Second Component Clause Samples
Second Component. The CM shall be entitled to a fixed, subject to modification based upon the final GMCC amount (without exceeding 3.6% of the final GMCC noted in Exhibit “B”), not to exceed fee of $2,413,620 for the Second Component of the Basic Services. Modifications to the final GMCC and associated fees are subject to Governing Board approval. The CM’s fee for the Second Component shall be paid to the CM via monthly payments based on the fixed fee divided by the duration of services. In addition to the CM Contingency above, Exhibit “B” shall also include a three and a half percent (3 1/2%) contingency that shall be for the exclusive use of the Owner (Owner’s Contingency). Contingency can be used at the sole discretion and written approval of the Owner. In the event any Owner’s Contingency funds remain at the end of the Project, such funds shall be the property of the Owner.
Second Component. The Second Component allows owners of projects funded under the Rent Supplement (Rent Supp), Rental Assistance Payment (RAP), and Mod Rehab programs to convert tenant protection vouchers (TPVs) to PBVs or PBRA upon contract expiration or termination occurring after October 1, 2006. While there is no cap on the number of units that can convert assistance under this component of RAD, and no requirement for competitive selection, PBV conversions under this component are subject to the availability of TPVs. Section II of this Notice provides instructions for owners of Mod Rehab projects. Section III of this Notice provides instructions for owners of Rent Supp and RAP projects. Collectively, pre-conversion projects whose assistance is converting from one form of rental assistance to another are referred in this Notice as “Converting Projects.” Post-conversion projects with assistance converted from one form of rental assistance to another are referred in this Notice as “Covered Projects.” Previous versions of this Notice were published as follows: PIH Notice 2012-32 (July 26, 2012) PIH Notice 2012-32 REV-1 (July 2, 2013) PIH Notice 2012-32 REV-1 Technical Correction (February 6, 2014) 2 Generally, public housing projects converting assistance under RAD will be bound by the terms of the Notice in effect at the time of closing. Therefore, the terms of this Notice will apply to all 2 See ▇▇▇▇://▇▇▇▇▇▇.▇▇▇.▇▇▇/hudportal/documents/huddoc?id=pih2012-32rev1.pdf. projects currently seeking conversion of assistance, even if a CHAP has already been issued. All conversions under the Second Component will be bound by the notice in effect at the time of the conversion request. Finally, as described above, Mod Rehab projects currently being processed under the First Component have the option to be grandfathered under provisions of Revision 1 of this Notice. For all conversion types, HUD reserves the right, in its sole discretion, to apply provisions from previous versions of this Notice to program participants that are near conversion. This revised Notice, PIH 2012-32, REV-2, includes a change in eligibility and selection criteria as well as clarifications of existing instructions. Major revisions are summarized below. Where indicated, the provisions will be subject to a 30-day Notice and Comment period. • Reflecting the increase to the unit cap from 60,000 to 185,000 units • Providing additional time for PHAs to plan for the redevelopment of multi-phase projects by ex...
Second Component. For drivers the second component shall be a penalty system, where each individual employee shall be offered a gross payment of $650.00 for achievement of the following KPI’s.