Laserfiche WebLink
(v) CDBG Deed of Trust; and <br />(vi) the Affordability Restrictions on Transfer of Property. <br />(b) Title Insurance. City shall have received an ALTA Extended (LP - <br />10) Loan Policy (6-17-06), or evidence of a commitment therefore satisfactory to <br />City, issued by First American Title Insurance Company and in form and substance <br />satisfactory to City, together with all endorsements and binders required, naming <br />City as the insured, in a policy amount of not less than the total City Loan Amount, <br />showing Developer as the fee owner of the Property and insuring the Inclusionary <br />Deed of Trust and CDBG Deed of Trust to be valid priority liens on the Property. <br />This Agreement, the Inclusionary Promissory Note, Inclusionary Deed of Trust, <br />CDBG Promissory Note, and CDBG Deed of Trust shall all be subordinate to any <br />Senior Loan Note and Senior Loan Deed of Trust and to the AHSC Loan <br />Documents. <br />(c) Affordability Restrictions on Transfer of Property. Developer <br />shall have delivered to the Escrow Holder, in the form attached hereto as Exhibit <br />B, the Affordability Restrictions on Transfer of Property pursuant to which, <br />among other things, Developer agrees that the Property shall be used only for <br />decent, safe, sanitary and affordable rental housing pursuant to the affordability <br />requirements of Code of Federal Regulations ("CFR") section 92.252 or 92.254 <br />and California Health and Safety Code ("H&S") sections 50052.5 and 33334.3, as <br />applicable. City's Affordability Restrictions on Transfer of Property shall remain <br />in first position on title and shall not be subordinated. <br />(d) Documents Recorded. This Loan Agreement, the Inclusionary <br />Deed of Trust, CDBG Deed of Trust and the Affordability Restrictions on <br />Transfer of Property shall have been recorded in the Official Records of the <br />County. <br />(e) Request for Notice. For the benefit of City, Escrow Holder shall <br />have recorded a request for notice of default of the Senior Loan (the "Request for <br />Notice of Default"). <br />(f) Insurance. City shall have received evidence satisfactory to the City <br />Attorney that all of the policies of insurance required by Section 19 of this <br />Agreement are in full force and effect. <br />(g) Representations and Warranties. The representations and warranties <br />of Developer contained in this Agreement and the other Loan Documents shall be <br />correct in all material respects as of the Close of Escrow as though made on and as <br />of that date, and if requested by the City Project Manager, City shall have received <br />a certificate to that effect signed by Developer's Representative. <br />(h) No Default. No Event of Default by Developer shall have occurred, <br />and no event shall have occurred which, with the giving of notice or the passage of <br />time or both, would constitute an Event of Default by Developer under this <br />