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409. Modification of Disbursement Conditions and Procedures. The City Manager <br />shall have the authority to modify the disbursement conditions and procedures set forth herein in <br />order to conform them to the payment provisions of the Rehabilitation Contract. <br />410. Other Terms and Conditions of Grant hereunder. <br />the following: <br />A. The Note(s) shall become immediately due and payable, in the event of any of <br />(1) failure to complete the Project within three (3) years of the recording <br />date; <br />(2) violation of any of the use covenants and restrictions contained in this <br />Agreement after the expiration of any applicable notice and cure periods; <br />(3) an Event of Default by Developer which is not timely cured after <br />expiration of any applicable notice and cure periods pursuant to the terms of <br />this Agreement. <br />411. Closing Costs and Fees. Developer shall pay (a) all escrow fees and charges, <br />(b) all recording fees and charges on any document recorded pursuant to this Agreement, and (c) <br />the premium for the title insurance required hereunder. <br />500. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROPERTY <br />501. Use Covenants and Restrictions. Developer agrees to make available, restrict <br />occupancy to, and rent each of the NSP Assisted Units to Very Low Income Households (as that <br />term is herein defined) at an Affordable Rent. <br />A. Developer agrees and covenants, which covenants shall run with the land and bind Developer, <br />its successors, its assign and every successor in interest to the Property that Developer will make all <br />rental units on the Property available to very low income households at rents affordable to such <br />households for fifty-five (55) years from the effective date of the issuance of the Certificate of Final <br />Inspection. <br />B. The Project shall consist of fourteen (14) NSP assisted units. There shall be three (3) <br />studios and eleven (11) one -bedroom units. <br />C. Tenancy and relocation shall be managed in accordance with NSP Regulations and <br />guidance. <br />D. Affordable rents shall be governed by California Health and Safety Code Sections 50052.5 <br />and 50053(b)(1), and as provided in the NSP Regulations. Rental increases shall be in <br />conformance with federal and state law. <br />