Common use of Conditions Precedent to Disbursement of Loan Funds Clause in Contracts

Conditions Precedent to Disbursement of Loan Funds. The disbursements made pursuant to this Section 2.6 may not exceed Three Hundred Forty Thousand Dollars ($340,000). The County is not obligated to disburse any portion of the Loan, or to take any other action under the Loan Documents unless all of the following conditions have been and continue to be satisfied: (a) There exists no Event of Default nor any act, failure, omission or condition that would constitute an Event of Default under this Agreement; (b) Borrower holds title to the Property or is acquiring title to the Property simultaneously with the disbursement of the Loan proceeds; (c) Borrower has delivered to the County a copy of a corporate resolution authorizing Borrower to obtain the Loan and all other Approved Financing, and execute the Loan Documents; (d) There exists no material adverse change in the financial condition of Borrower from that shown by the financial statements and other data and information furnished by Borrower to the County prior to the date of this Agreement; (e) Borrower has furnished the County with evidence of the insurance coverage meeting the requirements of Section 4.13 below; (f) Borrower has executed and delivered to the County the Loan Documents and has caused all other documents, instruments, and policies required under the Loan Documents to be delivered to the County; (g) The Deed of Trust and the Regulatory Agreement have been recorded against the Property in the Office of the Recorder of the County of Contra Costa; (h) A title insurer reasonably acceptable to the County is unconditionally and irrevocably committed to issuing an LP-10 2006 ALTA Lender's Policy of title insurance insuring the priority of the Deed of Trust in the amount of the Loan, subject only to such exceptions and exclusions as may be reasonably acceptable to the County, and containing such endorsements as the County may reasonably require. Borrower shall provide whatever documentation (including an indemnification agreement), deposits or surety is reasonably required by the title company in order for the County's Deed of Trust to be senior in lien priority to any mechanics liens in connection with any start of construction that has occurred prior to the recordation of the Deed of Trust against the Property in the Office of the Recorder of the County of Contra Costa; (i) All environmental review necessary for the rehabilitation of the Development has been completed, and Borrower has provided the County evidence of planned compliance with all NEPA and CEQA requirements and mitigation measures applicable to construction, and evidence of compliance with all NEPA and CEQA requirements and mitigation measures applicable to preconstruction, if any; (j) Borrower has obtained all permits and approvals necessary for the rehabilitation of the Development; (k) The County has received and approved the Bid Package for the subcontractors for the rehabilitation of the Development pursuant to Section 3.2 below; (l) The County has received and approved the general contractor's construction contract that Borrower has entered or proposed to enter for the rehabilitation of the Development pursuant to Section 3.3 below; (m) The County has received and approved labor and material (payment) bonds and performance bonds as required pursuant to Section 3.4 below; (n) Borrower has provided evidence of sufficient funds in the Replacement Reserve Account to perform the rehabilitation and has received all consents necessary to withdraw funds from the Replacement Reserve Account; (o) The County has determined the undisbursed proceeds of the Loan, together with other funds or firm commitments for funds that Borrower has obtained in connection with the rehabilitation of the Development, are not less than the amount the County determines is necessary to pay for the rehabilitation of the Development and to satisfy all of the covenants contained in this Agreement and the Regulatory Agreement; and (p) The County has received a written draw request from Borrower, including: (i) certification that the condition set forth in Section 2.6(a) continues to be satisfied; (ii) certification that the proposed uses of funds is consistent with the Approved Development Budget; (iii) the amount of funds needed; and, (iv) where applicable, a copy of the xxxx or invoice covering a cost incurred or to be incurred. When a disbursement is requested to pay any contractor in connection with improvements on the Property, the written request must be accompanied by: (1) certification by Borrower's architect reasonably acceptable to the County that the work for which disbursement is requested has been completed (although the County reserves the right to inspect the Property and make an independent evaluation); and (2) lien releases and/or mechanics lien title insurance endorsements reasonably acceptable to the County.

Conditions Precedent to Disbursement of Loan Funds. The disbursements made pursuant to this Section 2.6 may not exceed Three Hundred Forty Thousand [loan amount less $10,000] Dollars ($340,000$ ). The County is not obligated to disburse any portion of the Loan, or to take any other action under the Loan Documents unless all of the following conditions have been and continue to be satisfied: (a) There exists no Event of Default nor any act, failure, omission or condition that would constitute an Event of Default under this Agreement; (b) Borrower holds title to the Property or is acquiring title to the Property simultaneously with the disbursement of the Loan proceeds; (c) Borrower has delivered to the County a copy of a corporate resolution authorizing Borrower to obtain the Loan and all other Approved Financing, and execute the Loan Documents; (dc) There exists no material adverse change in the financial condition of Borrower from that shown by the financial statements and other data and information furnished by Borrower to the County prior to the date of this Agreement; (ed) Borrower has furnished the County with evidence of the insurance coverage meeting the requirements of Section 4.13 4.16 below; (fe) Borrower has executed and delivered to the County the Loan Documents and has caused all other documents, instruments, and policies required under the Loan Documents to be delivered to the County; (gf) The Deed of Trust and the Regulatory Agreement have been recorded against the Property in the Office of the Recorder of the County of Contra Costa; (hg) A title insurer reasonably acceptable to the County is unconditionally and irrevocably committed to issuing an LP-10 2006 ALTA Lender's Policy of title insurance insuring the priority of the Deed of Trust in the amount of the Loan, subject only to such exceptions and exclusions as may be reasonably acceptable to the County, and containing such endorsements as the County may reasonably require. The Borrower shall provide whatever documentation (including an indemnification agreement), deposits or surety is reasonably required by the title company in order for the County's Deed of Trust to be senior in lien priority to any mechanics liens in connection with any start of construction that has occurred prior to the recordation of the Deed of Trust against the Property in the Office of the Recorder of the County of Contra Costa;. (ih) All environmental review reviews necessary for the rehabilitation of the Development Rehabilitation has been completed, and Borrower has provided the County evidence of planned compliance with all NEPA and CEQA requirements and mitigation measures applicable to construction, and evidence of compliance with all NEPA and CEQA requirements and mitigation measures applicable to