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SCOPE OF WORK/ PROJECT BUDGET <br />A "Scope of Work" for the Property is attached hereto as Exhibit B. Any material <br />change to the Scope of Work requested by the Developer shall be subject to the prior <br />written approval of the Executive Director. <br />A line -item budget for the Project, including a summary statement of sources and <br />uses of funds, is incorporated into Exhibit C (the "Project Budget "). Any material change <br />to the Project Budget requested by Developer shall be subject to the prior written <br />approval of the Executive Director. <br />4. [RESERVE' DI <br />5, LOANS <br />A. CITY LOAN: <br />1. Amount and Purpose. Subject to the terms and conditions of this Agreement, <br />City agrees to make a loan of HOME fiends to Developer in the principal amount of up to <br />$ (the "City Loan") for the new construction and/or ac uisition and <br />,rehabilitation of the Property. <br />2. City /HOME Note and Deed of Trust. The City /HOME Loan shall be <br />evidenced by the City /HOME Loan Note in the form attached hereto as Exhibit E. The <br />City Loan shall be secured by the City/HOME Loan Deed of Trust in the form attached <br />hereto as Exhibit E. The City/HOME Deed of Trust shall be a deed of trust encumbering <br />the Property, subordinate to the Senior Loan(s) made to Developer. <br />3. City /HOME Loan Terms. The terms and conditions of the City /HOME <br />Loan are as set forth in the City /HOME Loan Note which is a residual receipts note. The <br />HOME compliance period is fifteen (15) years, commencing on the date that all work is <br />complete and the Property is fully occupied. <br />6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS <br />6.1 Conditions Precedent, City's obligation to disburse the Loan Amount is subject <br />to the satisfaction, or waiver by the Executive Director, of the following conditions <br />precedent: <br />(a) Loan Docuunents. Developer shall have delivered to the <br />Escrow Holder, signed by the authorized officer or officers of Developer, with such <br />signature(s) acknowledged where necessary, each of the following documents: <br />(i) the Loan Agreement; <br />(ii) The City /HOME Loan Note; <br />25C -12 <br />