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HomeMy WebLinkAboutContracts & Agreements_7-1947 HOUSING AND HOME FINANCE AGENCY PUBLIC HOUSING ADMINISTRATION 760 Market Street San Francisco 2, California September 16, 1947 In reply please refer to: RI:AREA "D":14MLVILLE:nf CAL-V-1540 LA 1 City Clerk City of Redlands Redlands, Calif. Dear Sir: We are returning herewith one executed copy of Contract Amendment, Form 1481-H, providing for the withholding of a reserve for RM&R in the operation of your Veterans Housing Project, CAL-V--4540. Your copy now bears the signature of the Area Director who has been vested with the authority to sign such contracts in place of the Regional Director, �Y yo re , T elville ector Area an" Enclosure F P.VICTORY LBUY 760 Marketbtreet San Francisco 2,v G&Ulornla Sopteabor s, 1947 x : W11,4-4540 LA 1 City Clerk City !Wlands e Lear Uri are retartdng herewith ow axecuted oopy of Contract For Uw for Wga in Uie operuti= f your Veteram Housing CSX the Area DireQtOr such contra4to In place of tile IWgional Director. Uncerely I'm= o . iftivilla Area Ureator .A,rea 111,71 -- FQ£jG 8-30-46 AMMUM` `l' TO C071RAC`I' ':,7'?'I I.GCAL BOD FOR PROVID1P1t,' T-rM`SUTG PURSU:UTI' TO TITLE V OF m,-TE. T�AP?'1A"1 ACTT AS A-MMED, TO ESTADT,IS"T i RII 11mU1 RM-?-'J S. IPO PP.OZTIDr FCR M9 RVES FOP REFAIPq, :"IATPTTPATANCE AKD R. IACE::'I 7-TS: ArD TO CIARTrf TYE' TF.RI'I OF SUCH C OIT7_`PACT. /For use in amending outstanding contracts prepared on orms FPHA-14811 1481-4 and 12.81-7 if local bod- elects to accept plan permitting the establishment of reserves for re-,airs, maintenance and replacement s.7 THIS AMMATOTr CUTRACT, made and entered into this 7th day ofug iis 19-4z, by the 7nited States of America, acting by�and trough the Federal Public ?lousing Authority, (hereinafter call Pd the "Y7721,11), and t11 C,;L:Ly C)f e.CU nf9 Q a Thi -nI P.I rA 1 nnon .�.� .� duly organized and existing; pursuant to the la,vs o' the of orr�ia -(hereinafter called the "local body"). MITI,"E,SSET� T'TUB T WREAS, the parties hereto have heretofore entered into Contract No. y_ 1iEilmnh_ dated .r„na Pn s tsontract") for the purpose, providing called s housing (hereinafter called the "project") for distressed families of servicemen and for veterans and their families, pur- suant to Title V of the Lanham Act, as amended; and WRERFAS, said contract does not provide for the establish- ment of minimum rents or reserves for repairs, maintenance and replacements, and does not define with clarit- the period during which such housing shall be operated; and `SEAS, the inclusion of such provisions will be advantageous to both the F!'i?'A and the local body by enabling said parties to provide housing for distressed families of servicemen and for veterans and their families in maximum quantities as contemplated by said Title V of the Lanham Act, as amended. NOW, T=FORE, I-IT C01-STDMATIOY OF mTT �!RJ"'GT_'AL COVKTAFTS APTD AGRERVID17PS H PITT COMARM, An rOR 'i JFT-'-TP. GOOD Al`D 7ALT714BT.E CONSIDERATIONS, RECEIPP GF T'71CH A=TT', T�FPHBY AC.MTC"r1EDGED, AND PURSUANT' TO T;E. ATJT:ri.^RTry 0Oi:?TA17TD IIT TI,TF T AT;_TiAz: ACT, AS XTMTTDM, (PARTICULARLY TILE PRUTISIOT_TS OF SE'C"'I01-1 304 of SAID ACT) SAID COR'TRACT IS TM B=r A':EI-DED AS FOLIO"'S: (1) Section 2.03 of said contract is hereby deleted and the following substituted in lieu thereof: 2.03 Rental of Dwelling Acco=. odations. The schedule of rents to be prescribed in the Project. 1.1anage?aent Flan shall establish a fair rent based on value for each dwellin:; in the project. Such rent shall be reduced in indiaadual cases, i:0 fair rent based on value is not within the iinanWial reach of th(_ eligible tonaant, PROVIDED, HUMB ER, •what in no evpnt shall the rent (plus the cost of utilities but f.xclusive of any char;e for furniture) be reduced to all BmQUI1t. 1 88 thr�n_ cixw.�£,,f'i 3�. -P 4-1---. `......`,,--__- R,_ •_ Pursuant to Executive Order No. 9470, dated February 24, 1942., and Reorganization Plan N 3 of 1947, effective July 27, 1947, all references herein to "Federal Public using Authority" and "FPHA"' shall be construed to mean"Publ" H e ,Administra ioneW 7 �- Page 2 of 5 IPRI-JP-1431-H &-30-•46 (or one-sixth of such net rami €y lacore iq ;Ise of tenants with three or more manor dependent;), nor Mall V e rew be reduced to an amount less than the total opera.tint; ev ense (excluding furniture allowance) per month for the dwelling as set forth in the Prcject %nagement Plan. "M family incomel shall be defined by the FPHA. The schedule of rents shall be registered with, and subject to, the Office of Price Administration