preconstruction; (i) The County has determined the undisbursed proceeds of the Loan, if anytogether with other funds or firm commitments for funds that Borrower has obtained in connection with the Rehabilitation, are not less than the amount the County determines is necessary to pay for the Rehabilitation and to satisfy all of the covenants contained in this Agreement and the Regulatory Agreement; (j) Borrower has obtained all permits and approvals necessary for the rehabilitation of the DevelopmentRehabilitation; (k) The County has received and approved the Bid Package for the subcontractors for the rehabilitation of the Development Rehabilitation pursuant to Section 3.2 below; (l) The County has received and approved the general contractor's construction contract that the Borrower has entered or proposed to enter for the rehabilitation of the Development Rehabilitation pursuant to Section 3.3 below; (m) The County has received and approved labor and material (payment) bonds and performance bonds as required pursuant to Section 3.4 below; (n) Borrower has provided evidence of sufficient funds in the Replacement Reserve Account to perform the rehabilitation and has received all consents necessary to withdraw funds from the Replacement Reserve Account; (o) The County has determined the undisbursed proceeds of the Loan, together with other funds or firm commitments for funds that Borrower has obtained in connection with the rehabilitation of the Development, are not less than the amount the County determines is necessary to pay for the rehabilitation of the Development and to satisfy all of the covenants contained in this Agreement and the Regulatory Agreement; and (pn) The County has received a written draw request from Borrower, including: : (i) certification that the condition set forth in Section 2.6(a) continues to be satisfied; (ii) certification that the proposed uses of funds is consistent with the Approved Development Budget; (iii) the amount of funds needed; and, (iv) where applicable, a copy of the xxxx or invoice covering a cost incurred or to be incurred. When a disbursement is requested to pay any contractor in connection with improvements on the Property, the written request must be accompanied by: (1) certification by Borrower's architect reasonably acceptable to the County that the work for which disbursement is requested has been completed (although the County reserves the right to inspect the Property and make an independent evaluation); and (2) lien releases and/or mechanics lien title insurance endorsements reasonably acceptable to the County.;

Conditions Precedent to Disbursement of Loan Funds. The disbursements made pursuant to this Section 2.6 may not exceed Three Hundred Forty Thousand Dollars ($340,000). for Rehabilitation is deleted in its entirety and replaced with the following: The County is not obligated to disburse any portion make a disbursement of Loan funds for rehabilitation costs in the Loanamount set forth in the Approved Development Budget, or to take any other action under the Loan Documents unless all of the following conditions have been and continue to be precedent are satisfied: (a) All of the conditions precedent set forth in Section 2.6 have been timely satisfied; (b) Borrower has executed and delivered the Note to the County, in form and substance satisfactory to the County; (c) The Deed of Trust, as amended March 12, 2013, has been recorded against the Property in the official records of Contra Costa County; (d) The Regulatory Agreement, as amended March 12, 2013, has been recorded against the Property in the official records of Contra Costa County; (e) There exists no Event of Default nor any act, failure, omission or condition that would constitute an Event of Default under this Agreement; (b) Borrower holds title to , or the Property or is acquiring title to the Property simultaneously with the disbursement of the Loan proceeds; (c) Borrower has delivered to the County a copy of a corporate resolution authorizing Borrower to obtain the Loan and all other Approved Financing, and execute the Loan Documents; (d) There exists no material adverse change in the financial condition of Borrower from that shown by the financial statements and other data and information furnished by Borrower to the County prior to the date of this Project Agreement; (e) Borrower has furnished the County with evidence of the insurance coverage meeting the requirements of Section 4.13 below; (f) Borrower has executed and delivered to the County the Loan Documents and has caused all other documents, instruments, and policies required under the Loan Documents to be delivered to the County; (g) The Deed of Trust and the Regulatory Agreement have been recorded against the Property in the Office of the Recorder of the County of Contra Costa; (h) A title insurer reasonably acceptable to the County is unconditionally and irrevocably committed to issuing an LP-10 2006 ALTA Lender's Policy of title insurance insuring the priority of the Deed of Trust in the amount of the Loan, subject only to such exceptions and exclusions as may be reasonably acceptable to the County, and containing such endorsements as the County may reasonably require. Borrower shall provide whatever documentation (including an indemnification agreement), deposits or surety is reasonably required by the title company in order for the County's Deed of Trust to be senior in lien priority to any mechanics liens in connection with any start of construction that has occurred prior to the recordation of the Deed of Trust against the Property in the Office of the Recorder of the County of Contra Costa; (i) All environmental review necessary for the rehabilitation of the Development has been completed, and Borrower has provided the County evidence of planned compliance with all NEPA and CEQA requirements and mitigation measures applicable to construction, and evidence of compliance with all NEPA and CEQA requirements and mitigation measures applicable to preconstruction, if any; (j) Borrower has obtained all permits and approvals necessary for the rehabilitation of the Development; (kg) The County has received and approved the Bid Package for the subcontractors for the rehabilitation of the Development pursuant to Section 3.2 3.4 below; (lh) The If the Borrower hires a general contractor to rehabilitate the Development as required by Section 3.5 below, the County has received and approved the general contractor's construction contract that Borrower has entered or proposed to enter for the rehabilitation of the Development pursuant to Section 3.3 belowcontract; (mi) If the Borrower does not hire a general contractor, and instead elects to use subcontractors to rehabilitate the Development as required by Section 3.5 below, the County has received and approved the contracts with all of the major subcontractors; (j) The County has received and approved labor and material (payment) bonds and performance bonds as required pursuant to Section 3.4 3.6 below; (nk) Borrower has provided evidence closed all loans that are part of sufficient funds the Approved Financing described in the Replacement Reserve Account to perform the rehabilitation Section 1.1(h) and has already received all consents necessary or is eligible to withdraw funds from receive the Replacement Reserve Accountfunds; (ol) The County has determined the undisbursed proceeds of the Loan, together with other funds or firm commitments for funds that Borrower has obtained in connection with the rehabilitation of the Development, are not less than the amount the County determines is necessary to pay for the rehabilitation of the Development and to satisfy all of the covenants contained in this Agreement and the Regulatory Agreement; and (pm) The County has received a written draw request from Borrower, including: including (i) certification that the condition set forth in Section 2.6(a2.7(e) continues to be satisfied; , (ii) certification that the proposed uses of funds is consistent with the Approved Development Budget; , (iii) the amount of funds needed; , and, (iv) where applicable, a copy of the xxxx or invoice covering a cost incurred or to be incurred. When a disbursement is requested to pay any contractor in connection with improvements on the Property, the written request must be accompanied by: by (1i) certification by the Borrower's architect reasonably acceptable to the County that the work for which disbursement is requested has been completed (although the County reserves the right to inspect the Property and make an independent evaluation); and (2) lien releases and/or mechanics lien title insurance endorsements reasonably acceptable to the County.and

