55A - AGMT LEGACY APARTMENTS - Laserfiche WebLink

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6.11 [Reserved]. 6.12 Waiver of Disbursement Conditions. Unless City otherwise agrees in writing, the approval by City of any Draw Request with knowledge that any condition to disbursement is not fulfilled shall constitute a waiver of such condition only with respect to the particular Draw Request, and such condition shall be conditioned to all further Draw Requests until fulfilled. 6.13 Modification of Disbursement Conditions and Procedures. The City Project Manager shall have the authority to modify the disbursement conditions and procedures set forth herein in order to conform them to the payment provisions of the contract for construction. 6.14 Other Terms and Conditions of Loan. A. The Note shall become immediately due and payable, in the event of any of the following: (1) Failure to complete the Project within three (3) years of the date on which the hiclusionary Deed of Trust is recorded, unless extended due to Force Majeure delays; (2) Violation of any of the use covenants and restrictions contained in this Agreement after the expiration of any applicable notice and cure periods; or, (3) An Event ofDefault by Developer after expiration of any applicable notice and cure periods pursuant to the terms of this Agreement. 6.15 Closing Costs and Fees. Developer shall pay (a) all escrow fees and charges, (b) all recording fees and charges on any document recorded pursuant to this Agreement, and (c) the premium for the title insurance required hereunder. 7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROJECT 7.1 Use Covenants and Restrictions. Developer agrees and covenants, which covenants shall run with the land and bind Developer, its successors, its assign and every successor in interest to the Property that Developer will make the Restricted Units available to extremely low, very low and low income households at rents affordable to such households for fifty-five (55) years. The Restricted Units shall consist of forty-five (45) residential units. Enforceability of restrictions on the forty-five (45) units shall be enforced until the date that is fifty-five (55) years after the date on which the Certificate of Occupancy is issued. If any other public agency imposes affordability restrictions on units at the Project, the Restricted Units shall be the same units. 7.2 Affordability Levels/Unit Mix: The unit mix and levels of affordability of the Restricted Units are as follows: 55A-27