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progressing satisfactorily in conformance with all applicable laws and other requirements <br />(including HOME regulations). <br />(b) Condition of Title. Either (i) the Executive Director reasonably <br />believes that no event has occurred since the Close of Escrow that would give rise to a <br />colorable claim against the Property (e.g., a mechanic's lien) superior to the claim of City <br />against the Property with respect to the subject disbursement, or (ii) City must have <br />received, at Developer's expense but payable out of the Rehabilitation Proceeds, from the <br />title insurer who issued City's LP -10 Title Policy, all endorsements thereto then <br />reasonably required by City. <br />(c) Representations and Warranties. The representations and <br />warranties of Developer contained in this Agreement and the other City Loan Documents <br />shall be correct as of the date of the disbursement as though made on and as of that date. <br />(d) No Default. No Event of Default by Developer shall remain <br />uncured and no event shall have occurred which, with the giving of notice or the passage <br />of time or both, would constitute an Event of Default by Developer. <br />6.6 Final Disbursement. City's obligation to disburse that portion of the <br />rehabilitation portion retained pursuant to Section 6.12 is subject to the satisfaction of the <br />following additional conditions precedent: <br />(a) Rehabilitation Comte. The rehabilitation shall be complete. <br />(b) Certificate of Occupancy Issued. Any portion of the rehabilitation <br />requiring inspection or certification by any Governmental Authority shall have been <br />inspected and certified as complete. Developer shall request that the Building Department <br />issue a Certificate of Occupancy, a copy of which shall be delivered to the Executive <br />Director, in order for final disbursement to occur. <br />(c) Lien Free. At least one of the following shall have occurred: <br />(i) Thirty -five (35) days shall have passed since the <br />recording of a valid notice of completion for the rehabilitation, and no mechanic's <br />or material man's lien shall be outstanding; or <br />(ii) Ninety -five (95) days shall have passed since actual <br />completion of the rehabilitation, and no mechanic's or materialman's lien shall be <br />outstanding, or Developer shall have bonded over any such lien to City's reasonable <br />satisfaction. <br />6.7 Waiver of Conditions. The conditions set forth pertaining to City's <br />obligation to make disbursements of the rehabilitation portion are for City's benefit only <br />and the Executive Director may waive all or any part of such rights by written notice to <br />Developer. <br />6.8 Disbursement Requests. The rehabilitation proceeds shall be <br />10 <br />251 -16 <br />