; applications; agreements; repayments (A) Stipends or salaries A teaching or principal residency program under this subsection— (i) shall provide a 1-year living stipend or salary to teaching or principal residents during the 1-year teaching or principal residency program; and (ii) may provide a stipend to a mentor teacher or mentor principal. (B) Applications for stipends or salaries Each teacher or principal residency candidate desiring a stipend or salary during the period of residency shall submit an application to the eligible partnership at such time, and containing such information and assurances, as the eligible partnership may require. (C) Agreements to serve Each application submitted under subparagraph (B) shall contain or be accompanied by an agreement that the applicant will— (i) serve as a full-time teacher or principal for a total of not less than 3 academic years immediately after successfully completing the 1-year teaching or principal residency program; (ii) fulfill the requirement under clause (i)— (I) by teaching or serving as a principal in a high-need school served by the high-need local educational agency in the eligible partnership and, if a teacher, teaching a subject or area that is designated as high-need by the partnership; or (II) if there is no appropriate position available in a high-need school served by the high-need local educational agency in the eligible partnership, by teaching or serving as a principal in any other high-need school; (iii) provide to the eligible partnership a certificate, from the chief administrative officer of the local educational agency in which the resident is employed, of the employment required under clauses (i) and (ii) at the beginning of, and upon completion of, each year or partial year of service; (iv) for teacher residents, meet the requirements to be a profession ready teacher