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JAMBOREE HOUSING CORPORATION
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Last modified
9/26/2018 12:18:46 PM
Creation date
9/24/2018 12:31:18 PM
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Contracts
Company Name
JAMBOREE HOUSING CORPORATION
Contract #
A-2018-198
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
8/21/2018
Destruction Year
0
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(i) the Loan Agreement; <br />(ii) The City/HOME Loan Note; <br />(iii) The City/HOME Deed of Trust, and <br />(iv) The Affordability Restrictions on Transfer of Property. <br />(b) Title Insurance. City shall have received an LP -10 ALTA Lender's <br />loan policy of title insurance (2006 edition), or evidence of a commitment therefore <br />satisfactory to City, issued by First American Title Insurance Company and in form and <br />substance satisfactory to City, together with all endorsements and binders required, <br />naming City as the insured, in a policy amount of not less than the City/HOME Loan <br />Amount, showing Developer as the fee owner of the Property and insuring the <br />City/HOME Deed of Trust to be a valid lien on the Property. This Agreement, the <br />City/HOME Loan Note, and City/HOME Deed of Trust shall be subordinate to the Senior <br />Loan Note and Senior Loan Deed of Trust. <br />(c) Affordability Restrictions on Transfer of Property. Developer <br />shall have delivered to the Escrow Holder, in the form attached hereto as Exhibit F, the <br />Affordability Restrictions on Transfer of Title pursuant to which, among other things, <br />Developer agrees that the Property shall be used only for decent, safe, sanitary and <br />affordable rental housing pursuant to the affordability requirements of Code of Federal <br />Regulations ("CFR") section 92.252 or 92.254 and California Health and Safety Code <br />("H&S") sections 50052.5, as applicable. <br />(d) Documents Recorded, This Agreement, the City/HOME Loan Deed <br />of Trust and the Affordability Restrictions on Transfer of Property shall have been <br />recorded in the Official Records of the County. This Agreement, and the City/HOME <br />Loan Deed of Trust shall be subordinate to the Senior Loan Note and the Senior Loan <br />Deed of Trust. <br />(e) Request for Notice. For the benefit of City, Escrow Holder shall <br />have recorded a request for notice of default of the Senior Loan (the "Request for Notice <br />of Default"). <br />(t) Insurance. City shall have received evidence satisfactory to the City <br />Attorney that all of the policies of insurance required by Section 19 of this Agreement are <br />in full force and effect. <br />(g) Representations and Warranties. The representations and <br />warranties of Developer contained in this Agreement and the other Loan Documents shall <br />be correct in all material respects as of the Close of Escrow as though made on and as of <br />that date, and if requested by the Executive Director, City shall have received a certificate <br />to that effect signed by Developer's Representative. <br />(h) No Default. No Event of Default by Developer shall have occurred, <br />
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