Conditions Precedent to Disbursement of Loan Funds. The disbursements made maximum amount of funds to be disbursed pursuant to this Section 2.6 may shall not exceed Three Hundred Forty Thousand Dollars ($340,000)the amount of the Loan less the Retention Amount. The County is shall not be obligated to disburse make any portion disbursements of Loan funds for [construction or rehabilitation] of the Loan, Development or to take any other action under the Loan Documents unless all of the following conditions have been and continue precedent are satisfied prior to be satisfiedeach such disbursement of Loan funds: (a) There exists no Event of Default nor any act, failure, omission or condition that would constitute an Event event of Default under this AgreementAgreement or the Project Contract; (b) The Borrower holds title to the Property or is acquiring title to the Property simultaneously with the disbursement of the Loan proceeds; (c) Borrower has delivered to the County a copy of a corporate resolution authorizing Borrower to obtain the Loan and all other Approved Financing, and execute Borrower's execution of the Loan Documents; (d) There exists no material adverse change in the financial condition of Borrower from that shown by the financial statements and other data and information furnished by Borrower to the County prior to the date of this Agreement; (e) The Borrower has furnished the County with evidence of the insurance coverage meeting the requirements of Section 4.13 4.16 below; (fe) Borrower has caused to be executed and delivered to the County the all County Loan Documents and has caused all any other documents, instruments, and policies required under the Loan Documents to be delivered to the CountyDocuments; (gf) The Deed of Trust and Trust, the Regulatory Agreement [Insert if Intercreditor Agreement is used: "and the Intercreditor Agreement] have been recorded against the Property in the Office of the Recorder of the County of Contra CostaAlameda; (hg) A title insurer reasonably acceptable to the County is unconditionally and irrevocably committed to issuing an LP-10 2006 ALTA Lender's Policy of title insurance insuring the priority of the Deed of Trust in the amount of the Loan, subject only to such exceptions and exclusions as may be reasonably acceptable to the County, and containing such endorsements as the County may reasonably require. The Borrower shall provide whatever documentation (including an indemnification agreement), deposits or surety is reasonably required by the title company in order for the County's Deed of Trust to be senior in lien priority to any mechanics liens in connection with any early start of [construction that has occurred prior to the recordation of the Deed of Trust against the Property in the Office of the Recorder of the County of Contra Costaor rehabilitation]; (ih) All The County has completed and approved all environmental review reviews under NEPA, as necessary for the rehabilitation [construction or rehabilitation] of the Development has been completedDevelopment, and Borrower has provided the County evidence of planned compliance with all approved NEPA and CEQA requirements and mitigation measures applicable set forth in Exhibit D; (i) The County has determined that the undisbursed proceeds of the Loan, together with other funds or firm commitments for funds that the Borrower has obtained in connection with the Development, are not less than the amount that is necessary to construction, pay for development of the Development and evidence to satisfy all of compliance with all NEPA the covenants contained in this Agreement and CEQA requirements and mitigation measures applicable to preconstruction, if anythe Regulatory Agreement; (j) Borrower has obtained all permits and approvals necessary for the rehabilitation [construction or rehabilitation] of the Development, as required by Section 3.1, and County has received a copy of the building permits required to [construction or rehabilitation] the Development (required for disbursements for construction costs only); (k) The County has received and approved the Bid Package final plans and specifications for the subcontractors for the rehabilitation of the Development Development, as required pursuant to Section 3.2 below; (l) The County has received and approved the general contractor's construction contract that the Borrower has entered or proposed to enter for the rehabilitation [construction or rehabilitation] of the Development as required pursuant to Section 3.3 below; (m) The County has received and approved copies of labor and material (payment) bonds and performance bonds as required pursuant to Section 3.4 below; (n) Borrower has provided evidence of sufficient funds closed all Approved Financing described in Section 1.1(d)(i) through (iii) [revise to reflect actual deal terms] and is eligible to receive the Replacement Reserve Account to perform the rehabilitation and has received all consents necessary to withdraw funds from the Replacement Reserve Accountproceeds thereof; (o) Borrower has obtained a commitment letter from a tax credit equity investor, in form, substance, and amount consistent with the Approved Development Budget, and acceptable to and approved by the County in its reasonable exercise of discretion; (p) The County has determined received reasonable evidence that the undisbursed proceeds local match requirements set forth in 24 CFR 92.218 et seq., have been satisfied pursuant to Section 4.2 of the Loan, together with other funds or firm commitments for funds that Borrower has obtained in connection with the rehabilitation of the Development, are not less than the amount the County determines is necessary to pay for the rehabilitation of the Development and to satisfy all of the covenants contained in this Agreement and the Regulatory Agreement; and (pq) The County has received a written draw request from the Borrower, including: (i) including certification that the condition set forth in Section 2.6(a) continues to be satisfied; (ii) certification that , and setting forth the proposed uses of funds is consistent with the Approved Development Budget; (iii) , the amount of funds needed; , and, (iv) where applicable, a copy of the xxxx or invoice covering a cost incurred or to be incurred. When a disbursement is requested to pay any contractor in connection with improvements on the Property, the written request must be accompanied by: by (1i) certification by the Borrower's architect reasonably acceptable to the County that the work for which disbursement is requested has been completed (although the County reserves the right to inspect the Property and make an independent evaluation); and (2ii) lien releases and/or mechanics lien title insurance endorsements reasonably acceptable to the County.

