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EXHIBIT 1 <br />the unit shall be determined by appraisal, which is reasonably acceptable <br />to the City; <br />o Deed of Trust; and, <br />o Homebuyer Loan Agreement. <br />General Provisions: <br />The City's obligation to provide the City Assistance to the Project is subject to each of <br />the following conditions: <br />• Developer must provide proof that it has secured all of its remaining financing for <br />the development of the Project in the form of enforceable funding commitments, <br />before staff will return to the City Council for consideration of the Conditional <br />Grant Agreement for the City Assistance. <br />Developer shall assume any and all responsibility and be solely responsible for <br />determining whether laborers employed relative to the construction or installation <br />of the project must be paid the prevailing per diem wage rate for their labor <br />classification, as determined by the state, pursuant to labor code sections 1720, <br />et seq. <br />• All provided funding and Project requirements shall conform to the City's most <br />recently adopted Affordable Housing Funds Policies and Procedures, unless <br />alternative requirements are expressly provided in the executed Conditional <br />Grant Agreement for the City Assistance or any other documents related to the <br />development of the Project. <br />• Approval of all required entitlements and discretionary actions, to allow the <br />construction of six affordable ownership units to be located at 1921 W. <br />Washington Avenue, Santa Ana, CA (APN 405-101-37). <br />The City's obligation to provide the City Assistance is and shall remain subject to <br />all covenants, conditions, and restrictions set forth in the Conditional Grant <br />Agreement, and in particular the City's analysis of the available funding sources <br />and development and operating costs of the Project and the overall economic <br />feasibility of the Project. <br />• Review and approval of the Conditional Grant Agreement evidencing the City <br />Assistance by the City Council including the Conditional Grant Agreement and <br />Affordability and Maintenance Restrictions. <br />• 10% or $220,000 of the City's financial assistance will be retained by the City <br />until construction of the Project is complete. <br />Developer, at its sole cost and expense, will be responsible for securing any and all <br />permits and discretionary approvals that may be required for the Project by the City or <br />