op Qlar applicaole reit regulations. No rents in Pxcess of the rents prescribed therein shall be charged or collected by the local body. (2) Sections 2.04 and 2.07 are hereby deleted and the following substituted in lieu thereof: 2.04 Expense of lra y Iement ant Operation. The local body may charge to, and Pal from, the rents and rc7er_ue derived from the project (herein called the "FioLect income") all necessary expense for the management and operation of the project allowable in accordance with the provisions of this contract- Such charges with respect to any site shall commence as of the first day of the month during which a dwelling unit on such site is first rerted and shah, continue until sixty d.n7s subsequent to the t©rmir:.ation of the project (or of any portion. thareof in connection with which the charge was incurred) pursuaD t to Section 3.01. Such expense may include each taxes, special assessments, licenses, and other fees, or payments in lieu thereof )Texoe!pt as provided in Section 1.02( c) hereinj7 1/ which, normally would be assessed against the project if it were privately owned, and which are attributable (on a }pro rata basis) to the period for which a site is usea for purposes of this camtract, commencing with the first day of the mor_th during which the first rental is charged in connection with such site; PPOVIPPEnD, H0'fE7TF_d•, that the amount of any such taxes, assessments, licenses, or pay monts shall be submitted to, and approved by, the FPPA before any such item may be charged against project income; and aFtOvIDAD, IURTAM, that in the event the FPFA disapproves such amounts, the local body shall exhaust its reaedies to obtain a reduction or correction, in a manner satisfactory to the FFA, prior to charging any such disapproved item against project income. The local body mai* also charge against project income an annual ground rental of $15 far each family dwelling and $3 for each dormitory accommodation in the projoct. Such ground rental shall commence, with respect to any site, witt the month during which a dwelling on such site is first rented and shall continue with respect to each dwelling until such dwelling is removed by total destruction or until sixty days subsequent to the termination of such dwelling pursuant to Section 3.01. On the last day of each fiscal year, the local body may set aside, from available project income, an amount equal to the - - difference between the average annual estimate for repairs, w...i.�nre...nd --h,7 _1-11 K_ +%- -=-Mn 'PFA-SP-1481-g Page 3 of 5 8-30-46 . For purposes of this contract there shall not be charged against project income: (a) any expenditure, charge or obligation incurred by the local body ( i) for purchase of the site (if purchased) or (1__j for rent of the site (if rented) other than for the 'If r )und rental" provided above and auy Wes, sl.ecia s assessments, licenses and other fres or payment> in ALa thereof which my; be incl4 d.ad in the reat; for (iii) for special asseasnents or other charges imposed. in Gonrection with the fulfill- ment of the Ac 1. body— s obligation, under Section 1,02 of this cortract;f (b) any charges (i ) for amortization of capital investment or the establishment of reserves therefor, or (ii) for demolition, removal, restoration ox other disposition of the project which may be incurred in connection with the termination of the project, or in connection with the tonal destruction of dwellings in the project, or the entablishmant of reserves therefor, Cr (W) far reServes for vacancy or collection losses, or any ofihUr reserves, except the reserve for repairs, maintenance, and replacements hereinabove provided for; (c) any charge by way of premium or otherAss for fire or extended cove7age insurance of structures or other property provided by FFHA pursuant to its undertaxing. (d) any part of the re? ias overnead of the local body, including kbov Whouu 7 oi.t.ati on of the generality of the fa-egci-Si salara.eg of any of its red,,:lar era�_.)lcyyoes; unlo3B the activities of the local body are devotod exclusively co the d..velcnment of Management of housing prrpezt=es, in which event there may be chargea against the operating expense of the project (with the written approval of FPEA) an appropriate portion of such overhead expense- or (e) that portion of any charge, for materials, supplies, commodities, equipment, utilities or services in excess of the most favorable rate, price or charge reasonably or readily available to the local body for the purpose of managing; or operating the project, The term "total destruction' Sao used in this contract shall