such funding to the City in a form acceptable to the City. In no event shall the Recipient submit to the City a Funding Advance Request which causes the total amount of all such requests to exceed the Contribution amount. The Recipient agrees that it shall obtain alternative funding, or use its own sources of funding, to cover any costs which are not eligible costs to be covered by the Contribution from the City and to cover any additional costs for completing the project described in the Deliverables, including any cost overruns. The Contribution shall only be used for costs incurred on or after December 1, 2022 and the Contribution shall not be used for any operational expenses of the Recipient. The Contribution may only be used for the project as described in the Deliverables and the Recipient shall not make any changes to the project scope, design, time to complete or other aspects of the Deliverables without first obtaining the written consent of the City. Furthermore, the Recipient is solely responsible for any cost overruns whether due to City approved changes in scope, design, time to complete, site conditions or otherwise and the City will not increase the Contribution in any circumstances. The City confirms that it sh...
Contribution and Purposes. The contribution by CMHC under this Agreement is $[●] (the "Contribution") and will be advanced to the Recipient following signature of this Agreement, subject to the terms and conditions herein and for only to be used for the following purposes (as will be further specified by the Recipient in the Investment Plan):
