City Authorization to Expend Funds and Acquire Unit Sample Clauses

City Authorization to Expend Funds and Acquire Unit. Prior to, at or after the close of escrow pursuant to which Developer will acquire fee title to an Eighth Amendment Acquisition Unit (an “Eighth Amendment Escrow”), to the extent there are CalOptima Grant funds then remaining, City shall deposit proceeds of the CalOptima Grant and authorize the deposit, as necessary, of any then available Net Sales Proceeds into the Eighth Amendment Escrow, sign instructions with the escrow holder ("Escrow Holder") authorizing the Escrow Holder to utilize proceeds of the CalOptima Grant and any Net Sales Proceeds deposited into the Eighth Amendment Escrow to fund the purchase price for the Eighth Amendment Acquisition Unit and any reasonable escrow costs (the “Eighth Amendment Acquisition Unit Funding”) to facilitate Developer’s purchase of the Eighth Amendment Acquisition Unit at the price approved by City pursuant to a settlement statement approved by City. At the close of an Eighth Amendment Escrow, the Eighth Amendment Acquisition Unit shall be restricted and preserved in perpetuity for rental to and occupancy by very low income households, by the recordation of an Eighth Amendment Unit Regulatory Agreement” on the Eighth Amendment Acquisition Unit. To the extent that any remaining CalOptima funds and any then available Net Sales Proceeds are not sufficient to fully fund the purchase price and closing costs for an Eighth Amendment Acquisition Unit at the time of acquisition of such unit, the City agrees that it will authorize Escrow Holder to pay to Developer within fifteen (15) days after each future sale of any additional Third Amendment Units, any Net Sales Proceeds from such sales until the deficit in funding for the purchase prices and closing costs for the Eighth Amendment Acquisition Units has been fully paid.
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