Conditions Precedent to Disbursement of Loan Funds. The disbursements made pursuant to this Section 2.6 may not exceed Three Two Million Six Hundred Forty Ninety Thousand Dollars ($340,0002,690,000). The County is not obligated to disburse any portion of the Loan, or to take any other action under the Loan Documents unless all of the following conditions have been and continue to be satisfied: (a) There exists no Event of Default nor any act, failure, omission or condition that would constitute an Event of Default under this Agreement; (b) Borrower holds title to the Property or is acquiring title to the Property simultaneously with the disbursement of the Loan proceeds; (c) Borrower has delivered to the County a copy of a corporate resolution authorizing Borrower to obtain the Loan and all other Approved Financing, and execute the Loan Documents; (d) There exists no material adverse change in the financial condition of Borrower from that shown by the financial statements and other data and information furnished by Borrower to the County prior to the date of this Agreement; (e) Borrower has furnished the County with evidence of the insurance coverage meeting the requirements of Section 4.13 4.16 below; (f) Borrower has executed and delivered to the County the Loan Documents and has caused all other documents, instruments, and policies required under the Loan Documents to be delivered to the County; (g) The Deed of Trust Trust, the Regulatory Agreement, and the Regulatory Intercreditor Agreement have been recorded against the Property in the Office of the Recorder of the County of Contra Costa; (h) A title insurer reasonably acceptable to the County is unconditionally and irrevocably committed to issuing an LP-10 2006 ALTA Lender's Policy of title insurance insuring the priority of the Deed of Trust in the amount of the Loan, subject only to such exceptions and exclusions as may be reasonably acceptable to the County, and containing such endorsements as the County may reasonably require. The Borrower shall provide whatever documentation (including an indemnification agreement), deposits or surety is reasonably required by the title company in order for the County's Deed of Trust to be senior in lien priority to any mechanics liens in connection with any start of construction that has occurred prior to the recordation of the Deed of Trust against the Property in the Office of the Recorder of the County of Contra Costa;. (i) All environmental review necessary for the rehabilitation construction of the Development has been completed, and Borrower has provided the County evidence of planned compliance with all NEPA and CEQA requirements and mitigation measures applicable to construction, and evidence of compliance with all NEPA and CEQA requirements and mitigation measures applicable to preconstruction, if any; (j) Borrower has obtained all permits and approvals necessary for the rehabilitation of the Development; (k) The County has received and approved the Bid Package for the subcontractors for the rehabilitation of the Development pursuant to Section 3.2 below; (l) The County has received and approved the general contractor's construction contract that Borrower has entered or proposed to enter for the rehabilitation of the Development pursuant to Section 3.3 below; (m) The County has received and approved labor and material (payment) bonds and performance bonds as required pursuant to Section 3.4 below; (n) Borrower has provided evidence of sufficient funds in the Replacement Reserve Account to perform the rehabilitation and has received all consents necessary to withdraw funds from the Replacement Reserve Account; (o) The County has determined the undisbursed proceeds of the Loan, together with other funds or firm commitments for funds that Borrower has obtained in connection with the rehabilitation construction of the Development, are not less than the amount the County determines is necessary to pay for the rehabilitation construction of the Development and to satisfy all of the covenants contained in this Agreement and the Regulatory Agreement; (k) Borrower has obtained all permits and approvals necessary for the construction of the Development; (l) The County has received and approved the Bid Package for the subcontractors for the construction of the Development pursuant to Section 3.2 below; (m) The County has received and approved the general contractor's construction contract that the Borrower has entered or proposed to enter for the construction of the Development pursuant to Section 3.3 below; (n) The County has received and approved labor and material (payment) bonds and performance bonds as required pursuant to Section 3.4 below; (o) Borrower has closed the loans and obtained the equity financings that comprise the Approved Financing described in Section 1.1(l)(i)-(iii), and Section 1.1(l)(v)-(viii) and has already received, or is eligible to receive, the funds; (p) Borrower has received a commitment from CalHFA for the MHSA Loan; (q) The County has received a fully executed copy of the AHAP; (r) The County has received a fully executed copy of the Partnership Agreement, in which the Investor Limited Partner is obligated to provide Borrower the Tax Credit Investor Equity; (s) The County has received reasonable evidence that the local match requirements set forth in 24 C.F.R. Section 92.218 et seq., have been satisfied pursuant to Section 4.1 of this Agreement; and (pt) The County has received a written draw request from Borrower, including: (i) certification that the condition set forth in Section 2.6(a) continues to be satisfied; (ii) certification that the proposed uses of funds is consistent with the Approved Development Budget; (iii) the amount of funds needed; and, (iv) where applicable, a copy of the xxxx or invoice covering a cost incurred or to be incurred. When a disbursement is requested to pay any contractor in connection with improvements on the Property, the written request must be accompanied by: (1) certification by the Borrower's architect reasonably acceptable to the County that the work for which disbursement is requested has been completed (although the County reserves the right to inspect the Property and make an independent evaluation); and (2) lien releases and/or mechanics lien title insurance endorsements reasonably acceptable to the County.

