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dc~Iy exec~~ted, attested, natarize~ and deli~eted to the esera holder itl~ appropriate title and <br /> escr;o~v instr~~ctiat~s and s~~ch Hotnebuyer4 Assistance Laar~ shall be ready to close sub <br /> jeet to the <br /> Agency finding the praceeds of such Homeb~~yer Assistance Lawn it~ta escra~~} cat~cut+rent ~vith <br /> tl~e ~e~eloper's escro~~ to sell the AffardableFar-dale Unit to tie Harneb~~~er. <br /> ~~ri} ~~s~r~~~a~rc~~ The Agel~cy sl~a~I have received sufficient <br /> evidezice of tl~e iss~rance of a l~onleo~vner's insurance palicy ~~ith a ~~aranteed replacement <br /> pra~isiat~ far the Affordable Fora„dale Unit and a lerider~' loss payable er~darsernet~t in its Farrar, <br /> ~~11~ ~I~fo~~c~ai~~~r a~r~ ~er~~~r~~e~rr~~~~s, The ~.geney <br /> Execiti~e Directar shall Ise satisfied that tl~e ~arnehuye~• meets tl~e applicable Moderate ~rrcame <br /> r~equiremer~ts of tl~e CRL a~~d that tl~e N~ot~tl~ly Hal~sin Cast for tl~e Far~ale U~~rt is ~~o greater <br /> ti~at~ an Affordable Housing Cost, <br /> ~~ri i i} ~e~~~es~~~atio~rs a~c~ ar~~~a~~~r's, The represet~tatians a~~d <br /> ~~arrantres of tl7o De~eiopelF centai~~ed in this Arcernent si~all be carrect as of the ciase of eacia <br /> such escro~v as tl~augh trade on ar~d as of that date and the Agency ~xec~~ti~e Drrectoa4 shall <br /> l~ar~e ~~eceived a certificate to that effect signed by tl~e ~e~eloper, <br /> ~ix~ ~ ~~f~r~~~, ~o Default Icy tl~e ~e~elaper shall have <br /> acc~~rred r~itll respect to Phase and tea event shall Dave occlrrred ~vitll riespect to Phase ~ <br /> v~l~1Ci~, ~vitll the gi~tng of <br /> r~attCe ar tl~e passage of time ar bath, ~vould cat~stitute an Defa~~lt b~ <br /> the Developer v~itix respect to Phase F, <br /> 31,5 irl~ard~riatior~, The deed of trust seclrrrn the Hot~~ebuyer's repayrr~e~~t <br /> of tl~e Harneb~~yer Assistance Laar~ xna~ be rr~ade subardina.te only to tl~e deed of trust to beheld <br /> b~ the first iie~~ Ie~ider that is approved Icy tl~ Agency p~~rua~it to tine Homebt~yer Loan <br /> Agree~r~et~t. The deed of t~~r~st secur~ir~g the Hat~~ebuyer's repayrl~erit of the Harnebuyer <br /> Assista~~ce Laar~ si~all be st~bardtt~ate to rya other lien{s~, except as pra~ided its tl~e Harneb~iyer <br /> Loan Agreement or as otl~er~ise expressly approved its ~~rrtin by tl~e Agency ~xecutrrre <br /> Director in leis or her' sole at~d absatute discretion, <br /> 315,b Assun~~~tiar~. ~Al~e ~o~nebuyer Laar~ ar~d Ha~nel~t~yer Lawn Agreement <br /> shall be assl~rnable b~ eligible a~~d qualified s~~ccessars and assrgns of the ~Iorrreblryer ~vl~a are <br /> approved its ~vritin by tl~e Agency p~~rsr~ant to tl~e terms of tl~e Hatnebuye~~ Loa~~ Areen~er~t, <br /> 3~~, I'i~aanc~l~g of ~~~e Deg?elape~i ~~Yip~~o~F~~e~~ts, <br /> 1~,~ Ap~~~'o~Tai ~irla~~c1I1, As requi~'ed l~ereir~ and as ane of Agency's <br /> Candition Precedent to each Closing the Developer shall s~~bmit to the Agency ~vider~ce of <br /> Canstructian financing acid ~ider~ee of Perrnar~er~t Financing for the Rental Portion of tlYe <br /> Project far a Phase ox~ or before tl~ date set forth in the schedule of Perforrnarice, Tl~e Agency <br /> shall appra~e a~{ disappr~o~e suci~ ~rridet~ce of Canstr•uctian Fir~ancir~g a~~dlorF ~idence of <br /> Perrrranet~t Financing far the Rental Partian ofthe Pra~ect far s~~ch Phase ~~ithi~~ fifteen days <br /> of receipt of a carnpiete s~rbrnissiot~. Approval shall nat be it~reasanably ~vitiheld ar <br /> conditioned, ~f the Agency shall disapprove any such Erridence of Constructiat~ Financing <br /> a~~d~or{ ~idence of Permanent Financing for the Rental Por~tian of the Project, the Agency shall <br /> da sa by atice to the De~eloperi stating tl~e reasons far such disapproval and tl~e 1~e~elaper shall <br /> ~5 <br /> <br /> DD~s~CI~ ~006~3~~i3120~~72-~0~1 <br /> <br />