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Home My WebLink AboutC10-316 Housing Down Paymnet Assistance Program First Amendment FIRST AMENDMENT TO AGREEMENT BETWEEN THE COUNTY OF EAGLE, STATE OF COLORADO AND FUNDING PARTNERS FOR HOUSING SOLUTIONS For administering a Housing Down Payment Assistance Program DATED MARCH 22, 2005 Funding Partners for Housing Solutions, Inc., as Loan Servicing Agent, a Colorado non - profit corporation and The County of Eagle, State of Colorado, as Lender, a body corporate and politic, by and through its Board of Commissioners, hereby amend the Agreement dated March 22, 2005, in the following manner: A. Paragraph 1 is hereby amended to read as follows: This Agreement for Administering Housing Down Payment Assistance Programs ( "Agreement "), made this 22 day of March, 2005, by and between the Eagle County Housing and Development Authority, a body corporate and politic, by and through its Board of Commissioners ( "AUTHORITY ") and Funding Partners for Housing Solutions ( "FP "), a Colorado non - profit corporation. B. Section 2, Project Payments, is hereby amended to read as follows: a. CDOH Fund: The AUTHORITY shall provide an amount to FP, which shall be used solely for Program loans originated from the CDOH Fund. This amount shall be kept separate from all other Eagle County funds in a non- interest bearing account compliant with the Public Depository Protection Act. As FP receives payments on CDOH loans, these funds shall be deposited to the same non - interest bearing account. New CDOH loans shall be funded first from this account. When the account becomes depleted, CDOH loans shall be funded according to the terms of the Grant Contract between the AUTHORITY and the Colorado Department of Local Affairs attached hereto as Exhibit 2. b. Eagle County Fund: The AUTHORITY shall provide an amount to FP, which shall be used solely for Program loans originated from the Eagle County Fund. This amount shall be kept separate from all other Eagle County funds in an interest bearing account compliant with the Public Depository Protection Act. As FP receives payments on Eagle County Fund loans, these funds shall be deposited to the same interest bearing account. New Eagle County Fund loans shall be funded first from this account. When the account becomes depleted, no Eagle County loans shall be funded until notification from the AUTHORITY to FP that additional funds have been allocated. 1 Revised 9/28/2010 c. Eagle County Employee Home Ownership Program (EHOP) Fund: The AUTHORITY shall provide an amount to FP, which shall be used solely for Program loans originated from the Eagle County Employee Home Ownership Program. This amount shall be kept separate from all other Eagle County funds in an interest bearing account compliant with the Public Depository Protection Act. As FP receives payments on EHOP loans, these funds shall be deposited to the same interest bearing account. New EHOP loans shall be funded first from this account. When the account becomes depleted, no EHOP loans shall be funded until notification from the AUTHORITY to FP that additional funds have been allocated. d. FP shall be compensated for its services by the following: FP shall assess a one -time Application Fee at the time of loan settlement according to the schedule attached as Exhibit 8. Such charge may be paid by the borrower, the AUTHORITY, a third party, or combination thereof. Application Fee may be adjusted from time to time, as dictated by various factors, upon written agreement to modify such fee by the AUTHORITY and FP. e. Under no circumstances shall the AUTHORITY be liable for the payment of any costs of performing the scope of services for which FP is responsible. B. Section 3, The Term of the Agreement, is hereby extended and shall commence on the date of execution set forth below and continue for a term of 5 years provided that the term of this agreement and all provisions herein shall extend to and cover any additional time period during which FP remains in control of the AUTHORITY'S funds or other assets. C. Section 5, Activity Responsibility and Representatives, shall be amended as follows: All applicable invoices, statements, notices, inquiries, and replies shall be addressed to the AUTHORITY and FP (or their successors and assigns), AUTHORITY: Eagle County Housing and Development Authority The Valley Home Store C/O Tori Franks 25 Mill Loft Street, Suite 200 Edwards, CO 81632 Tel. 970 - 328 -8775 Fax 970 - 328 -8782 Email tfranks@valleyhomestore.org 2 Revised 9/28/2010 FP: Joe Rowan Funding Partners for Housing Solutions 214 S. College Avenue Fort Collins, CO 80524 Tel. 970- 494 -2021 Fax. 970 - 494 -2022 Email joe @fundingpartners.org The parties may change their representatives or primary contact at any time by written notice to the other party. D. Exhibit 1, Scope of Services, is hereby amended under paragraph B of this Section to read as follows: "All funds held for the benefit of the AUTHORITY shall be held in an interest - bearing account, determined by FP. FP shall notify the AUTHORITY of the institution(s) and the respective account identification(s). The AUTHORITY retains the right to approve such institutions, approval for which shall not be unreasonably withheld. In the event the AUTHORITY should become dissatisfied with a depository institution for any reason, the AUTHORITY shall notify FP in writing and FP shall transfer all funds to an approved institution within thirty (30) calendar days of such notice." [The remainder of this page is left intentionally blank] • 3 Revised 9/28/2010 EXHIBIT 8 FP LOAN FEE SCHEDULE All loan fees are one -time assessments collected at the time of loan settlement. Fees may be paid by the borrower, the loan service client, a third -party or combination thereof. EHOP Base loan fee is $350, though subject to periodic servicing surcharge, as described below. Contract Loans Products targeted to borrowers at or below 80% AMI to be assessed a fee equal to $300, though subject to a periodic servicing surcharge, as described below. Products targeted to borrowers above 80% AMI to be assessed a fee equal to $350, though subject to a periodic servicing surcharge, as described below. Periodic Servicing Assistance loans that carry a payment deferral provision at least 5 years from the date of origination will not be subject to a servicing surcharge. EHOP loans will typically fall under this definition unless a predetermined amortization schedule has been incorporated into the offering. Assistance loans that require periodic servicing commencing prior to the 5 anniversary are subject to a $50 surcharge assessed at the time of loan settlement. Client Paid Fees Accounts Receivable To facilitate efficiencies, FP typically funds residential assistance program loans at closing, submitting a detailed invoice for payment upon close of business at month end. Any balance shown on month end statements as 31+ days past due will accrue a finance charge equal to 4.50% of the amount(s) shown until paid in full. Finance charges will be itemized and included within the total balance due. Wire Convenience Employers choosing to receive billing in arrears for loan originations funded by FP, invoices will include a convenience fee of $25 per funded loan. 5 Revised 9/28/2010