Common use of Change of Conditions Clause in Contracts

Change of Conditions. The Department reserves the right to re-underwrite the Development based on new information or funding sources. Particular attention will be paid to the continued feasibility of the Development and the maintenance of the security position of the Program Loan. If the new information demonstrates a reduction or elimination of financing gap being addressed by the Program Loan, the Department will reduce the amount of the Loan award accordingly. If the Department has underwritten the Program Loan pursuant to California Housing Finance Agency (CalHFA) or Department of Housing and Urban Development (HUD) requirements and the Development subsequently does not utilize the CalHFA or HUD financing, the Program Loan will be re-underwritten by the Department pursuant to Program Requirements. In the event the Department determines the Development is no longer financially feasible, the award and any Loan commitment issued by the Department may be revoked.

Change of Conditions. The Department reserves the right to re-underwrite the Development based on new information or funding sources. Particular attention will be paid to the continued feasibility of the Development and the maintenance of the security position of the Program LoanLoan(s). If the new information demonstrates a reduction or elimination of financing gap being addressed by the Program LoanLoan(s), the Department will will, in its discretion, reduce the amount or amounts of the Loan award awards accordingly. If the Department has underwritten the Program Loan Loan(s) pursuant to California Housing Finance Agency (CalHFA) CalHFA or Department of Housing and Urban Development (HUD) HUD requirements and the Development subsequently does not utilize the CalHFA or HUD financing, the Program Loan Loan(s) will be re-re- underwritten by the Department pursuant to all applicable Program Requirements. In the event the Department determines the Development is no longer financially feasible, the award and any Loan commitment commitments issued by the Department may be revokedrevoked and disencumbered.

Change of Conditions. The Department reserves the right to re-underwrite the Development based on new information or funding sources. Particular attention will be paid to the continued feasibility of the Development and the maintenance of the security position of the Program Loan. If the new information demonstrates a reduction or elimination of financing gap being addressed by the Program Loan, the Department will reduce the amount of the Loan award Request stated in the Application and the amount of the Award accordingly. If the Department has underwritten the Program Loan pursuant to California Housing Finance Agency (CalHFA) using CalHFA or Department of Housing and Urban Development (HUD) HUD requirements and the Development subsequently does not utilize the CalHFA or HUD financing, the Program Loan will be re-underwritten by the Department pursuant to using Program Requirements. In the event the Department determines the Development is no longer financially feasible, the award Award and any Loan loan commitment issued by the Department may be revoked.