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6,15 Other Terms and Condition', of Loan, <br />A. The tea le shall heconic immediatrfy (lure and payable, in the event of any <br />of the following: <br />(1) failure to complete the pnalect within fcaau• (4) years €affhe <br />recording; elate; <br />(2)11,0Mf rental alraats must achieve initial occupancy within 18 <br />months of prroject completion- <br />(3) violation of any of the use covenant.,., and I'estrictions contained in <br />this Ageetaent after the expiration of any appheahle rua 6cu and cauve <br />pleriock. <br />(4) an Event (if Default by Developer which is tot timely cared alter <br />expiration cif any appalicaablc notice and cure periods ptarsuatt to fhe <br />terms of this Agrecincnt. <br />6 .16 Closing Costs and Fees., f)Qvooprer shall pay (aa) all e;serow fees Gantt charges, <br />(1a) aaH reeorchtf!, fees mid charges caaa any doeaatlent recorded pursuant to this Agreement,. <br />'illd (c) the prcutiaiaaala fair the title insurance required hereunder. <br />7. f1E'E'(iRf)a' BILI 1'Y REQUIREMENTS, USE AND MAINTENANCE NC E OF THE <br />PRO PL' RTY <br />7.1 Use C ma cnants and Restrictions. <br />A. Developer a ices and covenalrals, wvhieh ccrwenraals shir1p run W411 the land and hind <br />Developer, its success s, its assigns, and every sue ecssor in interest to the I'ropiehiy that <br />Iacve[oper will make MI rental units on the Prop etty avail ahlc. to very town houasclrolds ,at reacts <br />of l6rctiHe to teach lacltaschoWs. for fifty -five (55) years frota the eli'cctivc date of tlai:s <br />A,S+recrucnt The lAOM17 restrrctrons f .+r the mine (9) Flf")ME assisted units shall he enforced <br />until the elate that: ia,: lilteea (15) years a tea the (late on which the City repods the 1'nijcct as <br />complete to the Department of l louyIng, and Urban Development 'I he City peniiiis the <br />Developer to litait the eligibility anctaor gavc prcal''ercaruce to hotac[css households (a partueular- <br />scp ,'root of the poptilatann) in accordance With 24 C'FR 91253(d'), <br />1.3. The f'rojeel shall conwJwt (if seventy-two (72) units, including one on-site <br />manager's unit, of which there will tie fifty-eight (58) vtaacho omits aatd IbUtteen (14) one - <br />hcdroorn units. There shall be novas (9) HOOF :assisted Wilts. The HC)1vf F assisted units <br />shall he 1101alrragy units and shall he d'rstirhulesd thane g;harut the Qomplex with comparahlc <br />.anietaties to the other mids', The a atl6rdralwility mix Im, the ➢'ropcct is as failtciws. <br />Unit Type wMl Lcva1 oof 1J <br />li otts <br />Sludio 30,,, Ah�Pf a <br />5luaho 5( l "uANfl ' <br />25H'-21 <br />