HOUSING FINANCE AUTHORITY SPECIFIC PERFORMANCE AGREEMENT
CITY OF CLEARWATER
SPECIFIC PERFORMANCE AGREEMENT
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THIS AGREEMENT, ("Agreement") made and entered into this J...i.{ day ofOc~OOI, by and between City of
Clearwater, having its principal office at 112 Osceola Avenue, Clearwater, Florida 33756, a political subdivision of the State of
Florida ("City") and the Housing Finance Authority of Pinellas County (Authority), a public body corporate and politic, organized
and existing under Chapter 159, Part IV of the Florida Statutes and Pinellas County Code Sections 2-386:
WITNESSETH:
WHEREAS, the City and the Authority recognize the need to provide affordable housing to low and moderate income, fIrst
time home buyers through low interest loans and assistance with down payments and closing costs, and
WHEREAS, the Authority plans to issue single family mortgage revenue bonds in 2002 for the purpose of providing
affordable mortgage money for low and moderate income buyers, and
WHEREAS, the City desires to participate by contributing State Housing Initiatives Partnership (SHIP) funds to make
available lower rates and assistance to facilitate purchases by low and moderate income persons in accordance with SHIP guidelines,
and
WHEREAS, it is necessary for the City and the Authority to enter into an Agreement for the implementation of said project:
NOW, THEREFORE, in consideration of the mutual performance of the promises and covenants contained herein, the City
and the Authority agree as follows:
A, SCOPE OF SERVICES
1. Upon approval by the City of the bond documents, incorporated herein by reference, the City will make a lump sum payment
to the Authority. Funds will be held by the Authority's Trustee for the purposes of providing assistance to low and moderate
income fIrst time home buyers purchasing homes within the City of Clearwater, as described in Attachment A, AHousing
Finance Authority of Pine lias County SHIP-Assisted Loan Program,@
2. The Authority will authorize its Trustee to use SHIP funds to purchase qualifIed loans in accordance with terms and
conditions of the Authority's 2002 Series A and Series B bond documents the language of which is hereby incorporated by
reference, and SHIP legislation.
3, To the extent that City's SHIP funds are used by the Authority, City shall be entitled to repayment of the SHIP funds as
provided for in the Trust Indenture, incorporated herein by reference, in connection with the Authority=s single family
mortgage revenue bonds, 2002 Series A and 2002 Series B over the thirty year life of the mortgage loan, unless repaid
sooner. Payments shall be made to City of Clearwater, 112 Osceola Avenue, Clearwater 33756, Attention: SHIP Trust Fund,
4. The scope of services outlined above shall not be altered without written approval of the City,
B. FUNDING
1. The City shall provide to the Authority $70,000 (Seventy thousand) for services performed under the terms of this
Agreement for series 2002A and series 2002B but may increase this amount up to a maximum of$100,000. Payment of
$35,000(Thirty-five thousand) in a lump sum upon execution of this agreement for series 2002A and payment of $35,000
(Thirty-five thousand) upon execution of documents for the 2002B program.
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by the State of Florida ("State"). The Authority agrees that in the event that any grant reduced or withheld by the State, the
City shall not be liable for payment of contracted services remaining unfunded by said reduced or withheld grant. In the
event that the State determines that the Agency has not fulfilled its obligations in accordance with the requirements applicable
to the grant and/or requests reimbursement of expenses paid under this Agreement, the Agency shall provide said
reimbursement within ten days of said notice from the City,
C, MONITORING AND RECORD RETENTION
1. City shall have the right to monitor and evaluate all aspects of activities carried out by Authority, Such evaluation will be
effected by the submission of reports and information by Authority and by monitoring site visits by the City,
2. All records pertaining to this Agreement, including but not limited to financial, statistical, property and programmatic records
shall be retained for four (4) years from ending date of the City's fiscal year (October 1 through September 30) in which this
Agreement is paid in full, expired, or terminated, All records, however, that are subject to audit findings shall be retained for
four (4) years in the manner prescribed above or until such audit findings have been resolved, whichever is later, Nothing
herein shall be construed to allow destruction of records that may be required to be retained longer by the Statutes of the State
of Florida,
3. The Authority shall at any time during normal business hours and as often as the City and/or officials from the Florida
Housing Finance Corporation and/or any of their duly authorized representatives may deem necessary make available for
examination all of Authority's records, books, documents, papers, and data with respect to all matters covered by this
Agreement and shall permit the City and/or its designated authorized representative to audit and examine all books,
documents, papers, records and data related to this Agreement.
