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APPENDIX G <br /> DEVELOPER FEES PAYMENT SCHEDULE <br /> Developer' s fee shall be due and payable as follows : <br /> An amount equal to six percent (6%) of the purchase price paid to the seller for the <br /> property being acquired shall be due and payable to DEVELOPER upon the acquisition of <br /> each property by DEVELOPER. <br /> An amount equal to twelve percent ( 12%) of the amount paid to the contractor for the <br /> rehabilitation of the property shall be due and payable to DEVELOPER when a Certificate <br /> of Occupancy has been issued on the rehabilitation of each property and final payment has <br /> been made to the contractor. <br /> An amount equal to six percent (6%) of the purchase price paid to the seller for the <br /> property shall be due and payable to DEVELOPER at the time of occupancy of each <br /> property by a qualified tenant. <br /> It is understood by both parties that the County, utilizing NSP funding, will pay all costs <br /> associated with the acquisition and rehabilitation of each property including all closing <br /> costs and recording fees . <br /> It is understood by both parties that the DEVELOPER is responsible for obtaining property <br /> insurance, coordinating yard maintenance, providing all utilities, paying all property taxes, <br /> and maintaining the acquired housing units; however, the cost of all services required for <br /> each housing unit, beginning at initial acquisition of the property by DEVELOPER and <br /> ending at initial occupancy by a qualified tenant, will be paid by the County utilizing NSP <br /> funding or paid by the DEVELOPER and reimbursed by the County utilizing NSP funding. <br /> Once a housing unit is initially occupied by a qualified tenant, DEVELOPER shall assume <br /> all costs associated with the housing unit including, but not limited to insurance, utilities, <br /> overhead and maintenance. <br /> 46 <br />