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5.2.4 Use of Agency Loan Proceeds. Proceeds of the Agency Loan shall be used only for costs incurred by Vista Del Rio to construct the Improvements as set forth in the approved Project Budget. 5.3 Other Terms and Conditions of the Loans. 5.3.1 The Agency Loan Note and City /HOME Loan Note shall become immediately due and payable, in the event of any of the following: (a) failure to complete the Project within the time set forth in the Schedule of Performance subject to Force Majeure or other extensions as allowed in this Agreement; (b) violation of any of the use covenants and restrictions contained in this Agreement, the Affordability Restrictions on Transfer of Property, or any other Project Document after the expiration of any applicable notice and cure periods; or (c) an Event of Default by Vista Del Rio under this Agreement or any other Project Document which is not timely cured after expiration of any applicable notice and cure periods pursuant to the terms of this Agreement or the applicable Project Document. 6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS 6.1 Conditions Precedent. City's and Successor Agency's respective obligations to disburse any amount of the Loans and Authority's obligation to provide Project Based Section 8 assistance to the Project is subject to the satisfaction, or waiver by the Executive Directors, of the following conditions precedent: (a) Loan Documents. Vista Del Rio shall have delivered to the Escrow Holder, signed by the authorized officer or officers of Vista Del Rio, with such signature(s) acknowledged where necessary, each of the following documents: (i) the DDA; (ii) the Grant Deed; (iii) the City /HOME Loan Note; (iv) the City /HOME Loan Deed of Trust; (v) the Agency Loan Note; (vi) the Agency Loan Deed of Trust; and (vii) The Affordability Restrictions on Transfer of Property. (b) Title Insurance. Successor Agency and City shall each have received a 2006 ALTA Lender's loan policy of title insurance, or evidence of a commitment therefore satisfactory to City, issued by First American Title Insurance Company and in form and substance satisfactory to City, together with all endorsements and binders required, naming City and Successor Agency as the insured, in a policy amount of not less than the amount of the Loans, showing Vista Del Rio as the 12 DOC SOC/ 1475221 v 10/200272 -0004