Conditions Precedent to Disbursement of Loan Funds. The disbursements made pursuant to this Section 2.6 may not exceed Three Hundred Forty Thousand [loan amount less $5,000] Dollars ($340,000$ ). The County is not obligated to disburse any portion of the Loan, or to take any other action under the Loan Documents unless all of the following conditions have been and continue to be satisfied: (a) There exists no Event of Default nor any act, failure, omission or condition that would constitute an Event of Default under this Agreement; (b) Borrower holds title to the Property or is acquiring title to the Property simultaneously with the disbursement of the Loan proceeds; (c) Borrower has delivered to the County a copy of a corporate resolution authorizing Borrower to obtain the Loan and all other Approved Financing, and execute the Loan Documents; (dc) There exists no material adverse change in the financial condition of Borrower from that shown by the financial statements and other data and information furnished by Borrower to the County prior to the date of this Agreement; (ed) Borrower has furnished the County with evidence of the insurance coverage meeting the requirements of Section 4.13 4.15 below; (fe) Borrower has executed and delivered to the County the Loan Documents and has caused all other documents, instruments, and policies required under the Loan Documents to be delivered to the County; (gf) The Deed of Trust and the Regulatory Agreement have been recorded against the Property in the Office of the Recorder of the County of Contra Costa; (hg) A title insurer reasonably acceptable to the County is unconditionally and irrevocably committed to issuing an LP-10 2006 ALTA Lender's Policy of title insurance insuring the priority of the Deed of Trust in the amount of the Loan, subject only to such exceptions and exclusions as may be reasonably acceptable to the County, and containing such endorsements as the County may reasonably require. The Borrower shall provide whatever documentation (including an indemnification agreement), deposits or surety is as reasonably required by the title company in order for the County's Deed of Trust to be senior in lien priority to any mechanics liens in connection with any start of construction that has occurred prior to the recordation of the Deed of Trust against the Property in the Office of the Recorder of the County of Contra Costa;. (ih) All environmental review reviews necessary for the rehabilitation of the Development has Rehabilitation have been completed, and Borrower has provided the County evidence of planned compliance with all NEPA and CEQA requirements and mitigation measures applicable to construction, and evidence of compliance with all NEPA and CEQA requirements and mitigation measures applicable to preconstruction, if any; (j) Borrower has obtained all permits and approvals necessary for the rehabilitation of the Development; (k) The County has received and approved the Bid Package for the subcontractors for the rehabilitation of the Development pursuant to Section 3.2 below; (l) The County has received and approved the general contractor's construction contract that Borrower has entered or proposed to enter for the rehabilitation of the Development pursuant to Section 3.3 below; (m) The County has received and approved labor and material (payment) bonds and performance bonds as required pursuant to Section 3.4 below; (n) Borrower has provided evidence of sufficient funds in the Replacement Reserve Account to perform the rehabilitation and has received all consents necessary to withdraw funds from the Replacement Reserve Account; (oi) The County has determined the undisbursed proceeds of the Loan, together with other funds or firm commitments for funds that Borrower has obtained in connection with the rehabilitation of the DevelopmentRehabilitation, are not less than the amount the County determines is necessary to pay for the rehabilitation of the Development Rehabilitation and to satisfy all of the covenants contained in this Agreement and the Regulatory Agreement; and; (pj) Borrower has obtained all permits and approvals necessary for the Rehabilitation; (k) The County has received and approved the Bid Package for the subcontractors for the Rehabilitation pursuant to Section 3.2 below; (l) The County has received and approved the general contractor's construction contract that the Borrower has entered or proposed to enter for the Rehabilitation pursuant to Section 3.3 below; (m) The County has received a written draw request from Borrower, including: : (i) certification that the condition set forth in Section 2.6(a) continues to be satisfied; (ii) certification that the proposed uses of funds is consistent with the Approved Development Budget; (iii) the amount of funds needed; and, (iv) where applicable, a copy of the xxxx or invoice covering a cost incurred or to be incurred. When a disbursement is requested to pay any contractor in connection with improvements on the Property, the written request must be accompanied by: (1) certification by Borrower's architect reasonably acceptable to the County that the work for which disbursement is requested has been completed (although the County reserves the right to inspect the Property and make an independent evaluation); and (2) lien releases and/or mechanics lien title insurance endorsements reasonably acceptable to the County.;

Conditions Precedent to Disbursement of Loan Funds. The disbursements made pursuant to this Section 2.6 2.5 may not exceed Three Hundred Forty Thousand [loan amount less $5,000] Dollars ($340,000$ ). The County is not obligated to disburse any portion of the Loan, or to take any other action under the Loan Documents unless all of the following conditions have been and continue to be satisfied: (a) There exists no Event of Default nor any act, failure, omission or condition that would constitute an Event of Default under this Agreement; (b) Borrower holds title to the Property or is acquiring title to the Property simultaneously with the disbursement of the Loan proceeds; (c) Borrower has delivered to the County a copy of a corporate resolution authorizing Borrower to obtain the Loan and all other Approved Financing, and execute the Loan Documents; (dc) There exists no material adverse change in the financial condition of Borrower from that shown by the financial statements and other data and information furnished by Borrower to the County prior to the date of this Agreement; (ed) Borrower has furnished the County with evidence of the insurance coverage meeting the requirements of Section 4.13 4.15 below; (fe) Borrower has executed and delivered to the County the Loan Documents and has caused all other documents, instruments, and policies required under the Loan Documents to be delivered to the County; (gf) The Deed of Trust and the Regulatory Agreement have been recorded against the Property in the Office of the Recorder of the County of Contra Costa; (hg) A title insurer reasonably acceptable to the County is unconditionally and irrevocably committed to issuing an LP-10 2006 ALTA Lender's Policy of title insurance insuring the priority of the Deed of Trust in the amount of the Loan, subject only to such exceptions and exclusions as may be reasonably acceptable to the County, and containing such endorsements as the County may reasonably require. The Borrower shall provide whatever documentation (including an indemnification agreement), deposits or surety is as reasonably required by the title company in order for the County's Deed of Trust to be senior in lien priority to any mechanics liens in connection with any start of construction that has occurred prior to the recordation of the Deed of Trust against the Property in the Office of the Recorder of the County of Contra Costa;. (ih) All environmental review reviews necessary for the rehabilitation of the Development has Rehabilitation have been completed, and Borrower has provided the County evidence of planned compliance with all NEPA and CEQA requirements and mitigation measures applicable to construction, and evidence of compliance with all NEPA and CEQA requirements and mitigation measures applicable to preconstruction, if any; (j) Borrower has obtained all permits and approvals necessary for the rehabilitation of the Development; (k) The County has received and approved the Bid Package for the subcontractors for the rehabilitation of the Development pursuant to Section 3.2 below; (l) The County has received and approved the general contractor's construction contract that Borrower has entered or proposed to enter for the rehabilitation of the Development pursuant to Section 3.3 below; (m) The County has received and approved labor and material (payment) bonds and performance bonds as required pursuant to Section 3.4 below; (n) Borrower has provided evidence of sufficient funds in the Replacement Reserve Account to perform the rehabilitation and has received all consents necessary to withdraw funds from the Replacement Reserve Account; (oi) The County has determined the undisbursed proceeds of the Loan, together with other funds or firm commitments for funds that Borrower has obtained in connection with the rehabilitation of the DevelopmentRehabilitation, are not less than the amount the County determines is