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unrelated financial institutions for the mortgage loan or loans for financing to fund the <br />construction, complete, operation and maintenance of the Improvements, subject to such lenders' <br />reasonable, customary and normal conditions and terms, and/or (b) a certification from the chief <br />financial officer of Developer that Developer has sufficient funds for such construction, and that <br />such funds have been committed to such construction, and/or other documentation satisfactory to <br />the Agency as evidence of other sources of capital sufficient to demonstrate that Developer has <br />adequate funds to cover the difference between the total cost of the acquisition of the Sites, and <br />construction and completion of the Improvements, less financing authorized by those loans set <br />forth in subparagraph (a) above. <br />Agency's loan amount to Developer shall not exceed $222,478.00. Sales proceeds from the sale <br />of the affordable homes shall be retained by the Developer. Construction financing to <br />Developer will be provided on the terms more fully described in the First Trust Deed Promissory <br />Note, attached hereto and incorporated herein as Exhibit J and secured through a First Deed of <br />Trust attached hereto and incorporated herein as Exhibit K. Developer acknowledges that these <br />documents will be fully executed and recorded as part of the conveyance of each of the Sites. <br />Agency and Developer agree to utilize a construction disbursement account through <br />AmeriNational Community Services for the purpose of authorizing and releasing construction <br />progress payments. The Agency has provided the following forms pertaining to disbursements: <br />Request for Progress Payment, Release of Retention and Fu11 Release which are attached hereto <br />and incorporated herein as Exhibit L. Said forms shall be submitted to the Agency along with <br />proper documentation evidencing costs incurred by Developer. <br />311.2 No Encumbrances Except Agency recorded documents (Deeds of <br />Trust/Affordability Restrictions on Transfer of Property) The Developer shall not enter into <br />any conveyance for financing prior to the Release of Construction Covenants without the prior <br />written approval of the Agency, which approval Agency agrees to give if any such conveyance <br />for financing is given to a responsible financial lending institution or person or entity ("Lender"). <br />The Developer may enter into a conveyance for financing after the completion of the <br />Improvements as evidenced by the recording of the Release of Construction Covenants without <br />the approval of the Agency. <br />400. COVENANTS AND RESTRICTIONS <br />401. Use in Accordance with Redevelopment Plan. The Developer covenants and <br />agrees for itself, its successors, assigns, and every successor in interest to the Sites, that upon the <br />Closing and during construction and thereafter, until Developer's sale of the Improvements on <br />the Sites, the Developer shall devote the Sites to the uses specified in the Redevelopment Plan <br />and this Agreement for the periods of time specified therein. All uses conducted on the Sites, <br />including, without limitation, all activities undertaken by the Developer pursuant to this <br />Agreement, shall conform to the Redevelopment Plan and all applicable provisions of the Santa <br />Ana Municipal Code. The foregoing covenants shall run with the land. <br />402. Reserved. <br />600457905v2 3 253 5 <br />