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Homebuyer Loan Agreement. The priority of such encumbrance shall be junior and subordinate <br />only to the approved first lien as further provided in Section 3 15.5. <br />315.4 lsbui -s meat of Honieb ei• Assistance Loan; Conditions Pi-ecedent <br />Thei4eto; Developer's Mar-keting, Disclosure and Housing Counseling. In connection with <br />the first sale of each Affordable For-Sale Unit, the full amount of the proceeds of each <br />Homebu per Assistance Loan shall be disbursed by the Agency into the escrow established by the <br />Developer and the Hoi ebuyer for such initial sale and conveyance of each applicable <br />For -Sale Unit to the Homebu per. Disbursement shall occur on demand of the escrow officer, but <br />the Agency shall be provides not less than ten 10 days notice of the estimated closing date, and <br />all conditions precedent to the Agency's obligation to disburse such monies shall have been <br />satisfied by Developer and the applicable Llomebu 'er prior to escrow officer's demand. The <br />proceeds shall only be expended and paid to fund a portion of the applicable Homebu er•'s costs <br />of acquisition of the Affordable For --Sale Emit its order to gale such unit available at all <br />Affordable Housing Cost. <br />(a) The Agency's obligation to disburse proceeds of the Hoy ebu er <br />Assistance Loan is expressly conditioned upon and will occur as soon as practicable after each <br />Homebu er's execution and deliver of the Homebu er Loan Agreement (including any other <br />documents ents re uired thereunder) and in conformity with applicable laws and regulations and all <br />submittals provided thereunder, and such disbursement shall occur concurrently with the <br />recordati <br />