Agenda Packet_2024-07-16 (Revised)

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EXHIBIT 2 (c) Recordation of Regulatory Agreement. Developer has signed and notarized the Regulatory Agreement and has recorded it against the Property in the Official Records for Orange County to impose the affordable housing covenants set forth herein. (d) Insurance. City shall have received evidence satisfactory to the City Attorney that all of the policies of insurance required by Section 15 of this Agreement are in full force and effect. (e) Representations and Warranties. The representations and warranties of Developer contained in this Agreement shall be correct in all material respects as of the date of the Initial Disbursement as though made on and as of that date, and if requested by the City Project Manager, City shall have received a certificate to that effect signed by Developer's Representative. (f) No Default. No Event of Default by Developer shall have occurred, and no event shall have occurred which, with the giving of notice or the passage of time or both, would constitute an Event of Default by Developer under this Agreement, and if requested by the City Project Manager, City shall have received a certificate to that effect signed by Developer's Representative. (g) Condition of Title. The City Project Manager reasonably believes that no event has occurred that would give rise to a colorable claim against the Property (e.g., a mechanic's lien) superior to the claim of City against the Property with respect to the subject disbursement or the Regulatory Agreement, or if such claim is made, then City Project Manager shall receive satisfactory evidence that such claim has been bonded over until its resolution. (h) The City's analysis and approval of the available funding sources and development and operating costs of the Project and the overall economic feasibility of the Project. (i) The City's Inclusionary Housing Fund has sufficient monies available for the Initial Disbursement. 0) The Project has received all entitlements and discretionary actions to commence construction, including approval as a"common interest development" as defined in California Civil Code § 4100. (k) All grading permits shall have been issued or the City shall have issued a letter stating that Building Permits are ready to issue, subject only to payment of fees and the completion of grading of the Project site. (1) Developer shall have secured all necessary financing and funding for the construction and operation of the Project. Such financing and funding shall be sufficient to pay all Project development costs, as set forth in the final budget consistent with the approved Proforma (or as otherwise approved by the City), and must comply with the City's Affordable Housing Funds Policies and Procedures. 6 55394.00101\42414134.1 City Council 12 —20 7/16/2024