D. TERM OF AGREEMENT
1, The term of performance under this Agreement for the expenditure of SHIP funds as described in Section A, above shall be
from the effective date of this Agreement through the origination period of the 2002 Series A and 2002 Series B Bond
programs as defined by the bond documents, or as may b extended as permitted by such bond documents (the "Origination
Period"),
2. At the end of the Origination Period, SHIP funds not committed to SHIP assisted loans by Authority or its participants shall
be returned to the County, However, if the Authority offers a program in 2003, the City may indicate in writing its desire to
use remaining SHIP funds, if any ,or additional SHIP funds for participation in a second bond program in 2002 under this
same agreement.
3, The term of performance under this Agreement for the servicing and monitoring ofloans and return of SHIP funds to City
shall continue throughout the thirty year life of the mortgage loans or until all SHIP funds have been collected by Authority or
its agents and repaid to the City,
4, In the event of default, lack of compliance or failure to perform on the part of Authority, the City reserves the right to exercise
corrective or remedial actions, to include, but not necessarily be limited to requesting additional information from Authority
to determine reasons for or extent of noncompliance or lack of performance; issue a written warning advising Authority of
deficiency and advising Authority that more serious sanctions may be taken if situation is not remedied; advise Authority to
suspend, discontinue or not incur costs for activities in question; withhold payment for services provided; or advise Authority
to reimburse City for amount of costs incurred for any items determined ineligible,
5. This Agreement may be terminated in whole or in part for convenience by either party upon written notification to the other
and with the written consent of the other. Termination for convenience shall not apply to provisions in this Agreement that
require compliance with laws, regulations or ordinances, records retention or to the provision of service to low and moderate
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income persons or other specified beneficiaries, and is subject to the following restrictions:
a. City shall not withdraw its commitment of SHIP funds at any time during the Origination Period.
b, Authority shall monitor the use of and return City SHIP funds as specified herein,
E, INDEMNIFICATION
1, The Authority and the City shall only be liable for negligence under this Agreement to the extent permitted under Chapter
768.28 of the Florida Statutes, as it may be amended from time to time, This section shall not be construed as waiving any
defense or limitation which either party may have against any claim or cause of action by any person not a party to this
Agreement.
2, The City's consent and approval for the use of SHIP funds shall not be deemed to create any obligation of the County under
the bond documents,
F, REPORTING
1. The Authority shall provide, or cause to be provided, monthly reports to the City on the use of SHIP funds during and at the
end of the 2002 Series A and 2002 Series B Origination Periods.
2, The Authority shall provide, or cause to be provided, annual reports to the City showing the current status of the 20012Series
A and B bond programs and the amount of SHIP funds still to be returned to City for the term of the agreement.
3, Authority shall furnish City with all additional information, records, reports and data as may be required by State of Florida or
County pertaining to matters of this Agreement.
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G. OTHER REQUIREMENTS
1, In carrying out this Agreement, the Authority or any contractor shall not exclude from participation in, deny benefits to, or
otherwise discriminate against, any person because of race, color, religion, sex, age, national origin, family status or handicap.
2. The Authority will carry out its activities under this Agreement in compliance with all state laws and with the SHIP program
rule issued by the State Housing Finance Authority, incorporated herein by reference, Further, the Authority will comply
with all terms of the City's Local SHIP Housing Assistance Plan and other City requirements. Since the City is responsible
for its SHIP program, the Authority will provide the City with the opportunity to review all program descriptions, bond
documents and other pertinent documentation prior to the commitment of funds in order to protect the County's interests and
to confirm compliance with the above state and local requirements,
3, The Authority shall not assign any interest in this Agreement or otherwise transfer interest in this Agreement without
submitting said proposed subcontract to the City and without the prior written approval of the City of the proposed
subcontract. All requirements of this Agreement shall be applicable to any subcontracts entered into under this Agreement
and it shall be Authority's responsibility to ensure that all requirements are included in said subcontracts and all
subcontractors abide by said requirements,
4. No forbearance on the part of either party shall constitute a waiver of any item requiring performance by the other party
hereunder. A waiver by one party of the other party's performance shall not constitute a waiver of any subsequent
performance required by such other party. No waiver shall be valid unless it is in writing and signed by authorized
representatives of both parties,
5, Any news release or other type of publicity pertaining to this Project must recognize the City of Clearwater and the SHIP
program as sponsors.
6, Should any section or any part of any section of this Agreement be rendered void, invalid or unenforceable by any court of
law, for any reason, such a determination shall not render void, invalid, or unenforceable any other section or any part of any
section in this Agreement.
7. The laws of the State of Florida shall govern this contract.
IN WITNESS WHEREOF, the parties hereto have caused these presents to be executed, the day and year first above written,
*Note: Two witnesses are required*
By:
AGENCY
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Countersigned:
Approved as to form:
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ssistant City Attorney
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CITY OF CLEARWATER, FLORIDA
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1 B orne, II
~ City Manager
Attest:
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Approved as to Form
Office of the County Attorney
By:
County Attorney
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