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<br /> disbursement made, and such condition shall be condition to all further disbursements until <br /> fulfilled. <br /> 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 /> A. The Note(s) shall become immediately due and payable, in the event of any of <br /> the following: <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 Extremely Low or Low Income <br /> Households (as that 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 extremely low and low income households at rents affordable <br /> to such households for fifty-five (55) years from the effective date of this Agreement. <br /> B. Reserved. <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 /> 9 <br /> 25K-45 <br /> <br />