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TABLE OF CONTENTS Page 1. DEFINITIONS AND INTERPRETATION ................................................ ..............................2 1.1 Defined Terms ............................................................................... ............................... 2 1.2 Singular and Plural Terms ............................................................. .............................10 1.3 References and Other Terms .......................................................... .............................10 1.4 Exhibits Incorporated ..................................................................... .............................10 2. [ RESERVED] ............................................................................................. .............................10 3. SCOPE OF WORK/ PROJECT BUDGET ................................................ .............................10 4. [ RESERVED] ............................................................................................. .............................10 5. LOANS: ................................................................................................................................... 11 5.1 City /HOME Loan ......................................................................... ............................... 11 5.2 Agency Loan ................................................................................ ............................... 11 5.3 Other Terms and Conditions of the Loans ..................................... .............................12 6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS .............. .............................12 6.1 Conditions Precedent ..................................................................... .............................12 6.2 Disbursement Procedures for Loans .............................................. .............................13 6.3 First Disbursement ....................................................................... ............................... 14 6.4 Termination for Failure of Condition ............................................. .............................14 6.5 Any Disbursement ......................................................................... .............................14 6.6 Final Disbursement ........................................................................ .............................15 6.7 Waiver of Conditions ..................................................................... .............................15 6.8 Disbursement Requests .................................................................. .............................15 6.9 Manner of Disbursement ................................................................ .............................16 6.10 Cost Overruns ................................................................................ .............................16 6.11 Cost Savings ................................................................................... .............................16 6.12 Retainage ........................................................................................ .............................17 6.13 Waiver of Disbursement Conditions .............................................. .............................17 6.14 Modification of Disbursement Conditions and Procedures ........... .............................17 6.15 Closing Costs and Fees .................................................................. .............................17 7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROPERTY................................................................................................ .............................17 7.1 Use Covenants and Restrictions ..................................................... .............................17 7.2 Affordable Gross Starting Rents (Less Reasonable Utility Allowance) ..................... 18 7.3 Rental Vouchers ............................................................................. .............................19 7.4 Rent Increases .............................................................................. ............................... 20 8. [ RESERVED.] ............................................................................................ .............................20 9. GENERAL PROVISIONS AND WARRANTIES .................................... .............................20 9.1 Formation, Qualification and Compliance ..................................... .............................20 9.2 Execution and Performance of Loan Documents ......................... .............................21 9.3 Financial and Other Information .................................................... .............................21 9.4 No Material Adverse Change ....................................................... ............................... 22 9.5 Tax Liabil ity ................................................................................... .............................22