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otherwise be permitted under the Construction Contract until such time as retainage <br />would otherwise have been released. <br />City shall not retain funds for building materials purchased by Developer for which <br />Developer supplies documentation to City proving payment in full or for soft costs. <br />4.10.1 Holdback. The retainage otherwise available for disbursement <br />shall be subject to a holdback of one hundred twenty -five percent (125 %) of the <br />estimated cost (as determined by the Executive Director) for "punch -list' items. Such <br />holdback will be released when all punch -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 any disbursement with knowledge that any condition to <br />such disbursement is not fulfilled shall constitute a waiver of such condition only with <br />respect to the particular disbursement made <br />4.12 Modification of Disbursement Conditions and Procedures. 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 provisions of the Construction <br />Contract. <br />4.13 Other Terms and Conditions of Loan. <br />A. The Note shall become immediately due and payable, in the event of any <br />of the following: <br />(1) failure 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 Agreement <br />after the expiration of any applicable notice and cure periods; <br />(4) an Event of Default by Developer which is not timely cured after expiration <br />of any applicable notice and cure periods pursuant to the teens of this Agreement. <br />4.14 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 premium for the title <br />insurance required hereunder. <br />5. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROPERTY <br />5.1 Use Covenants and Restrictions. <br />12 <br />