Disbursement Funding Conditions. Notwithstanding any other provision of this Agreement to the contrary, the obligations of the County Board to loan the AHIF Loan funds to the Borrower hereunder is subject to the fulfillment, to County Staff’s satisfaction, by or on behalf of the Borrower, of the conditions set forth in this Section 2.06 on or before the Effective Date. All documents and instruments referred to below or in any other such written instrument must be acceptable to County Staff in form and content.
(a) Borrower shall have executed and delivered to the County Attorney all AHIF Loan Documents and all documents, policies and instruments required under the AHIF Loan Documents; and
(b) The County Staff shall have received an ALTA standard coverage lender’s policy of title insurance (“Title Policy”) from Xxxxxxx Title Guaranty Company (or such other title insurance company as is acceptable to the County Staff) in an amount not less than the amount of the AHIF Loan, insuring the AHIF Deed of Trust lien on the Property Owner’s fee interest in the Property and the Borrower’s leasehold interest in the Property and reflecting liens, encumbrances and other exceptions to title reasonably acceptable to the County Staff. The Title Policy shall contain such title insurance endorsements and reinsurance or coinsurance as the County Staff may reasonably require; and
(c) Borrower shall have delivered to the County Attorney executed copies of the (1) VHDA Loan Documents, (2) Second Amended and Restated Operating Agreement, (3) WHDC Developer Fee Agreement, (4) WHDC Services Agreement, (5) the Property Owner Loan Documents, and (6) Property Management Agreement, including any and all amendments, restatements, exhibits and attachments thereto; and
(d) Xxxxxxxx shall have delivered to the County Attorney a legal opinion from the Borrower’s Attorney addressed to the County Board, in substantially the form attached hereto as Exhibit F, opining, among other things, that the Borrower is in full compliance with all legal requirements in its formation and execution of the AHIF Loan Documents; and
(e) Borrower shall have delivered to the County Attorney an executed Officer’s Certificate, in substantially the form attached hereto as Exhibit G; and
(f) Borrower shall have provided to the County Manager or her designee evidence of the insurance coverage meeting the requirements of this Agreement.
Disbursement Funding Conditions. Provided the CPP/CRDP Funds are expended not later than March 31, 2026, RCEB shall disburse the maximum amount of One Million, Five Hundred Thousand Dollars ($1,500,000) of CPP/CRDP Funds in the form of a 55 year fully deferred loan to reimburse Owner for qualifying expenses for the Apartments in accordance with the terms of this Agreement. RCEB shall disburse such funds at the closing of the construction loans for the Apartments, as provided in Section 3.3 below, after (i) RCEB’s approval of the Final Budget and (ii) the Owner’s execution and delivery of all of the instruments described in Section 11 below. The terms of the loan shall be governed by the DDS Note and DDS Deed of Trust (defined below); if an inconsistency concerning any terms or conditions of the loan exists between this Agreement and the DDS Note or DDS Deed of Trust, the terms of the DDS Note and DDS Deed of Trust shall prevail.
Disbursement Funding Conditions. Provided the CRDP Funds are expended not later than March 31, 2026, RCEB shall disburse the maximum amount of One Million Five Hundred Thousand Dollars ($1,500,000) of CRDP Fund in the form of a 55 year non- amortizing loan to Owner in accordance with the terms of this Agreement. RCEB shall disburse such funds as provided in Section 3.2 below, after (i) RCEB’s approval of the Final Budget and
