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such disbursement is not fulfilled shall constitute a waiver of such condition only with respect to the particular disbursement made. 6.9 Modification of Disbursement Conditions and Procedures. The Executive Director shall have the authority to modify the disbursement conditions and procedures set forth herein in order to conform them to the payment provisions of the Construction Contract, 6.10 Other Terms and Conditions of Loan. A. The Note shall become immediately due and payable, in the event of any of the following: (1) failure to complete the Project within four (4) years of the recording date; (2) HOME rental units must achieve initial occupancy within 18 months of project completion. (3) violation of any of the use covenants and restrictions contained in this Agreement after the expiration of any applicable notice and cure periods; (4) an Event of Default by Developer which is not timely cured after expiration of any applicable notice and cure periods pursuant to the terms of this Agreement. 6.11 Closing Costs and Fees. Developer shall pay (a) all escrow fees and charges, (b) all recording fees and charges on any document recorded pursuant to this Agreement, and (c) the premium for the title insurance required hereunder. 7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROPERTY 7.1 Use Covenants and Restrictions. A. Developer agrees and covenants, which covenants shall run with the land and bind Developer, its successors, its assigns and every successor in interest to the Property that Developer will make all rental units on the Property available to low- or very low-income households at rents affordable to such households for fifty-five (55) years from the issuance of the Certificate of Completion. The HOME restrictions for the two (2) HOME assisted units shall be enforced until the date that is twenty (20) years after the date on which the Certificate of Completion is issued or until repayment of principal and all accrued interest on the HOME Loan, whichever comes last. The City permits the Developer to limit the eligibility and/or give preference to a particular segment of the population in accordance with 24 CFR 92.253(d). B. The Project shall consist of seventy-six (76) units, including one (1) on-site manager's unit(s). There shall be two (2) HOME assisted units. The HOME assisted units 11