necessary to pay for the rehabilitation of the Development Rehabilitation and to satisfy all of the covenants contained in this Agreement and the Regulatory Agreement; and; (pj) Borrower has obtained all permits and approvals necessary for the Rehabilitation; (k) The County has received and approved the Bid Package for the subcontractors for the Rehabilitation pursuant to Section 3.2 below; (l) The County has received and approved the general contractor's construction contract that the Borrower has entered or proposed to enter for the Rehabilitation pursuant to Section 3.3 below; (m) The County has received a written draw request from Borrower, including: : (i) certification that the condition set forth in Section 2.6(a) continues to be satisfied; (ii) certification that the proposed uses of funds is consistent with the Approved Development Budget; (iii) the amount of funds needed; and, (iv) where applicable, a copy of the xxxx or invoice covering a cost incurred or to be incurred. When a disbursement is requested to pay any contractor in connection with improvements on the Property, the written request must be accompanied by: (1) certification by Borrower's architect reasonably acceptable to the County that the work for which disbursement is requested has been completed (although the County reserves the right to inspect the Property and make an independent evaluation); and (2) lien releases and/or mechanics lien title insurance endorsements reasonably acceptable to the County.;

Conditions Precedent to Disbursement of Loan Funds. The disbursements made (a) Subject to Section 2.7 below, the maximum amount of funds to be disbursed pursuant to this Section 2.6 may will not exceed Three Hundred Forty Thousand Dollars ($340,000)the amount of the Loan. The County is shall not be obligated to disburse make any portion disbursements of the Loan, Loan Funds for Acquisition Costs or to take any other action under the Loan Documents unless all of the following conditions have been and continue precedent are satisfied prior to be satisfiedeach such disbursement of Loan Funds: (a1) There exists no Event of Default default nor any act, failure, omission or condition that would constitute an Event of Default under this Agreement, or under any other agreement between the County and Borrower; (b2) Borrower holds title to the Property or is acquiring title to the Property simultaneously with the disbursement of the Loan proceeds; (c) The Borrower has delivered to the County all Borrower's organizational documents and a copy of a corporate resolution authorizing Borrower to obtain the Loan and all other Approved Financing, and execute Xxxxxxxx's execution of the Loan Documents; (d3) The Borrower has furnished the County with evidence of the insurance coverage meeting the requirements of Section 4.15 below; (4) The Borrower has caused to be executed and delivered to the County all Loan Documents and any other instruments, and policies required under the Loan Documents; (5) The County has determined that the undisbursed proceeds of the Loan, together with other funds or firm commitments for funds that the Borrower has obtained in connection with the Improvements, are not less than the amount that is necessary to pay for the Construction Costs; (6) There exists no material adverse change in the financial condition of Borrower from that shown by the financial statements and other data and information furnished by Borrower to the County prior to the date of this Agreement; and (7) The County has received from Borrower a form of Tenant lease; (e) 8) The County has received from Borrower has furnished a Marketing Plan and Tenant Selection Plan as defined in the County with evidence of the insurance coverage meeting the requirements of Section 4.13 belowRegulatory Agreement; (f9) If Borrower has executed and delivered was required to comply with relocation requirements as set forth in the Regulatory Agreement, the County the Loan Documents and has caused received from Borrower evidence of compliance with all other documents, instruments, and policies required under the Loan Documents to be delivered to the Countyapplicable relocation requirements; (g10) The Deed County has received from Borrower a copy of Trust the management agreement and contact information for the property manager of the Development and the Regulatory Agreement have been recorded against the Property in the Office name and phone number of the Recorder of the County of Contra Costaon-site property manager; (h11) A title insurer reasonably acceptable If Borrower is required to pay prevailing wages under the County is unconditionally and irrevocably committed to issuing an LP-10 2006 ALTA Lender's Policy of title insurance insuring Xxxxx- Xxxxx Act (40 U.S.C. 3141-3148) by the priority of the Deed of Trust in the amount of HUD regulations governing the Loan, subject only to such exceptions and exclusions as may be reasonably acceptable the County has received confirmation that Borrower has submitted all certified payrolls to the County, and containing any identified payment issues have been resolved, or Borrower is working diligently to resolve any such endorsements as the County may reasonably require. Borrower shall provide whatever documentation (including an indemnification agreement), deposits or surety is reasonably required by the title company in order for the County's Deed of Trust to be senior in lien priority to any mechanics liens in connection with any start of construction that has occurred prior to the recordation of the Deed of Trust against the Property in the Office of the Recorder of the County of Contra Costaissues; (i) All environmental review necessary for the rehabilitation of the Development has been completed, and Borrower has provided the County evidence of planned compliance with all NEPA and CEQA requirements and mitigation measures applicable to construction, and evidence of compliance with all NEPA and CEQA requirements and mitigation measures applicable to preconstruction, if any; (j) Borrower has obtained all permits and approvals necessary for the rehabilitation of the Development; (k) The County has received and approved the Bid Package for the subcontractors for the rehabilitation of the Development pursuant to Section 3.2 below; (l) The County has received and approved the general contractor's construction contract that Borrower has entered or proposed to enter for the rehabilitation of the Development pursuant to Section 3.3 below; (m) The County has received and approved labor and material (payment) bonds and performance bonds as required pursuant to Section 3.4 below; (n) Borrower has provided evidence of sufficient funds in the Replacement Reserve Account to perform the rehabilitation and has received all consents necessary to withdraw funds from the Replacement Reserve Account; (o) The County has determined the undisbursed proceeds of the Loan, together with other funds or firm commitments for funds that Borrower has obtained in connection with the rehabilitation of the Development, are not less than the amount the County determines is necessary to pay for the rehabilitation of the Development and to satisfy all of the covenants contained in this Agreement and the Regulatory Agreement; and (p12) The County has received a written draw request from the Borrower, including: (i) including certification that the condition set forth in Section 2.6(a) continues to be satisfied; (ii) certification that , and setting forth the proposed uses of funds is consistent with the Approved Development Budget; (iii) , the amount of funds needed; , and, (iv) where applicable, a copy of the xxxx bill or invoice covering a cost incurred or to be incurred. When a disbursement is requested to pay . (13) Notwithstanding any contractor in connection with improvements on the Propertyother provisions of this Agreement, the written request must be accompanied by: County shall have no obligation to disburse any portion of the Loan to the Borrower following: (1) certification by Borrower's architect reasonably acceptable to the County that the work for which disbursement is requested has been completed (although the County reserves the right to inspect the Property and make an independent evaluation)termination of this Agreement; and or (2) lien releases and/or mechanics lien title insurance endorsements reasonably acceptable notification by the County to the Borrower of an Event of Default under the terms of this Agreement. (a) All funds to be disbursed pursuant to this Agreement shall be available to be disbursed to a Senior Lender, if and to the extent, the Senior Lender takes over the construction of the Improvement, the Senior Lender agrees to be bound to the terms hereof and the Senior Lender has cured any Event of Default of the Borrower that is not personal to the Borrower and is capable of being cured by such Senior Lender. (b) Notwithstanding any other provisions of this Agreement, the County shall have no further obligation to disburse any portion of the Loan to Borrower under this Agreement following: (i) termination of this Agreement; (ii) notification by the County to the Borrower of an Event of Default (excluding any Event of Default of the County) under terms of this Agreement until such time as the Event of Default has been cured.

