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iWa:11:111VA <br />(c) Environmental Review. Compliance with and completion of <br />environmental review of the Project pursuant to the California Environmental Quality Act <br />("CEQA") and approval thereof. <br />(d) Recordation of Affordability Restrictions. The funding of two <br />hundred, thirty-one thousand, four hundred and ninety-four dollars ($231,494) is from the <br />Inclusionary Housing Fund. The two (2) "Housing Units" at the Project shall and will be <br />restricted to an affordable home purchase price based on the California Health and Safety <br />Code Section 50052.5 calculation methodology and the median incomes distributed by <br />HUD. The Property shall remain affordable for a period of not less than ninety-nine (99) <br />years recorded against the Project in the Official Records, County of Orange, California, <br />as required by the Ground Leases. <br />(e) Insurance. City shall have received evidence satisfactory to the City <br />Attorney that all of the policies of insurance required by Section 19 of this Agreement are <br />in full force and effect. <br />(f) Representations and Warranties. The representations and warranties <br />of Developer contained in this Agreement shall be correct in all material respects as of the <br />date of disbursement as though made on and as of that date, and if requested by the City <br />Project Manager, City shall have received a certificate to that effect signed by Developer's <br />Representative. <br />(g) No Default. No Event of Default by Developer shall have occurred, <br />and no event shall have occurred which, with the giving of notice or the passage of time or <br />both, would constitute an Event of Default by Developer under this Agreement, and if <br />requested by the City Project Manager, City shall have received a certificate to that effect <br />signed by Developer's Representative. <br />(h) The City's obligation to provide the Conditional Inclusionary Grant <br />is and shall remain subject to all covenants, conditions, and restrictions set forth in this <br />Agreement, and in particular City's analysis of the available funding sources and <br />development and operating costs of the Project and the overall economic feasibility of the <br />Project. <br />4.2 Disbursement Procedures for Grant. The Conditional hnclusionary Grant <br />proceeds shall be disbursed to Developer to finance the development and construction of the <br />Project (as evidenced in the Project Budget, attached as Exhibit C). The hnclusionary Grant <br />proceeds shall not be used for any purpose other than for development and construction related <br />costs, including Developer fee and soft costs related to the development of the Project (costs <br />all subject to City's prior review). <br />4.3 First Disbursement. City's obligation to make the first disbursement of the <br />Grant, which first disbursement shall be ninety percent (90%) of the Grant funds, is subject <br />to satisfaction of the following conditions precedent: <br />7 <br />