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IV. PAYMENTS/COST REPORT <br />A. 1) City shall pay Project Sponsor for the actual costs of providing the <br />administration of services hereunder, whether provided directly by <br />Project Sponsor, provided, however, the total of all <br />payments to Project Sponsor shall not exceed the Maximum <br />Obligation as specified in Section III of the Agreement. <br />2) City shall draw down HOPWA funds designated for rental subsidy <br />payments on a monthly basis after receipt of certification of <br />individual of individual tenant subsidy amounts. After final <br />approval by City, funds will be disbursed to landlords. <br />B. Project Sponsor shall invoice City monthly exclusive of rental subsidy <br />payments, in arrears, based on the actual cost of providing and contracting for <br />the services hereunder. City shall pay Project Sponsor no later than thirty (30) <br />days following receipt of such invoice. Monthly payments are interim <br />payments only, and are subject to final settlement and reconciliation to the <br />final Cost Report submitted by Project Sponsor. <br />C. All billings by Project Sponsor shall be accompanied by copies of source <br />documentation including, but not limited to, journals, time sheets, canceled <br />checks, and records of cost incurred by Project Sponsor in the performance of <br />this Agreement. <br />D. At such times and in such a format as the Contract Officers mutually agree in <br />writing, Project Sponsor shall prepare and submit to City reports of cost <br />incurred by Project Sponsor in the performance of this Agreement. <br />E. The Cost Report(s) shall be financial and statistical reports(s) submitted by <br />Project Sponsor to City, and shall serve as the basis for final Settlement of this <br />Agreement. The Cost Reports(s) shall detail all costs incurred by Project <br />Sponsor to provide services hereunder. <br />F. Final Settlement shall be based upon the actual costs incurred by Project <br />Sponsor to provide services hereunder. If the Cost Report(s) indicates the total <br />of City's payments to Project Sponsor are less than Project Sponsor's cost to <br />provide the services hereunder, City shall pay Project Sponsor the difference; <br />provided, however, the total payment shall not exceed the Maximum <br />Obligation. If the Cost Report(s) indicates the total of City's payments to <br />Project Sponsor are higher than Project Sponsor's cost of providing the <br />services hereunder, Project Sponsor shall pay City the difference. Payment <br />due pursuant to the Cost Report(s) shall be made within thirty (30) days of <br />the Final Settlement determination. <br />3 <br />