HABITAT FOR HUMANITY OF ORANGE COUNTY (2)

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(d) Recordation of Affordability Restrictions. The finding of two hundred, thirty-one thousand, four hundred and ninety-four dollars ($231,494) is from the Inclusionary Housing Fund. The two (2) "Housing Units" at the Project shall and will be restricted to an affordable home purchase price based on the California Health and Safety Code Section 50052.5 calculation methodology and the median incomes distributed by HUD. The Property shall remain affordable for a period of not less than ninety-nine (99) years recorded against the Project in the Official Records, County of Orange, California, as required by the Ground Leases. (e) 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. (1) Representations and Warranties. The representations and warranties of Developer contained in this Agreement shall be correct in all material respects as of the date of disbursement 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. (g) 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. (h) The City's obligation to provide the Conditional Inclusionary Grant is and shall remain subject to all covenants, conditions, and restrictions set forth in this Agreement, and in particular City's analysis of the available funding sources and development and operating costs of the Project and the overall economic feasibility of the Project. 4.2 Disbursement Procedures for Grant. The Conditional Inclusionary Grant proceeds shall be disbursed to Developer to finance the development and construction of the Project (as evidenced in the Project Budget, attached as Exhibit Q. The Inclusionary Grant proceeds shall not be used for anypurpose other than for development and construction related costs, including Developer fee and soft costs related to the development of the Project (costs all subject to City's prior review). 4.3 First Disbursement. City's obligation to make the first disbursement of the Grant, which first disbursement shall be ninety percent (90%) of the Grant funds, is subject to satisfaction of the following conditions precedent: (a) All grading permits shall have been issued or the City shall have issued a letter stating that Building Permits are ready to issue, subject only to payment of fees and the completion of grading of the Project site.