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3 <br />22. Bids: 1 bid is required. Bids must detail the scope of the work to be completed, the <br />associated cost(s) and any rebates. <br /> <br />23. Work Completion: All work must be completed within 30 days of the loan closing. <br />However, when warranted, CEE may authorize extensions on a case by case basis as <br />warranted. <br /> <br />24. Underwriting: Applicants will be evaluated on a first-come first-served basis. Applicants <br />must not be able to qualify for any other financing to be eligible for the Emergency Last <br />Resort Program. In addition, applicants must also: <br />• Be current on all mortgage payments <br />• Be current on all real estate taxes and assessments <br />• Not have any unpaid judgments or liens <br />• Not have a pending Bankruptcy or foreclosure <br /> <br />25. Disbursement of Funds: Funds are held by CEE in a non-interest bearing account and <br />payment is made to the contractor (or owner in sweat equity situations) upon completion <br />of work. An inspection will be performed by the City and/or CEE to verify satisfactory <br />completion of the work. The following items (and any additional as determined by CEE) <br />must be received prior to final disbursement of funds: <br />1. Final invoice from contractor (or materials list from supplier) <br />2. Final inspection verification by CEE (if necessary) <br />3. Completion certificate(s) signed by borrower and contractor <br />4. Lien waiver for entire cost of work and <br />5. Evidence of required city permit, where applicable <br /> <br /> <br /> <br /> <br />MMB: 4829-9409-7961, v. 1