Conditions Precedent to Disbursement of Loan Funds. The disbursements made maximum amount of funds to be disbursed pursuant to this Section 2.6 may shall not exceed Three Hundred Forty Thousand Dollars the amount of the HOME Loan Funds ($340,000minus the portion of the Retention Amount attributable to the HOME Loan Funds). The County is shall not be obligated to disburse make any portion disbursements of HOME Loan Funds for construction of the Loan, Development or to take any other action under the Loan Documents unless all of the following conditions have been and continue precedent are satisfied prior to be satisfiedeach such disbursement of HOME Loan Funds: (a) There exists no Event of Default nor any act, failure, omission or condition that would constitute an Event event of Default under this Agreement;Agreement or the Project Agreements. (b) Borrower holds title to the Property or is acquiring title to the Property simultaneously with the disbursement of the Loan proceeds; (c) The Borrower has delivered to the County a copy of a corporate authorizing resolution authorizing Borrower to obtain the Loan and all other Approved Financing, and execute Xxxxxxxx's execution of the Loan Documents;. (dc) There exists no material adverse change in the financial condition of Borrower from that shown by the financial statements and other data and information furnished by Borrower to the County prior to the date of this Agreement; (e) The Borrower has furnished the County with evidence of the insurance coverage meeting the requirements of Section 4.13 4.16 below;. (fd) The Borrower has caused to be executed and delivered to the County the all County Loan Documents and has caused all any other documents, instruments, and policies required under the Loan Documents to be delivered to the County;Documents. (ge) The Deed of Trust Trust, the Regulatory Agreement and the Regulatory Intercreditor Agreement have been recorded against the Property in the Office of the Recorder of the County of Contra Costa;. (hf) A title insurer reasonably acceptable to the County is unconditionally and irrevocably committed to issuing an LP-10 2006 ALTA Lender's Policy of title insurance insuring the priority of the Deed of Trust in the amount of the Loan, subject only to such exceptions and exclusions as may be reasonably acceptable to the County, and containing such endorsements as the County may reasonably require. The Borrower shall provide whatever documentation (including an indemnification agreement), deposits or surety is reasonably required by the title company in order for the County's Deed of Trust to be senior in lien priority to any mechanics liens in connection with any early start of construction that has occurred prior to the recordation of the Deed of Trust against the Property in the Office of the Recorder of the County of Contra Costa;construction. (ig) All The County has completed and approved all environmental review reviews under NEPA, as necessary for the rehabilitation construction of the Development has been completedDevelopment, and Borrower Xxxxxxxx has provided the County evidence of planned compliance with all approved NEPA and CEQA requirements and mitigation measures applicable to construction, set forth in the Project Agreements and evidence of compliance with all NEPA and CEQA requirements and mitigation measures applicable to preconstruction, if any;as described in the attached Exhibit C. (j) Borrower has obtained all permits and approvals necessary for the rehabilitation of the Development; (k) The County has received and approved the Bid Package for the subcontractors for the rehabilitation of the Development pursuant to Section 3.2 below; (l) The County has received and approved the general contractor's construction contract that Borrower has entered or proposed to enter for the rehabilitation of the Development pursuant to Section 3.3 below; (m) The County has received and approved labor and material (payment) bonds and performance bonds as required pursuant to Section 3.4 below; (n) Borrower has provided evidence of sufficient funds in the Replacement Reserve Account to perform the rehabilitation and has received all consents necessary to withdraw funds from the Replacement Reserve Account; (oh) The County has determined that the undisbursed proceeds of the Loan, together with other funds or firm commitments for funds that the Borrower has obtained in connection with the rehabilitation of the Development, are not less than the amount the County determines that is necessary to pay for the rehabilitation development of the Development and to satisfy all of the covenants contained in this Agreement and the Regulatory Agreement; and. (i) The Borrower has obtained all permits and approvals necessary for the construction of the Development, as required by Section 3.1, and County has received a copy of the building permit required to construct the Development. (j) The County has received and approved the final plans and specifications for the Development, as required pursuant to Section 3.2 below. (k) The County has received and approved the general contractor's construction contract that the Borrower has entered or proposed to enter for construction of the Development as required pursuant to Section 3.3 below.‌ (l) The County has received copies of labor and material (payment) bonds and performance bonds as required pursuant to Section 3.4 below. (m) The Borrower has closed all Approved Financing described in Section 1.1(d)(i) through (iii) and (v) and is eligible to receive the proceeds thereof, subject to the terms and conditions of each Approved Financing. (n) The County has received reasonable evidence that the local match requirements set forth in 24 C.F.R. 92.218 et seq., have been satisfied pursuant to Section 4.2 of this Agreement. (o) The HUD Firm Commitment shall have either been issued directly to Borrower's general partner or assigned to Borrower's general partner and shall include an approval from HUD for the use of the HUD 202 Capital Advance funds as permanent financing. (p) The Borrower shall have received HUD authorization for the General Partner Loan as evidenced in the HUD Firm Commitment. (q) The County shall have received a fully executed copy of the Agreement to enter into a PRAC. (r) The County has received a written draw request from the Borrower, including: (i) including certification that the condition set forth in Section 2.6(a) continues to be satisfied; (ii) certification that , and setting forth the proposed uses of funds is consistent with the Approved Development Budget; (iii) , the amount of funds needed; , and, (iv) where applicable, a copy of the xxxx bill or invoice covering a cost incurred or to be incurred. When a disbursement is requested to pay any contractor in connection with improvements on the Property, the written request must be accompanied by: by (1i) certification by the Borrower's architect reasonably acceptable to the County that the work for which disbursement is requested has been completed (although the County reserves the right to inspect the Property and make an independent evaluation); and (2ii) lien releases and/or mechanics lien title insurance endorsements reasonably acceptable to the County.

