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Notwithstanding the foregoing, the City's approval of a change order shall not be <br />required unless the approval of the Senior Lender is required with respect to such change <br />order. <br />4. [RESERVED] <br />5. CITY LOAN: <br />The Inclusionary Loan shall be evidenced by the Inclusionary Promissory Note <br />and the CDBG Loan shall be evidenced by the CDBG Promissory Note in the forms <br />attached hereto as Exhibit D and Exhibit E. The Inclusionary Loan and the CDBG Loan <br />shall be secured by the Inclusionary Deed of Trust and CDBG Deed of Trust, <br />respectively, in the forms attached hereto as Exhibit C and Exhibit F. The terms and <br />conditions of the City Loan are as set forth in the Inclusionary Promissory Note and <br />CDBG Promissory Note. The term of affordability for the Project is fifty-five years from <br />the receipt of Certificate of Occupancy for the Project, or repayment of the City Loan, <br />whichever is longer. <br />A. INCLUSIONARY HOUSING FUNDS: <br />1. Amount and Purpose. Subject to the terms and conditions of this <br />Agreement, City agrees to make a loan to Developer from Inclusionary Housing funds in <br />the principal amount of up to $4,775,000.00 for the construction and other costs of the <br />Project. <br />B. CDBG FUNDS: <br />1. Amount and Purpose. Subject to the terms and conditions of this <br />Agreement, City agrees to make a loan of CDBG funds to Developer in the principal <br />amount of up to $500,000.00 solely for the property rehabilitation -related costs of the <br />Project. <br />6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS <br />6.1 Conditions Precedent. City's obligation to disburse the loan is subject to the <br />satisfaction, or waiver by the City Project Manager, of the following conditions <br />precedent: <br />(a) Loan Documents. Developer shall have delivered to the Escrow <br />Holder, signed by the authorized officer or officers of Developer, with such signature(s) <br />acknowledged where necessary, each of the following documents: <br />(i) this Loan Agreement; <br />(ii) the Inclusionary Promissory Note ($4,775,000); <br />(iii) the Inclusionary Deed of Trust; <br />55C-15 <br />