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The City/Rental Rehabilitation Program Loan proceeds shall be disbursed through Escrow to finance the construction of the Property (as evidenced in Exhibit Q. The City/Rental Rehabilitation Program Loan proceeds shall not be used for any purpose other than for acquisition costs of the Property and/or construction costs, including a developer fee and soft costs related to development of the Project (costs all subject to City's prior review). The City allows for eligible costs to be paid by Rental Rehabilitation Program loan funds that were incurred not more than 24 months prior to the Rental Rehabilitation Program funds commitment date of this loan agreement. Ninety percent (90%) of the City/Rental Rehabilitation Program Loan proceeds will be disbursed by City to Developer after execution and recording of this Agreement, with ten percent (10%) held back by the City and not disbursed to Developer until after completion of construction on the Project and issuance of a Certificate of Completion. 6.3. First Disbursement. The City's obligation to make the first disbursement of the construction portion is subject to satisfaction of the following conditions precedent: (a) General Contractor. If the Executive Director has not yet approved the General Contractor, the Executive Director shall have approved the identity and qualifications of the General Contractor which approval will not be unreasonably withheld, conditioned or delayed. (b) Construction Contract. If the Executive Director has not yet approved the Construction Contract, the Executive Director shall have approved the Construction Contract which approval will not be unreasonably withheld, conditioned or delayed. (c) Relocation Plan. If the relocation of any existing tenants is contemplated by the parties, the Executive Director shall have approved a plan for the relocation of such tenants of the Property determined by the Executive Director to be eligible for relocation assistance which approval will not be unreasonably withheld, conditioned or delayed. 6.4. Termination for Failure of Condition. If (a) any of the conditions set forth herein are not timely satisfied within no more than ninety (90) days of the date of this Agreement or waived by the Executive Director, and (b) City is not in default under this Agreement, City may terminate this Agreement without any farther liability on its part by giving written notice of termination to Developer. Upon the giving of such notice, all principal, interest and other amounts owing under the City/Rental Rehabilitation Program Loan Note shall be immediately due and payable, regardless of any other specified due date. 6.5. [Reserved.] 6.6. [Reserved.] 6.7. Waiver of Conditions. The conditions set forth pertaining to City's obligation to make disbursements of the rehabilitation or construction portion are for City's 11 westview House City Rental Rehabilitation Progiatn Loan Agreement