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601.8 Corporate Resolution. Developet• shall deliver to Agency a certified copy <br />of a resohiCion of Developer's Board of Directors authorizing (or ratifying) the execution of this <br />Agreement and establishing funding for fulfilling Developer's obligations under this Agreement. <br />601.9 Opinion. The Executive Director shall have received and approved a <br />standard borrower's counsel's opinion from Developer's counsel which shall be a law Finn licensed <br />to practice within the State of California and having experience in transactions similar in size and <br />nature to the transaction contemplated hereunder. <br />601.10 Management Plan. Developer shall ,have prepared and submitted to <br />Agency, and Agency shall have approved, a Management Pla~i; as'provided in Section 1205. <br />601.11 Agency Authority. No <br />legal impediment shall have been enacted or• shall <br />from malting the Agency Loan to Developer. <br />regulation or other <br />to prevent Agency <br />601.12 Title Insurance. Agency<.and City shall have rece}ved a 2006 ALTA <br />Lender's loan policy of fitle insurance ("Agency/City'Title Polipy"), or evidi;nce ,of a commitment <br />therefore satisfactory to City, issued by hirst American Title'hisurance Company and in form and <br />substance satisfactory to Agency/City„togother with all endoYSements and binders required, naming <br />City and Agency as the insured, in a policy<~mount of not less-than the City Loan Amount and the <br />Agency Loan Amount, showing Developer as~ the fee owner 'qf the Property and insuring the <br />combined City Deed of Trust and the AgenGypeed of Trust to be valld• priority liens on the Property. <br />The City Promissory Note and Deed of Tritsf and the Agency Promissory Note and Deed of Ttvst <br />shall be subordinate only-to the Se,tigr Loan Note and Senior LO;~an;Deed of Trust, as approved by the <br />Executive Director. Tlie-,order oi'=priority of the various monetary encumbrances and regulatotry <br />agreements affecting the Property sliall, be as follows;: <br />(unless subordinated pursuant to <br />~n Deed of'I'rust <br />eed of'frust <br />of Trust <br />ement <br />6. NSP Covenants <br />NSP Deed of Trust <br />601.13 Affordability Restrictions. Developer shall have delivered to the Agency, <br />in the form attached hereto as Exhibit i, the Affordability Restrictions pursuant to which, among <br />other Chings, Developer agrees that the Property shall be used only for decent, safe, and sanitary <br />rental Affordable Housing pursuant to the affordability requirements of Code of Federal Regulations <br />("CFR") Section 92.252 or 92.254 and California Health and Safety Code Sections 50053 and <br />33334.3, as applicable. <br />22 <br />