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otherwise be pennitted under the Construction Contract until such finic as retainage <br />would othQrwke have been released. <br />City shall not retain farads for building material,; purchased by Developer 41or which <br />Developer supplies documentation to City proving payraent in full or for soft costs. <br />4,10A Holdback. The retainage otherwise available for disbursement <br />shall be subject to a holdback of one hundred twen(y -fivo porcent (125%) of the <br />estunated cost (as determined by the Executive Director) for "punch-list" items. Such <br />holdback will be released when all puncli-list items have been completed, to the <br />satisfaction of City. <br />4,11 Waiver of Disbursement Conditions- Unless City otherwise agrees in <br />writing, the making by City of ,my disbursement with knowledge that any condition to <br />di- <br />such burscment is not fulfilled shall constitute a waiver or such condition only with <br />s s <br />respect to the particular disbursement rude <br />4.12 Modifization of.Disbursement,Conclitioiis,.ind,Pi-ocecltires. The Executive, <br />Director shall have the authority to modify the disbursement conditions and procedures <br />set forth herein in order to conform them to the payment provision- of (he Construction <br />Contract. <br />4.13 Other Terins and Conditions, of Loa . <br />A. The Note shall become; immediately duo and payable, in the event cif any <br />orthe rbllowing� <br />(1) fifflure to complete the Project within four (4) years of the recording date; <br />(2) HOME rental units must achieve initial occupancy within 18 months of project <br />completion, <br />(3) violation of any of the use covenants and restrictions contained in this Ngreement <br />after the expiration of any applicable notice and cure periods; <br />(4) an 'Event of Default by Developer which is not thnely cured a Rey rxpiratical <br />of any applicable notice and cure periods pursuant to the terms of this Agreement, <br />4.t4 Closing Costs and Fees. Developer shall pay (a) all recording fees and charges <br />on any document recorded pursuant to this Agreement, and (b) the prerniurn for the, title <br />insurance required hereunder. <br />5. AFFORDABILYI-V REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROPERTY <br />5.1 Use Covenants and lZestrictions, <br />12 <br />25B -18 <br />