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holdback will be released when all punch -list items have been completed to the <br />satisfaction of City. <br />6.13 Waiver of Disbursement Conditions. Unless City otherwise agrees in <br />writing, the making by City of any disbursement with knowledge that any condition to <br />such disbursement is not fulfilled shall constitute a waiver of such condition only with <br />respect to the particular disbursement made. <br />6.14 Modification of Disbursement Conditions and Procedures. The <br />Executive Director shall have the authority to modify the disbursement conditions and <br />procedures set forth herein in order to conform them to the payment provisions of the <br />Rehabilitation Contract. <br />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 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 low- or very low-income <br />households at rents affordable to such households for five (5) years from the effective date <br />of this Agreement. The HOME restrictions for the ten (10) HOME assisted units shall be <br />enforced until the date that is 'five (5) years after the date on which the City reports the <br />Project as complete to the Department of Housing and Urban Development. The City <br />permits <br />13 <br />