Conditions Precedent to Disbursement of Loan Funds. The disbursements made (a) Subject to Section 2.7 below, the maximum amount of funds to be disbursed pursuant to this Section 2.6 may will not exceed Three Hundred Forty Thousand Dollars ($340,000)the amount of the Loan. The County is shall not be obligated to disburse make any portion disbursements of the Loan, Loan Funds for Construction Costs or to take any other action under the Loan Documents unless all of the following conditions have been and continue precedent are satisfied prior to be satisfiedeach such disbursement of Loan Funds: (a1) There exists no Event of Default default nor any act, failure, omission or condition that would constitute an Event of Default under this Agreement, or under any other agreement between the County and Borrower or its Affiliates; (b2) Borrower holds title to the Property or is acquiring title to the Property simultaneously with the disbursement of the Loan proceeds; (c) The Borrower has delivered to the County all Borrower's organizational documents and a copy of a corporate resolution authorizing Borrower to obtain the Loan and all other Approved Financing, and execute Borrower's execution of the Loan Documents; (d3) The Borrower has furnished the County with evidence of the insurance coverage meeting the requirements of Section 4.15 below; (4) The Borrower has caused to be executed and delivered to the County all Loan Documents and any other instruments, and policies required under the Loan Documents; (5) The County has determined that the undisbursed proceeds of the Loan, together with other funds or firm commitments for funds that the Borrower has obtained in connection with the Improvements, are not less than the amount that is necessary to pay for the Construction Costs and to satisfy all of the covenants contained in this Agreement; (6) There exists no material adverse change in the financial condition of Borrower from that shown by the financial statements and other data and information furnished by Borrower to the County prior to the date of this Agreement; and (7) The County has received from Borrower a form of Tenant lease; (e) 8) The County has received from Borrower has furnished a Marketing Plan and Tenant Selection Plan as defined in the County with evidence of the insurance coverage meeting the requirements of Section 4.13 belowRegulatory Agreement; (f9) If Borrower has executed and delivered was required to comply with relocation requirements as set forth in the Regulatory Agreement, the County the Loan Documents and has caused received from Borrower evidence of compliance with all other documents, instruments, and policies required under the Loan Documents to be delivered to the Countyapplicable relocation requirements; (g10) The Deed County has received from Borrower a copy of Trust the management agreement and contact information for the property manager of the Development and the Regulatory Agreement have been recorded against the Property in the Office name and phone number of the Recorder of the County of Contra Costaon-site property manager; (h11) A title insurer reasonably acceptable If Borrower is required to pay prevailing wages under the County is unconditionally and irrevocably committed to issuing an LP-10 2006 ALTA Lender's Policy of title insurance insuring Xxxxx- Xxxxx Act (40 U.S.C. 3141-3148) by the priority of the Deed of Trust in the amount of HUD regulations governing the Loan, subject only to such exceptions and exclusions as may be reasonably acceptable the County has received confirmation that Borrower has submitted all certified payrolls to the County, and containing any identified payment issues have been resolved, or Borrower is working diligently to resolve any such endorsements as the County may reasonably require. Borrower shall provide whatever documentation (including an indemnification agreement), deposits or surety is reasonably required by the title company in order for the County's Deed of Trust to be senior in lien priority to any mechanics liens in connection with any start of construction that has occurred prior to the recordation of the Deed of Trust against the Property in the Office of the Recorder of the County of Contra Costaissues; (i) All environmental review necessary for the rehabilitation of the Development has been completed, and Borrower has provided the County evidence of planned compliance with all NEPA and CEQA requirements and mitigation measures applicable to construction, and evidence of compliance with all NEPA and CEQA requirements and mitigation measures applicable to preconstruction, if any; (j) Borrower has obtained all permits and approvals necessary for the rehabilitation of the Development; (k) The County has received and approved the Bid Package for the subcontractors for the rehabilitation of the Development pursuant to Section 3.2 below; (l) The County has received and approved the general contractor's construction contract that Borrower has entered or proposed to enter for the rehabilitation of the Development pursuant to Section 3.3 below; (m) The County has received and approved labor and material (payment) bonds and performance bonds as required pursuant to Section 3.4 below; (n) Borrower has provided evidence of sufficient funds in the Replacement Reserve Account to perform the rehabilitation and has received all consents necessary to withdraw funds from the Replacement Reserve Account; (o) The County has determined the undisbursed proceeds of the Loan, together with other funds or firm commitments for funds that Borrower has obtained in connection with the rehabilitation of the Development, are not less than the amount the County determines is necessary to pay for the rehabilitation of the Development and to satisfy all of the covenants contained in this Agreement and the Regulatory Agreement; and (p12) The County has received a written draw request from the Borrower, including: (i) including certification that the condition set forth in Section 2.6(a) continues to be satisfied; (ii) certification that , and setting forth the proposed uses of funds is consistent with the Approved Development Budget; (iii) , the amount of funds needed; , and, (iv) where applicable, a copy of the xxxx or invoice covering a cost incurred or to be incurred. When a disbursement is requested to pay . (13) Notwithstanding any contractor in connection with improvements on the Propertyother provisions of this Agreement, the written request must be accompanied by: County shall have no obligation to disburse any portion of the Loan to the Borrower following: (1) certification by Borrower's architect reasonably acceptable to the County that the work for which disbursement is requested has been completed (although the County reserves the right to inspect the Property and make an independent evaluation)termination of this Agreement; and or (2) lien releases and/or mechanics lien title insurance endorsements reasonably acceptable notification by the County to the Borrower of an Event of Default under the terms of this Agreement. (b) The Borrower hereby agrees and acknowledges that the County will have forty-five days (45) days from the date the County receives a completed draw request to disburse funds under this Section 2.5. (c) All funds to be disbursed pursuant to this Agreement shall be available to be disbursed to a Senior Lender, if and to the extent, the Senior Lender takes over the construction of the Improvement, the Senior Lender agrees to be bound to the terms hereof and the Senior Lender has cured any Event of Default of the Borrower that is not personal to the Borrower and is capable of being cured by such Senior Lender. (d) Notwithstanding any other provisions of this Agreement, the County shall have no further obligation to disburse any portion of the Loan to Borrower under this Agreement following: (i) termination of this Agreement; (ii) notification by the County to the Borrower of an Event of Default (excluding any Event of Default of the County) under terms of this Agreement until such time as the Event of Default has been cured.