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Grantee will monitor the performance of Developer based on goals and performance standards as stated above along with all other applicable federal, state and local laws, regulations, and policies governing the funds provided under this contract . Substandard performance as determined by Grantee will constitute noncompliance with this Agreement . If corrective action is not taken by Developer within a reasonable period of time after being notified by Grantee, contract suspension or termination procedures will be initiated . Developer agrees to provide HUD, the HUD Office of Inspector General, the General Accounting Office, Grantee, or Grantee' s internal auditor(s) access to all records related to performance of activities in this agreement . F . Progress Reports and Other Reports Developer hereby agrees to provide in a timely manner all necessary progress reports and other reports required by Grantee on forms to be provided by Grantee . II . TIME OF PERFORMANCE A. Start and Completion Dates Services of Developer shall start upon execution of this agreement by Indian River County and Developer and end on the 31St day of December 2015 with at least S1 ,500.428 . in combined Grantee and Developer NSP3 funds having been expended by March 9, 2014 ( see Section III .A . of this agreement for the specific Grantee and Developer allocations) . Grantee may, at its sole discretion, and if not disallowed by HUD, administratively approve at the staff level up to a 1 year extension for either of the dates referenced above for expenditure of NSP3 funds . The allowance for an extension of either or both deadlines must be in writing as described in Section III . C . below . Notwithstanding the above allowed extensions, the term of this Agreement and the provisions herein shall be extended to cover any additional time period during which Developer is responsible for NSP3 reporting or compliance measures or remains in control of NSP3 assets . III . BUDGET A. Program Budget With NS133, there is a base grant allocation from HUD to Grantee of $ 1, 500, 428 . Of that $ 1, 500, 428 in base grant funds, Grantee hereby allocates S1, 350,386 to Developer for NSP3 allowed/required housing acquisition, rehabilitation, maintenance, and re-sale activities . The remaining $ 150,042 of the $ 1, 500,428 base grant is reserved for Grantee to cover costs for administering the NSP3 grant. While the $ 150, 042 is reserved for Grantee's use, it is understood that Grantee may not need all of the $ 150,042 . Therefore, a portion of these funds may become available for Developer' s acquisition, rehabilitation, maintenance, and resale activities . The specific amount 8 Page Amended and Re- stated NSP3 Developer Agreement : August 20 , 2013