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<br />I <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />:. <br /> <br />. <br /> <br />part without penalty or premium at any time. <br /> <br />5. <br /> <br />Purchase of the subject premises by ARency. <br /> <br />In the event that, prior to repayment of the loan in full, an <br /> <br />escrow is opened for the purchase of the subject property by Agency, <br /> <br />the whole unpaid sum of principal and interest shall become iDmle- <br /> <br />diately due at the close of said escrow. <br /> <br />Agency, in addition to <br /> <br />its rights as trustee under any deed of trust on the subject pre- <br /> <br />mises, shall have the right to apply toward satisfaction of such <br /> <br />indebtedness any portion of the purchase price otherwise due to <br /> <br />Owner. <br /> <br />the event that outstanding obligations secured by the <br /> <br />In <br /> <br />subject premises operate to preclude any payment to Owner from the <br /> <br />purchase money, Agency may cancel any unpaid portion of the loan, <br /> <br />provided Agency's Redevelopment CoDmlission has first reviewed <br />Owner's performance under this Agreement and other pertinent <br /> <br />facts and recoDmlended cancellation of the remaining indebtedness <br />on grounds of hardship. <br /> <br />6. <br />(a) <br /> <br />Disbursement of loan proceeds. <br />Except as provided in subsection (b), loan pro- <br /> <br />ceeds shall be disbursed by Agency only upon the following condi- <br />tions: <br /> <br />(1) <br /> <br />The work on all or any part of the improvements <br /> <br />specified in Exhibit B shall have been performed to the satisfac- <br />tion of the Director of Building Safety of the City of Santa Ana <br /> <br />(hereinafter referred to as "the Director"). <br /> <br />The Director may cer- <br /> <br />tify such improvements as satisfactory although the resulting con- <br /> <br /> <br />dition is not in complete compliance with Municipal Code standards <br /> <br />if he determines that such resulting condition is substantially <br />more beneficial to the health or safety of the residents 'than the <br /> <br />prior existing condition. <br /> <br />(2) <br /> <br />Owner shall submit billings received from contrac- <br /> <br />tors performing the improvement work to the Director. <br /> <br />In the <br /> <br />nRmtt <br /> <br />A <br />