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1, Amount and Purpose. Subject to the terms, and conditimis of this Agreement,
<br />City aagrees to snake a loan of HOME Raids to iDavelopE!r iii the drrincipnl anrcluuurt (d Up ta'r
<br />$1,199,869 (the "City Loan") for the acquisition mid rehabilitation of the Property,
<br />2, 4:'IWH(DRrE Note. and Deed of "Trust. The City/HOME I -Aran shall he
<br />ewadeuruvul by the C'.ltyiHCDMI-. Loan Mesta: in the fonn attached hereto as Fxhibit I. The
<br />City Loan shall be secured by the City/110ME Loan Deed of'[ rust in the firm atl-aclwd
<br />hereto as Exhibit L. The C'ity,110ME D =l ol'Trust shall he a coed 0f [I-LISA eruCcuTilaeaisx
<br />the Property, ,uhordinaLc to thu Senior I oan(s) made, to Developer,
<br />3. 0ts" /110Nl.IC Loan Terms. The ttmns and uonditiorna of the C sty /HCDMF
<br />Loan arc as act forth in the C ity"HONTE Loan Norte which is a residual rciccihts note. The
<br />HOME compliance pciiod is fifteen (0) year's, eainnricncing on thu (a1:e tlrast all work is
<br />coinpli;(e and the Property is fll'Iy occuu)icd.
<br />6. CONDITIONS TO DISRURSE1111':NT OF LOAN PROCEEDS
<br />61 Conditions Precedent. City's obligation to disburse the Loan Amount is sub cct
<br />for the satisfaction, or waiver by the Lxui uti"ve M-eeaor, of the following conditions
<br />precedent:
<br />( a) Loan TDoeturaaents; 9De:vetoper shall have delawertA to the
<br />Escrerww Llolkr, siglwd by the authorized officer or ofliuurs of lDeveloper. , with suuell
<br />wigmauturre(s) ackiroww led ,ed where necessary, each of the firl lowwing, documents:
<br />(i) the Loan Ag=remient;
<br />(ii) The City /I IOM Lorain Note;
<br />(iii) The City/HOME. Decd of Trust,
<br />(iv) "flue Affordability Rcstrrat,ions on Traan,,60r of Property, and
<br />(b) Title 111winance, C"ily shrill have rcceav�ed an L.I'ntll ALTA d.under's
<br />tewain pohCy Of httO io',UrtancC! (,2006 odifion), or evidence of a corniTlat11wilt therefores
<br />sati. filultray to f "ity, issued by First American Title Insurance Coirpmiy auncd in form and
<br />saubstaprce satinfactory to City, together with all endorse umients and binders u•eeleaired,
<br />naming; City= as the insured, in <a policy anlo.ruasrt of not less than the C it,y /lAOMF Loan
<br />Arncatralt, slrerrVhIg; IDeVdopor as the tiro Owner of the Property and olsuring the
<br />City/HOME (Deed of Fr st, to be; valid priority liens on Lite Property. Thwt t'ity /IIOMF,,
<br />Leman Now and Decd of Trust sluatd be subordinate to the Senior Loran Note and First.
<br />Deed.
<br />(c) A[1i ?acl,hrl�t} 1C,ystruetulns�aarr I:r_atlst�roafProrpurty. fDeve�loper
<br />,,hall haute ate:diveread to the L3scraoaw Holder, in the rearm atlauhed hereto as I:Sx.hibit G, the
<br />Ad'ttardarbihty Restrictions on t anusfci• otl 'Pitle Iauu wwaaat to NVNCIn, anrotrg; other things,
<br />Developer agrees that the Propci ty dm l he rascal only for clecent, s,a1c, sanitary and
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