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B . Construction Costs Construction costs will be funded by Grantee as follows . 1 . If all construction work is carried out by a general contractor or multiple contractors, contractor( s ) will prepare a draw request or invoice which indicates a 10% retainage . The aggregate retainage amount for a contractor will be included in contractor' s final draw request or invoice, which will be presented to Grantee after final completion of the project, 2 . If Developer is also acting as general contractor, Developer will follow any special requirements in the NSP3 Agreement for charging general contractor fees and non -subcontracted construction costs, as well as processing draws . In addition , there will be a 10% retainage for all general contractor and subcontractor costs for each draw, including a retainage on any general contractor fee . The aggregate retainage amount for the general contractor and subcontractors will be included in contractor' s final draw request or invoice, which will be presented to Grantee once the punch list has been completed . 3 . Requests for NSP3 funding of soft costs must be accompanied by invoices or other documents from subcontractors or other third parties indicating payment of eligible rehab/construction and soft costs as indicated by the line items in the Project Budget . 4 . Developer fees will be paid in three installments as indicated in the NSP3 Agreement — upon acquisition , completion of rehab/construction , and sale of the home . Developer will submit an invoice to Grantee for the fees due upon acquisition and completion of rehab/construction . Developer will be paid the third installment of the developer fee from the proceeds of the sale after the sale has closed and Developer has provided to Grantee all required documentation regarding the project, the buyer' s eligibility and the sale . 5 . The terms of the NSP3 Agreement determine whether the Developer Fee is calculated as a fixed dollar amount or a percentage of total development costs, not including the fee . If the fee is calculated as a percentage, once calculated in the original Project Budget, the fee amounts will be fixed dollar amounts . If actual total project costs exceed or are less than the budgeted amounts, the developer fee will remain the same . IX . Pricing of Homes and Development Subsidies : Developer will set an asking price for NSP3 homes that is the lesser of the after-construction/ rehab market value, or total development costs . A . After=Construction/ Rehab Market Value 13