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6.15 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 <br />recording date; <br />(2) HOME rental units must achieve initial occupancy within 18 <br />months of project completion. <br />(3) violation of any of the use covenants and restrictions contained in <br />this Agreement after the expiration of any applicable notice and cure <br />periods; <br />(4) an Event of Default by Developer which is not timely cured after <br />expiration of any applicable notice and cure periods pursuant to the <br />terms of this Agreement. <br />6 .16 Closing Costs and Fees. Developer shall pay (a) all escrow fees and charges, <br />(b) all recording fees and charges on any document recorded pursuant to this Agreement, <br />and (c) the premium for the title insurance required hereunder. <br />7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROPERTY <br />7.1 Use Covenants and Restrictions. <br />A. Developer agrees and covenants, which covenants shall nun with the land and bind <br />Developer, its successors, its assigns and every successor in interest to the Property that <br />Developer will make all rental units on the Property available to low- or very low- income <br />households at rents affordable to such households for fifty -five (55) years from the effective <br />date of this Agreement. The HOME restrictions for the HOME assisted <br />units shall be enforced until the date that is fifteen (15) years after the date on which the City <br />reports the Project as complete to the Department of Housing and Urban Development. The <br />City permits the Developer to limit the eligibility and/or give preference to a particular <br />segment of the population in accordance with 24 CFR 92.253(d). <br />B. The Project shall consist of units, including on -site <br />manager's unit(s), of which there will be . There shall be <br />HOME assisted units. If necessary depending on the number of units in the Project, the <br />HOME assisted units shall be floating units and shall be distributed throughout the <br />complex with comparable amenities to the other units. The affordability mix for the <br />Project is as follows: <br />14 <br />25C -18 <br />