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Section 3. SCOPE OF WORK/ PROJECT BUDGET <br />Developer shall comply with this Section until the Certificate of Completion is issued. <br />A "Scope of Work" for the Property is attached hereto as Exhibit B. Any change <br />to the Scope of Work requested by the Developer, which would result in a change to the <br />Project Budget in excess of ten percent (10%) of any individual line item or in excess of <br />five percent (5%) of the aggregate budget, shall be subject to the prior written approval of <br />the Executive Director. <br />A line -item budget for the Project, including a summary statement of sources and <br />uses of funds, is incorporated into Exhibit C (the 'Project Budget"). Any material change <br />to the Project Budget in excess of ten percent (10%) of any individual line item or in excess <br />of five percent (5%) of the aggregate budget shall be subject to the prior written approval <br />of the Executive Director which approval will not be unreasonably withheld, conditioned <br />or delayed and if not granted or denied within five (5) Business Days, shall be deemed <br />approved; provided, however, that in all events, Developer shall at all times obtain and <br />maintain all required permits and approvals from the City's Planning and Building Agency. <br />Notwithstanding the foregoing, the City's approval of a change order shall not be required <br />unless the approval of the Senior Lender is required with respect to such change order. <br />Section 4. [RESERVED] <br />Section 5. LOANS <br />5.1. CITY LOAN: <br />(a) Amount and Purpose. Subject to the terms and conditions of this <br />Agreement, City agrees to make a loan of NSP funds to Developer in the principal amount <br />of up to $1,637,420 (the "City/NSP Loan") for the construction of the Property. <br />(b) City/NSP Loan Note and Deed of Trust. The City/NSP Loan shall <br />be evidenced by the City/NSP Loan Note in the form attached hereto as Exhibit E. The <br />City/NSP Loan shall be secured by the City/NSP Loan Deed of Trust in the form attached <br />hereto as Exhibit D. The City/NSP Loan Deed of Trust shall be a deed of trust encumbering <br />the Property, subordinate to the Senior Loan(s) made to Developer and the Senior Loan <br />Documents. <br />(c) City/NSP Loan Terms. The terms and conditions of the City/NSP <br />Loan are as set forth in the City/NSP Loan Note, which is a residual receipts note. The <br />NSP affordability period is sixty-two (62) years after the issuance of the Certificate of <br />Completion. <br />Section 6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS <br />Developer shall comply with this Section until the Certificate of Completion is issued. <br />The Crossroads at Washington <br />City NSP Loan Agreement <br />