mean any damage of iestwur;,ion to a C+4E-rKi"g Which r=ot be repaired by the expanditu-e of ars. �InCU It LCIS than the estimated net income which mey be deryved f::orn. t, M"WiTy Nring the period of its remain.iL, us , uuc.y_ GM8 r..crtr­t NotwitsHandirg any other jLov ,F M he,7ecf -BA7 urs.ial.. deficit Page 4 of 5 WRA-LP-149111 5-30-4£ All revenue derived from furniture or equipment included in: the project (whether supplied by FPEA or the local body as a part of their respective undertakings) and all expense incident to the management, operation, maintenance oxwplaceieni thFreof, for purposes of this contract, stall be considered as project operating income or operating expense, PRO"IDD,D, HOWEP, the local body may charge as an operating e pen,e the reasonable use value cnmputed on an annual basis (as set forth in the Project Knagement Plan.) of any furniture or eluipment supplied by the local body as part Of its under akin, hereunder. Such annual use value of any SUCH? furnituM e or elui.pment shall be the scheduled additional annual rental att.:ibutable to such furniture or equipment, as disclosed by the schedule incorporated in the approved Project lis zgoment Plan (if Ve rental schedule in the approved Project Management Plan does rot disclose such additional rental attributable to such furniture or equipment, such rental schedule shall be appropriately revised by the local bodv and submitted to FPHA for approval) less the estimated annual expense of maintaining such furniture or equipseni. 2.09 Payments to jpRA. Nithin thirty days after the end of each fiscal year (and within ninet77 days subsequert to the termination of the project pursuant to Section 3.01 herein) the local body shall pay to the FPgA all net revenue derived from the operation and management of the paoject. For purposes of this provision, fiscal years shall r-nd on June 30 and the tem "net revenue" shall mean the amount by which project income exceeds allowable project operating expense, computed in accord- ance wi FPHA--SP-1481-H Page 5 of 5 s-30-46 Agency, or any successor to his powers, functions and duties, (herein called the "Administrator") that the project, or any part thereof, is no longer needed to provide temporary housing for eligible tenants in the orderly demobilization of the war effort; PROVIDED, that the project shall be terminated in any event at the end of two years after the termination of the emergency declared by the President to exist on September 8, 1939 ; unless such period may be extended for successive periods of one year each upon a determination by the AdministWor (after con- sultation with the local body and the local community) that such housing is still needed for purposes of this contract. 3.02 Disposition and Removal. The local body expressly covenants that all temporary dwellings provided he2eunder shall be removed and disposed of upon termination of tho project or upon total destruction thereof. In the accomplishment of such removal and disposition the local body shall reduce the temporary dwellings to parts not greater than flat panels, unless exceptions thereto are specifically approved in writing by the FPFA. Such disposition and removal shall be at the sole cost and expense of the local body and any salvage or proceeds therefrom may be retained by the local body. Upon such disposition and removal, and upon final payment to the FPFA of all net revenue derived from the management and operation of the project and any balances remaining in the reserve for repairs, maintenance and replacements, and the submission and approval of a final statement of account with respect thereto, all obligations of the local body under this contract shall be discharged. xx IN TESTIKONY ','EMOF, the parties hereto have executed this amendatory contract as of the day and year first above written. UNITED ST'A'PES OF ME ICA FEDFF'AL PUBLIC HOUSI10 AWIRORRIT`r r Arc,i ....Jt Area D n - (Title Mc{l a V 17TVESSES: SHAL A'i`Z'FnST' 8--30-46 - - -- - Ar.