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EXHIBIT 2 <br />(c) Recordation of Re _ u�ry Agreement. Developer has signed and notarized <br />the Regulatory Agreement and has recorded it against the Property in the Official Records for <br />Orange County to impose the affordable housing covenants set forth herein. <br />(d) Insurance. City shall have received evidence satisfactory to the City <br />Attorney that all of the policies of insurance required by Section 15 of this Agreement are in full <br />force and effect. <br />(e) Representations and Warranties. The representations and warranties of <br />Developer contained in this Agreement shall be correct in all material respects as of the date of the <br />Initial Disbursement as though made on and as of that date, and if requested by the City Project <br />Manager, City shall have received a certificate to that effect signed by Developer's Representative. <br />(f) No Default. No Event of Default by Developer shall have occurred, and no <br />event shall have occurred which, with the giving of notice or the passage of time or both, would <br />constitute an Event of Default by Developer under this Agreement, and if requested by the City <br />Project Manager, City shall have received a certificate to that effect signed by Developer's <br />Representative. <br />(g) Condition of Title. The City Project Manager reasonably believes that no <br />event has occurred that would give rise to a colorable claim against the Property (e.g., a <br />mechanic's lien) superior to the claim of City against the Property with respect to the subject <br />disbursement or the Regulatory Agreement, or if such claim is made, then City Project Manager <br />shall receive satisfactory evidence that such claim has been bonded over until its resolution. <br />(h) The City's analysis and approval of the available funding sources and <br />development and operating costs of the Project and the overall economic feasibility of the Project. <br />(i) The City's Inclusionary Housing Fund has sufficient monies available for <br />the Initial Disbursement. <br />0) The Project has received all entitlements and discretionary actions to <br />commence construction, including approval as a "common interest development" as defined in <br />California Civil Code § 4100. <br />(k) All grading permits shall have been issued or the City shall have issued a <br />letter stating that Building Permits are ready to issue, subject only to payment of fees and the <br />completion of grading of the Project site. <br />(1) Developer shall have secured all necessary financing and funding for the <br />construction and operation of the Project. Such financing and funding shall be sufficient to pay all <br />Project development costs, as set forth in the final budget consistent with the approved Proforma <br />(or as otherwise approved by the City), and must comply with the City's Affordable Housing <br />Funds Policies and Procedures. <br />5 53 94.0010 1 \42414134.1 <br />