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delayed. <br />6.4. Termination for Failure of Condition. If (a) any of the conditions set <br />forth herein are not timely satisfied within no more than ninety (90) days of the date of this <br />Agreement or waived by the Executive Director, and (b) City is not in default under this <br />Agreement, City may terminate this Agreement without any further liability on its part by <br />giving written notice of termination to Developer. Upon the giving of such notice, all <br />principal, interest and other amounts owing under the City/NSP Loan Note shall be <br />immediately due and payable, regardless of any other specified due date. <br />6.5. [Reserved.] <br />6.6. [Reserved.] <br />6.7. Waiver of Conditions. The conditions set forth pertaining to City's <br />obligation to make disbursements of the rehabilitation or construction portion are for City's <br />benefit only and the Executive Director may waive all or any part of such rights by written <br />notice to Developer. <br />6.8. Waiver of Disbursement Conditions. A waiver of a disbursement <br />condition may only be provided with written approval by the City. <br />6.9. Modification of Disbursement Conditions and Procedures. The <br />Executive Director shall have the authority to modify the disbursement conditions and <br />procedures set forth herein in order to conform them to the payment provisions of the <br />Construction Contract. <br />6.10. Other Terms and Conditions of Loan. <br />(a) The City/NSP Loan Note shall become immediately due and <br />payable, in the event of any of the following: <br />(i) failure to complete the Project within four (4) years of the <br />Close of Escrow; <br />(ii) Restricted units must achieve initial occupancy within 18 <br />months of the issuance of the Certificate of Completion; <br />(iii) violation of any of the use covenants and restrictions <br />contained in this Agreement after the expiration of any applicable notice and cure periods; <br />(iv) an Event of Default by Developer which is not timely cured <br />after expiration of any applicable notice and cure periods pursuant to the terms of this <br />Agreement. <br />6.11. Closing Costs and Fees. Developer shall pay (a) all escrow fees and <br />charges, (b) all recording fees and charges on any document recorded pursuant to this <br />Agreement, and (c) the premium for the title insurance required hereunder. <br />6.12. Approval of Additional Financing. Except as to the Senior Loan, the <br />loans secured by permitted encumbrances for the City Loan Deed of Trust and as otherwise <br />12 <br />The Crossroads at Washington <br />City NSP Loan Agmement <br />