+lIIv'ITi;FNT TO CO?'T' ACT ';YPF LOCAL T30DY s FOR PROVIDUTG FIDUSTNG PURStT:S,T7 TO TITLE V Or 71E LATri41':1 ACT, AS A''M,-,DED, TO ESTABLISR MI TMU11 RENTS: TO PRUVIDE FCR RESERVES FOP REPAI;'.S, !T4:TT_T''NAt'CE AND RvPLACE:Tc",1'TS: AYD TO CLARIFT 17E Thi T 07 SUCH C0171'RNCT. Tar use in amending outstanding contracts prepared on Fors FPRA-14811 1431-4 and 1481--7 if local bod-• elects to accept plan permitting the establisVment of reserves for repairs, maintenance and replacements.? THIS AMENDATOT`r CCFTRACT, made and entered into this day of , 19 , b- the United States of America, acting by and through the Federal Public 'dousing Authority, (hereinafter call ed the '+FP77), and duly organized and existing pursuant to the latus of the State of (hereinafter called the "local body"), ?"I'ITEESSIT THAT : WHEREAS, the parties hereto have heretofor4 entered into Contract No. , dated , (hereinafter called the "contract") for the purpose of providing housing (hereinafter called the "project") for distressed families of servicemen and for veterans and their families, pur- suant to Title V of the Lanham Act, as amended; and NBEREAS, said contract does not provide for the establish- ment of minimum rents or reserves far repairs, maintenance and replacements, and does not define with clarity the period during which such housing shall be operated.; and NBEREAS, the inclusion of such provisions will be advantageous to both the KHA and the local boder by enabling said parties to provide housing for distressed families of servicemen and for veterans and their families in maximum quantities as contemplated by said Title V of the Lanha.Tn :pct, as amended. NOW, `OFREFORE, Ir COUSIDERATIOY OF TTT -,,%7=AL COVENAKS AND AGREEMENTS BEREL< CONI`AXED, XD POR 7J77TYR. GOOD Ai_D TI JJABT:E CONSIDERATIONS, RECET-17 Cl-,-, ":'7ICH A2F THPH Y A=O'nEDGED, AND PURSUANT TO TH-F A',TI'.TJ_1^RrTv CO3T7AI7__`FD IN TITF `�A'." ACT, AS A°+WDED, (PARTICULARLY THE PROVISIOYS OF SECTIOV 304 of SAID ACT) SAID CONTRACT IS vERFD`r VENT= A5 FO LO'dS (1) Section 2.03 of said contract is hereby deleted and the following substituted in lieu thereof: 2.03 Rental of Dwelling Accommodations. The schedule of rents to be prescribed in the Project 'Llariagement Flan shall establish a fair rent based on value for each d plling in the project. Such rent shall be reduced in inlividual cases, if fair rent oased on value is not within the finan3ial reach of the eligible tenant ; PROVIDED, HOWZ'VER, chat in no evont shall the rent (plus the cost of utilities but oxclusive of any char;e for furniture) be reduced to an amount less than one-fifth of the tanant' s net farily income Qf fps f T 4A&4AE . � y Page 2 of 5 F&A-8P-1481-H 8-30-45 (or one-sixth of such net f'amlly income ia case of tenants with three or more manor dependent,', r..:r shad.' V e reW be reduced to an amount less than the total operating expense (excluding furniture allowance) per month for the dwelling as eet forth in the Prcject Wagement Plan. "Net family income} shall be defined by the FFF1, The schedule of renta shall be registered with, and subject to, the Office of Price Admin stratien or other applicable rent regulations. No rents in excess of the rento prescribed therein shall be charged or collected by the local body. (2) Sections 2.04 and 2.07 are hereby deleted and the following substituted in lieu thereof: 2.04 Expense of ;Management and Operation. The local body may charge to, and pal f2om, the rents and revepae derived from the project (herein called the "protect income") all necessary expense for the management and operation of the prouect allowable in accordance with the provisions of this contract, Such charges with respect to any site shall commence as of the: first day of the month during which a dwelling unit on such site is first rented and shall continue until sixty days subsequent to the terstr.at .on of the project ( or of any portion thoreof in connection with which the charge was incurred) pursuant to Section 3.01. Such expense may Include such taxes, special assessments, licenses, and other fees, or payments in lieu thereof /TPxcept as provided in Section 1.02(c) herein 17 1/ which norma•1l- would be assessod against the project if it were privately owned, and which are attributable ( on a pro rata basis) to the Period for which a site is used for purposes of this contract, commencing with the first day of the month during which the first rental is charged in connection with such. site; PROVIDED, HOVIVM, that the amount of any such taxes, assessments, licenses, or payments shall be submitted to, and approved by, the FPNA before any such its may be charged against project income, and FRUIDE , FUF`i'F7R, that in tho event the F"PHA disapproves such amounts, the local body shall exhaust its remedies to obtain a reduction or correction, in a manner satisfactory to the FP?