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<br />EXHIBIT 3 <br />A line-item development cost budget for the Project, including a summary <br />statement of sources and uses of funds, is incorporated into Exhibit C (the "Project <br />Budget"). Any material change to the development costs in the Project Budget in excess <br />of ten percent (10%) of any individual development cost line item or in excess of five <br />percent (5%) of the aggregate development cost budget shall be subject to the prior written <br />approval of the Executive Director which approval will not be unreasonably withheld, <br />conditioned or delayed and if not granted or denied within five (5) Business Days, shall be <br />deemed approved; provided, however, that in all events, Developer shall at all times obtain <br />and maintain all required permits and approvals from the City’s Planning and Building <br />Agency. Notwithstanding the foregoing, the City’s approval of a change order shall not <br />be required unless the approval of the Senior Lender is required with respect to such change <br />order. <br />Section 4. <br />Section 5. <br />[RESERVED] <br />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 HOME-ARP funds to Developer in the principal <br />amount of up to Five Million Two Hundred Fifty-Six Thousand Three Hundred Twenty- <br />Seven Dollars ($5,256,327) (the "City/HOME-ARP Loan") to the Developer. The <br />City/HOME-ARP Loan will be utilized for the following components: <br />(i)Construction Component. Approximately Three Million <br />Four Hundred Fifty-Six Thousand and Three Hundred Twenty-Seven Dollars <br />[$3,456,327] of the City/HOME-ARP Loan (the “Construction Component”) will be <br />utilized to fund a portion of the Project’s construction costs; and <br />(ii)HOME-ARP Subsidy Reserve Component. <br />Approximately One Million Eight Hundred Thousand Dollars [$1,800,000] of the <br />City/HOME-ARP Loan (the “HOME-ARP Subsidy Reserve Component”) will be <br />utilized to fund a HOME-ARP Subsidy Reserve as further described in Section 12.10. <br />(iii)The final allocation of the City/HOME-ARP Loan as <br />between the Construction Component and HOME-ARP Subsidy Reserve Component <br />shall be subject to review and approval by the City prior to Close of Escrow, subject to <br />the requirements of the HOME-ARP Program, and provided that in no event shall the <br />sum of the Construction Component and the HOME-ARP Subsidy Reserve Component <br />exceed the total City/HOME-ARP Loan principal amount of $5,256,327. <br />(b)City/HOME-ARP Loan Note and Deed of Trust. The <br />City/HOME-ARP Loan shall be evidenced by the City/HOME-ARP Loan Note in the form <br />attached hereto as Exhibit E. The City/HOME-ARP Loan shall be secured by the <br />City/HOME-ARP Loan Deed of Trust in the form attached hereto as Exhibit D. The <br />City/HOME-ARP Loan Deed of Trust shall be a deed of trust encumbering the fee simple <br />10 <br />WISEPlace Permanent Supportive Housing <br />City HOME-ARP Loan Agreement