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9 <br />Westview House <br />City HOME Loan Agreement <br />approved; provided, however, that in all events, Developer shall at all times obtain and <br />maintain all required permits and approvals from the City’s Planning and Building Agency. <br />Notwithstanding the foregoing, the City’s approval of a change order shall not be required <br />unless the approval of the Senior Lender is required with respect to such change order. <br /> <br />Section 4. [RESERVED] <br /> <br />Section 5. LOANS <br /> <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 funds to Developer in the principal <br />amount of up to $2,003,705 (the "City/HOME Loan") for the acquisition and construction <br />of the Property. <br />(b) City/HOME Loan Note and Deed of Trust. The City/HOME Loan <br />shall be evidenced by the City/HOME Loan Note in the form attached hereto as Exhibit E. <br />The City/HOME Loan shall be secured by the City/HOME Loan Deed of Trust in the form <br />attached hereto as Exhibit D. The City/HOME Loan Deed of Trust shall be a deed of trust <br />encumbering the Property, subordinate to the Senior Loan(s) made to Developer and the <br />Senior Loan Documents. <br />(c) City/HOME Loan Terms. The terms and conditions of the <br />City/HOME Loan are as set forth in the City/HOME Loan Note, which is a residual receipts <br />note. The HOME Compliance Period will end twenty (20) years from the issuance of the <br />Certificate of Completion. <br />Section 6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS <br /> <br />Developer shall comply with this Section until the Certificate of Completion is issued. <br /> <br />6.1. Conditions Precedent. City's obligation to disburse the City/HOME Loan <br />is subject to the satisfaction, or waiver by the Executive Director, of the following <br />conditions 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 /> <br />(ii) The City/HOME Loan Note; <br /> <br />(iii) The City/HOME Loan Deed of Trust; <br /> <br />(iv) The Affordability Restrictions on Transfer of Property; <br /> <br />EXHIBIT 3