•A, prior to charging any such disapproved iter, against project income. The local body may also charge against project income an annual ground rental of $15 for each family dwalling and $3 for each dormitory accommodation in the project. Such ground rental shall commence, with respect to any site, with the month during which a dwelling on such site is first rented and shall continue with respect to each dwelling until such Boiling is removed by total destruction or until sixty days subsequent to the termination of such dwelling pursuant to Section 3.41. On the last day of each fiscal year, the local body may set aside, from available project income, an amount equal to the difference between the average annual estimate for repairs, maintenance and replacement (which shall be the estimated average expense over a period of 5 years, as set forth in the Project Management Plan) and the actual expense for such items incurred during such fiscal year. The reserve thus accumulated shall remain in the custody of the local body and be available to meet the expense of repairs, maintenance, and replasaments in any fiscal year during which the actual expense properly incurred exceeds the amount provided therefor„ In any such Usual year the reserve shall be drawn upon to meet such excess exponso. 1/ Applicable to FPHA Form 1431 only. Delete in amending -' contracts prepared on FFHA Forms 1.481-4 and 1461-7, Al2 M 14T TO COTS RACT 4 1TY LOCAL T ODY FOR PROVIDING 7OUSIOG PURSUM TO TITLE V OF TOE LAPr-40.1 ACT, AS ATMTDED, TO ESTABLISP MINOTdlLI4 RF-171"c. TO PROITIDE FOP RESERVES 702 REPAY'_-,, :!AII=4 AIyCE AFT R PLACTIZ TTS: AID TC CLAM',,'- TIM, T R"T OF SUCu COT''.'T'R_?�Ci L . /For use in amending outstanding contracts prepared on Forms FPHA-1481, 1481-4 and 1481-7 if local bod- elects to accept plan permitting the establismelt of reserves for repairs, maintenance and replacements.7 THIS APEMTO?'•.`.' CC TF4C"', made and entered into this day of , 19 , by the ?united States of America, acting by and through the Federal Public Musing Authority, (hereinafter call ed the "FP7 4"), and duly organized and existing pursuant to the laws of the State of (hereinafter called the "local body"), NITT,_SSETT-r TFAT WHEREAS, the parties hereto have heretofore entered into Contract No. , dated , (hereinafter called the "contract") for the purpose of providing housing (hereinafter called the "project") for distressed families of servicemen and for veterans and their families, pur- suant to 'Title V of the Lanham Act, as amended; and WHEREAS, said contract does not provide For the establish- ment of minimum rents or reserves for repairs, maintenance a:�d replacements, and does not define with clarity the period during which such housing shall be operated; and WHEREAS, the inclusion of such provisions will be advantageous to both the FPHA and the local boder by enabling said parties to provide housing for distressed families of servicemen and for veterans and their families in maximum quantities as contemplated by said Title V of the Lanham Act, as amended NOW, ''''EF+.'REFORF, IN COVSIDERATIOlk' OF 7T-' :T'_ '_TAL COMTAFTS AND AGREEfViET TS FIDE I±. 0 M A KED, AID 7 CR �1 tJP 0T --EP. COOT) AI-D 7ALUABI:E CONSIDERATIONS, RECET7T OF MHICH AM LLF'FEBY AC,t?`IY EDGED, AND PURSUANT TO TH1� AT..THICRITv CO„T'A1!ED IN THF" 1_41 XA T ACT, AS X=DID, (PARTICULARLY THE PRUVISIOrS OF SECrIOY 304 of SAID ACT ) SAID C0NTRACT IS YERYBTT 9111E DED AS 70T LO"TS: (1) Section 2.03 of said contract is hereby delated and the following substituted in lieu thereof: 2.03 Rental of Dwelling Accommodations. Me schedule of rents to be prescribed in the Project i axiagemen,t plan shall establish a fair rent based on value for each dwelling in the project. Such rent shall be reduced in inti idual cases, if fair rent oared on value is not within the financial reach of the eligible tenant, PROVIDED, HOWEVER, chat in no event shall the rent (plus the cost of utilities but exclusive of any charge for furniture ) be reduced to an amount less than one-fifth of the tanant' s net family income Wage 4 of 5 FPF A-SP-1.431-H 8-30-4o All revenue derived from furniture or equipment included in the project (whether auppli.ed by F^PBA or the iocal body as a part of their respective undertakings) and all expense incident to the management, operation., maintenance or r 0lacement thereof, for purposes of this contract, shall be considered as project operating income or operating expense, PRO71DED, HOOVER, the local body may charge as an operating expense the reasonable use value computed on an annual basis (as set forth in the Pro4ect Management Plan) of any furniture or equipment supplied by the local body as part of its undertaking hereunder. Such annual use value of any such furniture or eriuipment shall be the scheduled additional annual re._tal attoibutable to such furniture or equipment, as disc:losei by thn schedule incorporated in the approved project Me.nagement Plan (if the rental schedule in the approved Project Pfanagerwent Plan does not disclose such additional rental attributable to such furniture or equipment, such rental schedule shall be abrropriately revised by the local body and submitted to PPHA for approval) less the estimated annual. Expense of maintaining such furniture or equipment. 