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6.15 Other Terms and Conditions of Loan. <br />A. The Note shall become inunediately 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 />terxn.s 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 run 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 very low households at rents <br />affordable to such households for fifty-five (55) years from the effective date of this <br />Agreement. The HOME restrictions for the nine (9) HOME assisted units shall be enforced <br />until the date that is fifteen (15) years after the date on which the City reports the Project as <br />complete to the Department of Housing and Urban Development. The City permits the <br />Developer to limit the eligibility and/or give preference to homeless households (a particular <br />segment of the population) in accordance with 24 CFR 92.253(d). <br />B. The Project shall consist of seventy-two (72) units, including one on-site <br />manager's unit, of which there will be fifty-eight (58) studio units and fourteen (14) one - <br />bedroom units. There shall be nine (9) HOME assisted units. The HOME assisted units <br />shall be floating units and shall be distributed throughout the complex with comparable <br />amenities to the other units. The affordability mix for the Project is as follows: <br />Unit Type AMI Level # of Units <br />Studio 30% AMI 35 <br />Studio 50% AMI 22 <br />13 <br />