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A line-item budget for the Project, including a summary statement of sources and uses of <br />funds, is incorporated into Exhibit E (the "Project Budget"). Any material change to the Project <br />Budget requested by Developer shall be subject to the prior written approval of the City Project <br />Manager. <br />4. [RESERVED] <br />CITY LOAN: <br />The City Loan shall be evidenced by the City Promissory Note in the form attached <br />hereto as Exhibit D. The City Loan shall be secured by the City Deed of Trust in the form <br />attached hereto as Exhibit C. The terms and conditions of the City Loan are as set forth in the <br />City Promissory Note which is a residual receipts note. The HOME compliance period is twenty <br />(20) years, commencing on the date that all work is complete and the Property is fully occupied, <br />however the term of affordability for the Project is fifty-five years or repayment of the City <br />Loan, whichever is longer. <br />A. HOME FUNDS: <br />1. Amount and Purpose. Subject to the terms and conditions of this Agreement, <br />City agrees to make a loan to Developer from HOME funds in the principal amount of up to <br />$2,634,566.00 for the property acquisition and other costs of the Project. <br />B. CDBG FUNDS: <br />1. Amount and Purpose. Subject to the terms and conditions of this Agreement, <br />City agrees to make a loan of CDBG funds to Developer in the principal amount of up to <br />$365,434 solely for the Property acquisition related costs of the Project. <br />6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS <br />6.1 Conditions Precedent. City's obligation to disburse the loan is subject to the satisfaction, <br />or waiver by the City Project Manager, of the following conditions precedent: <br />(a) Loan Documents. Developer shall have delivered to the Escrow <br />Holder, signed by the authorized officer or officers of Developer, with such signature(s) <br />acknowledged where necessary, each of the following documents: <br />(i) this Loan Agreement; <br />(ii) the City Promissory Note; <br />(iii) the City Deed of Trust; and <br />(iv) the Affordability Restrictions on Transfer of Property. <br />1076\01 \1333668.1 <br /> <br /> <br />