WESTVIEW HOUSE L (6).P - Laserfiche WebLink

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(vi) All other documents and instruments reasonably required by the City to be executed and delivered, all in form and substance reasonably satisfactory to the City. (b) Title Insurance. City shall have received an LP-10 ALTA Lender's loan policy of title insurance (2006 edition), or evidence of a commitment therefore satisfactory to City, issued by First American Title Insurance Company and in form and substance satisfactory to City, together with all endorsements and binders required, naming City as the insured, in a policy amount of not less than the City/Inclusionary Housing Program Loan Amount, showing Developer as the fee owner of the Property and insuring the City/Inclusionary Housing Program Loan Deed of Trust to be a valid lien on the Property. This Agreement, the City/Inclusionary Housing Program Loan Note, and City/Inclusionary Housing Program Loan Deed of Trust shall be subordinate to the Senior Loan Note, Senior Loan Deed of Trust and the other Senior Loan Documents. (c) Intentionally Omitted. (d) Management Plan. The Developer shall have submitted and the City shall have approved a Management Plan ("Management Plan"). The Management Plan shall include a management contract with a manager approved in writing by the City for management of the Project and a plan for long-term marketing, operation, maintenance, repair and security of the Project, method of selection of tenants, and for rental policies in compliance with any applicable requirements, policies and procedures and with the Affordability Restrictions on Transfer of Property, along with any other policies or procedures required by the City. The Management Plan shall also include an initial budget for the Project. City hereby approves FPI Management, Inc. as the initial property manager. (e) Documents Recorded. This Agreement, the City/Inclusionary Housing Program Loan Deed of Trust and the Affordability Restrictions on Transfer of Property shall have been recorded in the Official Records of the County. This Agreement, and the City/Inclusionary Housing Program Loan Deed of Trust shall be subordinate to the Senior Loan Note, the Senior Loan Deed of Trust, and the other Senior Loan Documents. (f) 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"). (g) Insurance. City shall have received evidence satisfactory to the City that all of the policies of insurance required by Section 19 of this Agreement are in full force and effect. (h) 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 Executive Director, City shall have received a certificate to that effect signed by Developer's Representative. (i) No Default. No Event of Default by Developer shall have 10 Westview House City Inclusionary Housing Program Loan Agreement