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6.1. Conditions Precedent. City's obligation to disburse the City/NSP Loan is <br />subject to the satisfaction, or waiver by the Executive Director, of the following conditions <br />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/NSP Loan Note; <br />(iii) The City/NSP Loan Deed of Trust; <br />(iv) The Affordability Restrictions on Transfer of Property; <br />(v) The Project Budget; <br />(vi) The Ground Lease; and <br />(vii) The City has received and approved all required <br />Environmental Reports. All other documents and <br />instruments reasonably required by the City to be executed <br />and delivered, all in form and substance reasonably <br />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 Old Republic Title Insurance Company and in form and <br />substance satisfactory to City, together with all endorsements and binders required, <br />naming City as the insured, in a policy amount of not less than the City/NSP Loan <br />Amount, showing Developer as the ground lessee of the Property and insuring the <br />City/NSP Loan Deed of Trust to be a valid lien on the Property. This Agreement, the <br />City/NSP Loan Note, and City/NSP Loan Deed of Trust shall be subordinate to the <br />Senior Loan Note, Senior Loan Deed of Trust and the other Senior Loan Documents. <br />(c) Intentionally Omitted. <br />(d) Management Plan. The Developer shall have submitted and the City <br />shall have approved a Management Plan ("Management Plan"). The Management Plan <br />shall include a management contract with a manager approved in writing by the City for <br />management of the Project and a plan for long-term marketing, operation, maintenance, <br />repair and security of the Project, method of selection of tenants, and for rental policies in <br />compliance with any applicable requirements, policies and procedures and with the <br />Affordability Restrictions on Transfer of Property, along with any other policies or <br />procedures required by the City. The Management Plan shall also include an initial budget <br />for the Project. City hereby approves John Stewart Company as the initial property <br />10 <br />The Crossroads at Washington <br />City NSP Loan Agreement <br />