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(b) Term of Lease and Contract. The term of each Lease shall be for not less than one year nor more than three years, but the Lease may contain a provision permitting termination upon 30 days advance written notice by either party. The term of each Contract shall be for the term of the Lease, provided that if a Family continues in occupancy after the expiration of the term on the same terms and conditions as the original Lease (or changes thereto which have been approved by the PfIA and incorporated in the Contract where appropriate), the Contract shall continue in effect for the duration of such tenancy subject to the limitation in the next sentence. Any renewal of the Contract and Lease term. and any continuation of tenancy beyond the term, shall in no case extend beyond the term of this ACC. 1.4 Annual Contribution. (a) Notwithstanding any other provisions of this ACC (other than paragraph (c) of this Section) or any provisions of any other contract between the Government and the PIIA, the Government shall not be obligated to make any Annual Contribution or any otlter'payment with respect to any Fiscal Year in excess of the amount stated in Section 1.1(c). (h) Subject to the maximum dollar limitation in paragraph (a) of this Section, the Government shall pay for each Fiscal Year an Annual Contribution to the PHA in respect to the Program in an amount equal to the sum of the following (subject to reduction by the amount of any Program Receipts other than Annual Con- tributions, which Receipts shall be available for Program Expenditures): ( I ) The amount of housing assistance payments payable during the Fiscal Yeah (see Section 1.5) by the PHA pursuant to. the Contract, as authorized in Section 1.2. (2) The allowance, in the amount approved by the Government, for preliminary costs of ad- ministration. (3) The allowance. in the amount approved by tile. Government, for regular costs of administra- tion, including costs of Government -required audits of Owners and the PHA. (c) , (1) An ACC reserve account will be established and maintained by the Government, as a specifi- cally identified and segregated account, in an amount as determined by the Government consistent with its responsibilities under section 8(c)(6) of the Act. To the extent funds are available in said account, the Annual Contribution for any Fiscal Year may exceed the maximum amount stated in paragraph (a) of this Section by such amount, if any, as may be required for increases reflected in the estimates of required Annual Contribution applicable to such Fiscal Year as approved by the Government in accordance with Section 2.11 below. (2) The Government will take such additional steps authorized by section 8(c)(6) of the Act as may be necessary to assure availability of funds to cover increases in housing assistance payments on a timely basis as a result of increases in Contract Rents or decreases in Family Incomes. (d) The Government will make periodic payments on account of each Annual Contribution upon requisition therefor by the AHA in the form prescribed by the Government. Each requisition shall include certi- fications by the PHA that housing assistance payments have been or will be made only: (1) In accordance with the provisions of the Contracts: and (2) With respect to units which the PHA has inspected or caused to be inspected, pursuant to Section 2.4 of Part 1i of this ACC, within one year prior to the making of such housing assistance payments. (e) Following the end of each Fiscal Year, the PHA shall promptly pay to the Government, unless other disposition is approved by the Government, the amount, if any, by which the total amount of the periodic payments during the Fiscal Year exceeds the total amount of the Annual Contribution payable for such Fiscal Year in accordance with this Section. 1.5 Fiscal Year. The Fiscal Year for the Program shall be the Fiscal Year established by Section 0.3 of this ACC: Provided, however, that the first Fiscal Year for the Project shall be the period beginning with the effective date of this ACC Part I and ending on the last day of said established Fiscal Year which is not less than 12 months after such effective date. If the first Fiscal Year exceeds 12 months, the maximum Annual Contribu- tion in Section 1.1(c) may be adjusted by the addition of the pro rata amount applicable to the period of opera- tion in excess of 12 months. 1.6 Periodic Adjustment of Contract Rents. Each Contract may provide for periodic adjustments in the Contract Rents chargeable by the Owner and commensurate increases in amounts of housing assistance payments in accordance with applicable Government regulations. 1.7 Equal Opportunity Housing Plan. The PHA shall comply with all provisions of its HUD -approved equal opportunity housing plan. " 1.8 h.xpeditious Carrying Out of Program. Tlic PHA shall proceed expeditiously with the Program. If the PHA fails to proceed expeditiously, the Government, by notice to the PHA, may reduce its obligation hereunder with respect to the Program to the number and size of dwelling units under Contracts with Owners as of the date of receipt of'such notice by the PHA, with a corresponding reduction in the maximum amount of the Annual Contribution specified in Section I.I(c). I ' . HUD -525208 (5_76) JUL 14 1982 BOOK 2F).,, ®