SANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT)

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