Item 13 - Affordable Housing Project at 1411 N Broadway

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EXHIBIT 3 prior review). The City allows for eligible costs to be paid by City/HOME-ARP Loan funds that were incurred not more than 24 months prior to the HOME-ARP funds commitment date of this Agreement in accordance with HOME-ARP regulations. One hundred percent (100%) of the Construction Component of the City/HOME-ARP Loan proceeds will be disbursed by City to Developer after execution and after, or concurrently with, the recording of this Agreement. One hundred percent (100%) of the HOME-ARP Subsidy Reserve Component will be disbursed to the Developer after completion of construction on the Project and issuance of a Certificate of Completion, subject to the requirements of Section 12.10 of this Agreement. 6.3. First Disbursement. The City's obligation to make the disbursement of the Construction Component is subject to satisfaction of the following conditions precedent: (a)General Contractor. If the Executive Director has not yet approved the General Contractor, the Executive Director shall have approved the identity and qualifications of the General Contractor which approval will not be unreasonably withheld, conditioned or delayed. (b)Construction Contract. If the Executive Director has not yet approved the Construction Contract, the Executive Director shall have approved the Construction Contract which approval will not be unreasonably withheld, conditioned or delayed. 6.4.Termination for Failure of Condition. If (a) any of the conditions set forth herein are not timely satisfied within no more than ninety (90) days of the date of this Agreement or waived by the Executive Director, and (b) City is not in default under this Agreement, City may terminate this Agreement without any further liability on its part by giving written notice of termination to Developer. Upon the giving of such notice, all principal, interest and other amounts owing under the City/HOME-ARP Loan Note shall be immediately due and payable, regardless of any other specified due date. 6.5. 6.6. 6.7. [Reserved.] [Reserved.] Waiver of Conditions. The conditions set forth pertaining to City’s obligation to make disbursements of the Construction Component are for City's benefit only and the Executive Director may waive all or any part of such rights by written notice to Developer, provided such waiver is consistent with the City’s approval of this Agreement. 6.8. condition may only be provided with written approval by the City. Waiver of Disbursement Conditions.A waiver of a disbursement 6.9.Modification of Disbursement Conditions and Procedures. The Executive Director shall have the authority to modify the disbursement conditions and procedures set forth herein in order to conform them to the payment provisions of the Construction Contract, provided such modification is consistent with City’s approval of this Agreement. 13 WISEPlace Permanent Supportive Housing City HOME-ARP Loan Agreement