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<br />24 <br />The Crossroads at Washington <br />City HOME Loan Agreement <br />Section 10. CONDITIONS FOR CONSTRUCTION <br /> <br />Developer shall comply with this Section until the Certificate of Completion is issued. <br /> <br />10.1. Permits and Approvals. Developer shall diligently obtain all permits, <br />including all building permits, licenses, approvals, exemptions and other authorizations of <br />Governmental Agencies required in connection with the construction of the Property. <br />10.2. Commencement and Completion of Construction. The construction <br />shall be considered complete for purposes of this Agreement only when: (a) all work <br />described has been completed and fully paid for; and, (b) all work requiring inspection or <br />certification by Governmental Authority has been completed and all requisite certificates, <br />approvals and other necessary authorizations for use of the Property as an affordable rental <br />housing development (including required final certificates of occupancy) have been <br />obtained. <br />10.3. RESERVED. <br />10.4. Entry and Inspection. At all times prior to completion of the construction, <br />upon reasonable notice of no less than 48 hours, City and their agents shall have: (a) the <br />right of free access to the Property and all sites away from the Property where materials for <br />the construction are stored; (b) the right to inspect all labor performed and materials <br />furnished for the construction; and, (c) the right to inspect and copy all documents <br />pertaining to the construction. <br />10.5. Compliance with Section 3 Clause. Section 3 of the Housing and Urban <br />Development Act of 1968, 12 U.S.C. 170lu, as amended by Section 915 of the Housing <br />and Community Development Act of 1992, requires that economic opportunities generated <br />by HUD financial assistance for housing and community development programs be <br />targeted toward low- and very low- income persons. Whenever HUD assistance generates <br />opportunities for employment or contracting, state and local grantees, as well as other <br />recipients of HUD housing assistance funds must, to the greatest extent feasible, provide <br />these opportunities to low- and very low- income persons and to businesses owned by or <br />employing low- and very low- income persons. Section 3 applies to projects for which <br />HUD’s share of project costs exceeds $200,000 and contracts and subcontracts awarded on <br />projects for which HUD’s share or project costs exceeds $200,000 and the contract or <br />subcontract exceeds $100,000. <br /> For purposes of this Section 3 Clause and compliance thereto, whenever the <br />word “contractor” is used it shall mean and include, as applicable, the Developer, and its <br />contractor and subcontractor(s), if any. The particular text to be utilized in any and all <br />contracts of any contractor doing work covered by Section 3 shall be in substantially the <br />form of the following, as reasonably determined by the City, or as directed by HUD or its <br />representative, and shall be executed by the applicable contractor under penalty of perjury: <br />(a) “The work to be performed under this contract is subject to the <br />requirements of Section 3 of the Housing and Urban Development Act of 1968, as <br />amended, 12 U.S.C. 1701u (“Section 3”). The purpose of Section 3 is to ensure that <br />EXHIBIT 5