Section 15-307-29 - Agreement with eligible developer or contractor; form of agreement(a) The administrator, upon approval by the board, may enter into an agreement with an eligible developer or contractor, to develop a housing project; provided that the plans and specifications of the housing project provide for the rental of units to eligible tenants or the sale of units in fee simple or in leasehold either to the corporation or to the purchaser. In the case of for-sale projects, the sale of the units shall be subject to all of the provisions in sections 201H-47, 201H-49, and 201H-50, HRS, including the shared appreciation equity program, except for units which are to be sold at market prices.(b) The agreement shall be subject to modification, and shall include, but not be limited to the following applicable terms, conditions, and covenants: (1) Purpose of the agreement, which shall include the development of lower cost housing;(2) A description of the role and responsibility of the corporation, the eligible developer or contractor, and other parties to the agreement, including the manner of compensating each party and the amount of profit for work performed;(3) Project concept and cost;(4) Time required to complete the project;(5) Delivery of dwelling units;(6) Sales prices or rents of dwelling units;(7) Construction agreements (when one of the parties is a contractor);(8) Insurance and bonding or surety requirements;(9) Inspection requirements and procedures;(10) Manner in which progress payments will be made; and(11) Such standard clauses that the corporation determines to be required, including, but not limited to, the following: [Eff DEC 04 2010] (Auth: HRS §§ 201H-4, 201H-33) (Imp: HRS §§ 201H-33, 201H-38)