55A - AGMT LEGACY APARTMENTS - Laserfiche WebLink

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(g) Affordability Restrictions on Transfer of Property. Developer shall have delivered to the Escrow Holder, in the form attached hereto as Exhibit B, the Affordability Restrictions on Transfer of Property pursuant to which, among other things, Developer agrees that the Restricted Units shall be used only for decent, safe, sanitary and Affordable Housing pursuant to the affordability requirements of California Health and Safety Code ("H&S") sections 50052.5 and 33334.3, as applicable. The City's Affordability Restrictions on Transfer of Property shall remain in superior position to the Senior Loan Documents and shall not be subordinated. (h) Documents Recorded. This Loan Agreement, the Inclusionary Deed of Trust and the Affordability Restrictions on Transfer of Property shall have been recorded in the Official Records of the County. (i) Request for Notice. For the benefit of City, Escrow Holder shall have recorded a request for notice of default of the Senior Loan (the "Request for Notice of Default"). 0) Insurance. City shall have received evidence satisfactory to the City Attorney that all of the policies of insurance required by Section 19 of this Agreement are in full force and effect. (k) Representations and Warranties. The representations and warranties of Developer contained in this Agreement and the other Loan Documents shall be correct in all material respects as of the Close of Escrow as though made on and as of that date, and if requested by the City Project Manager, City shall have received a certificate to that effect signed by Developer's Representative. (1) No Default. No Event of Default by Developer shall have occurred, and no event shall have occurred which, with the giving of notice or the passage of time or both, would constitute an Event of Default by Developer under this Agreement, and if requested by the City Project Manager, City shall have received a certificate to that effect signed by Developer's Representative. (m) The City's obligation to provide the Inclusionary Loan is and shall remain subject to all covenants, conditions, and restrictions set forth in this Loan Agreement, and in particular City's analysis of the development and operating costs of the Project and the overall economic feasibility of the Project; provided, however, that the City's execution of the Loan Documents will evidence the satisfaction of this condition. 6.2 Disbursement Procedures for Loan. The Inclusionary Loan proceeds shall be disbursed on the date hereof (subject to Section 6.10) into an escrow account at with the Escrow Holder ("Loan Proceeds") to finance the acquisition, development and construction of the Project (as evidenced in the Project Budget, attached as Exhibit E). The LoanProceeds shall not be used for any purpose other than for acquisition, development and construction related costs, including Developer fee and soft costs related to the development of the Project (costs all subject to City's review and approval). 55A-23