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duly executed, attested, notarized and delivered to the escrow holder with appropriate title and <br />escrow instructions and such Homebuyer Assistance Loam shall be toady to close (subject to the <br />Agency finding the proceeds of such Hoinebuyer Assistance Loam into escrow) concurrent with <br />the Developer's per's escrow to sell the Affordable For-Sale Unit to the rnebuyer. <br />(vi) The Agency shall have received sufficient <br />evidence of the issuance a h in is insurance policy with a guaranteed replacement <br />provision for the Affordable For -Salo Emit and a lender's loss payable endorsement in its favor. <br />(vii) 4ffor abi i fj� and Income . e uil -emen s. The Agency <br />Executive Director shall be satisfied that the Homebuyer i n ets the applicable Moderate Income <br />requirements of the Ci L and that the Monthly Housing Cost for the For -Salo Unit is no greater <br />that. are Affordable able ousing Cost. <br />(viii) and Warranties. The representations and <br />warranties of the Developer contained in this Agreement shall be correct as of the close of each <br />such escrow as though made on and as of that date, and the Agency Executive Director shalt <br />have received a certificate to that effect signed by the Developer. <br />(ix) No Default. No Default by the Developer shall have <br />occurred with respect to Phase PS, and no event shall have occurred with respect t o Phase PS <br />which, with the giving of notice or the passage of time or both, would constitute are Default ult b <br />the Developer with respect to Phase PS. <br />315.5 Suboi-dination. The deed of trust securing the m b reri's repayment <br />ent <br />of the Homebuyer Assistance Loam may be made subordinate only to the deed of trust to be held <br />by the first lien loader that is approved by the Agency pursuant to the Homebu er Leah <br />Agreement. The deed of trust securing the Homebuyer's repayment of the Hoinebuyer <br />Assistance Loan shall be subordinate to no ether lien(s), except as provided in the Homebuyer <br />Loan Agreement or as otherwise expressly approved in writing by the Agency Executive <br />Director in his or her sole and absolute discretion, <br />315.6 Assumption. The Homebuyer Loan and Homebuyer Loan Agreement <br />shall be assumable by eligible and qualified successors and assigns of the Homebrryer who are <br />approved in writing by the Agency pursuant t to the terns of the Homebuyer; Loam Agreement. <br />316. Financing of the Developeto Improvements. <br />316.1 Approval l of Financing. As required herein and as one of Agency's <br />Condition Precedent to each Closing, the Developer shall submit to the Agency Evidence of <br />Construction Financing and Evidence of Permanent Financing for the Rental tal Pc rtion of the <br />Project for a Phase on or before the date set fot-tli in the Schedule of Performance. ance. The Agency <br />shall approve or disapprove such Evidence of Construction Financing and/or Evidence of <br />Permanent Financing for the Rental Portion of the Project for such Phase within fifteen days <br />of receipt of a complete submission. Approval shall not be unreasonably withheld or <br />conditioned. If the Agency shall disapprove any such Evidence of Construction Financing <br />and/or Evidence of Permanent Financing for the Rental Portion of the Project, the Agency small <br />do so by Notice to the Developer stating the reasons for such disapproval and the Developer shall <br />5 <br />D OCSOC/ 1400673 v1 3/ 0 272 -0001 <br />