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6.12 Retainage. City and Successor Agency will withhold a Retainage of 10% from each Disbursement for each of the Construction cost line items of the Project Budget until all conditions to the final disbursement of Construction costs have been satisfied. City shall not retain funds for building materials purchased by Vista Del Rio for which Vista Del Rio supplies documentation to City proving payment in full or for soft costs. 6.12.1 Holdback. The retainage otherwise available for disbursement shall be subject to a holdback of one hundred twenty -five percent (125 %) of the estimated cost (as determined by the Executive Directors) for "punch- list" items. Such holdback will be released when all punch -list items have been completed to the satisfaction of City and Successor Agency. 6.13 Waiver of Disbursement Conditions. Unless City otherwise agrees in writing, the making by City of any disbursement with knowledge that any condition to such disbursement is not fulfilled shall constitute a waiver of such condition only with respect to the particular disbursement made, and such condition shall be condition to all further disbursements until fulfilled. 6.14 Modification of Disbursement Conditions and Procedures. The Executive Directors shall have the authority to modify the disbursement conditions and procedures set forth herein in order to conform them to the payment provisions of the approved Construction Contract. 6.15 Closing Costs and Fees. Vista Del Rio shall pay (a) all escrow fees and charges, (b) all recording fees and charges on any document recorded pursuant to this Agreement, and (c) the premium for the City's and Successor Agency's policies of title insurance required hereunder. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROPERTY 7.1 Use Covenants and Restrictions. A. Vista Del Rio agrees and covenants, which covenants shall run with the land and bind Vista Del Rio, its successors, its assign and every successor in interest to the Property that Vista Del Rio will make all Units on the Property available solely to Extremely Low Income and Very Low Income households at Affordable Rents. The HOME Regulations applicable to the eleven (11) HOME Units shall be enforced during the entire HOME Compliance Period. Upon expiration of the HOME Compliance Period, the City and Successor Agency will enforce affordability of said units with the same income and rent restrictions as the other units, pursuant to the requirements of Section 50052.5 of the Health and Safety Code and the CRL. Vista Del Rio further covenants and agrees that the Property shall be developed, operated, managed and maintained in accordance with Specific Development No. 83; Amendment Application 08 -11, as approved by the City of Santa Ana Planning and Building Successor Agency and by the Santa Ana City Council pursuant to Ordinance No. NS -2790 of the City of Santa Ana, adopted August 3, 2009. B. The Project shall consist of forty income restricted units (and one unrestricted manager's unit). There shall be eleven (1.1) HOME Units. The eleven HOME Units will be fixed units and shall be distributed throughout the complex with comparable amenities to the other Units. C. At initial lease up, all households selected to rent and occupy the HOME Units shall be Very Low Income households and all households selected to rent and occupy the remaining units shall be Extremely Low Income and Very Low Income households, in accordance 17 D O CS OC/ 1475221 v 10/200272 -0004