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(a) Amount and Purpose. Subject to the terms and conditions of this <br />Agreement, City agrees to make a loan of Rental Rehabilitation Program funds to <br />Developer in the principal amount of up to $386,523 (the "City/Rental Rehabilitation <br />Program Loan") for the acquisition and construction of the Property. <br />(b) City/Rental Rehabilitation Program Loan Note and Deed of <br />Trust. The City/Rental Rehabilitation Program Loan shall be evidenced by the City/Rental <br />Rehabilitation Program Loan Note in the form attached hereto as Exhibit E. The <br />City/Rental Rehabilitation Program Loan shall be secured by the City/Rental <br />Rehabilitation Program Loan Deed of Trust in the fonn attached hereto as Exhibit D. The <br />City/Rental Rehabilitation Program Loan Deed of Trust shall be a deed of trust <br />encumbering the Property, subordinate to the Senior Loan(s) made to Developer and the <br />Senior Loan Documents. <br />(c) City/Rental Rehabilitation Program Loan Terms. The terms and <br />conditions of the City/Rental Rehabilitation Program Loan are as set forth in the <br />City/Rental Rehabilitation Program Loan Note, which is a residual receipts note. <br />Section 6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS <br />Developer shall comply with this Section until the Certificate of Completion is issued. <br />6.1. Conditions Precedent. City's obligation to disburse the City/Rental <br />Rehabilitation Program Loan is subject to the satisfaction, or waiver by the Executive <br />Director, of the following conditions precedent: <br />(a) Loan Documents. Developer shall have delivered to the Escrow <br />Holder, signed by the authorized officer or officers of Developer, with such signature(s) <br />acknowledged where necessary, each of the following documents: <br />(i) this Agreement; <br />(ii) The City/Rental Rehabilitation Program Loan Note; <br />(iii) The City/Rental Rehabilitation Program Loan Deed of Trust; <br />(iv) The Affordability Restrictions on Transfer of Property; <br />(v) The Project Budget; and <br />(vi) All other documents and instruments reasonably required by <br />the City to be executed and delivered, all in form and <br />substance reasonably satisfactory to the City. <br />(b) Title Insurance. City shall have received an LP-10 ALTA Lender's <br />loan policy of title insurance (2006 edition), or evidence of a commitment therefore <br />satisfactory to City, issued by First American Title Insurance Company and in form and <br />Westview House <br />City Rental Rehabilitation Program Loan Agieement <br />