2.07 Payments to F'PHA. Within thirty days after the and of each fiscal year (and within ninety days subsequent to the termination of the project pursuant to Section 3.01 herein) the local body shall pay to the FPNA all net revenge derived from the operation and management of the project. For purposes of this provision, fiscal years shall end on Tune 30, and the term "net revenue" shall mean the amount by which project income eaeeeds allowable project operating expense, computed in accord- Within with the provisions of this contract. Within ninety days subsequent to the termination of the protect as aforesaid, the local body shall pay to the .nPBA all unexpended or uncommitted balances in the reserve for repairs, maintenance, and replacaments. Payments to the rPT3A shall be wade by check or money order payable to the order of the Treasurer of the United States. (3) Section 2.05 is hereby deleted and the fallowing substituted in lieu thereof 2.05 Deposit of Revenue and Handling of Funds. The local body shall deposit,before the close of busznnss on the first day following receipt thereof (unless other ar»angements are approved in writing by the FPBA) either in a bank which is a member of the Federal Deposit Insurance Corporation, or in a public depository Prescribed by applicable law, without abatement or deduction, all rents and revenue derived from the management and operation of the project, except such amounts as are necessary to maintain a petty cash f'urd, which amounts shall be approved by the FPBAs, The local body shall report the name of its depository to the FPTA and furnish such other information regarding said depository as may be required by the FPHA. The local body shall provide a safe: _place for the keeping of all cash and currency prior to deposit. All deposits of cash or currency shall be made either by means of armoured car service or by bonded employees, unless other arrange- ments are approved in w n.ing by F&V All *persons respa4zible for the handling or disbursement of funds shall be appropriately covered by fidelity bonds. (4) Part Ill of said contract is hereby deleted and the following substinutod iL 1 , jo zcraof , V:ALL 3.01 TermigacIon, The p.00jact, or any pax-t thoreof, fcr the Purposes of this contract, shall bo termiaated as of the date of the determination by the Administrator of the National Housing FPHA-SP-1481-H Page 5 of 5 8-30-46 Agency, or any successor to his powers, functions and duties, (herein called the "Administrator") that the Project, or any part thereof, is no longer needed to provide temporary housing for eligible tenants in the orderly demobilization of the war effort; PR0VIDED, that the project shall be terminated in any event at the end of two ,years after the termination of the emergency declared by the President to exist on September 8, 1939; unless such period may be, extended for successive periods of one year each upon a determination by the Administrator (after con- sultation with the local body and the local ecmmunity) that such housing is still deeded for purposes of this contract. 3.02 Disposition and Removal. The local bodT, expressly covenants that all temporary dwellings provided hereunder shall be removed and disposed of upon termination of the project or upon total destruction thereof. In the accomplishnert of such removal and disposition the local body shall reduce the temporary dwellings to parts not greater than flat panels, unless exceptions thereto are specifically approved in writing by the FV1, Such disposition and removal shall be at the Sole cost and expense of the local body and any salvage or proceeds therefrom may be retained by the local body. Upon such disposition and removal, and upon final payment to the FPRA of all net revenue derived from the management and operation of the project and any balances remaining in the reserve for repairs, maintenance and replacements, and the submission and approval of a final statement of account with respect thereto, all obligations of the local body under this contract shall be discharged. IN TESI1Tmy WHEREOF, the parties hereto have executed this amendatory contract as of the day and year first above written. UNITED STATES OF AMERICA KDERAL, PUBLIC HOUSING AVTH0RTr- By Director, Region for the Conmissioner d (Title �� a y e MUTNESSE<S: SEAL ATTEST