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respect to the particular disbursement made, and such condition shall be conditioned to all <br />further disbursements until fulfilled. <br />6.15 Modification of Disbursement Conditions and Procedures. The City <br />Project Manager shall have the authority to modify the disbursement conditions and <br />procedures set forth herein in order to conform them to the payment provisions of the <br />contract for construction. <br />6.16 Other Terms and Conditions of Loan. <br />A. The Note shall become immediately due and payable, in the event of any <br />of the following: <br />(1) Failure to complete the Project within three (3) years of the date on which <br />the Agency Deed of Trust is recorded, unless extended due to Force Majeure delays; <br />(2) Violation of any of the use covenants and restrictions contained in this <br />Agreement after the expiration of any applicable notice and cure periods; or, <br />(3) An Event of Default by Developer which is not timely cured after <br />expiration of any applicable notice and cure periods pursuant to the terms of this Agreement. <br />6.17 Closing Costs and Fees. Developer shall pay (a) all escrow fees and <br />charges, (b) all recording fees and charges on any document recorded pursuant to this <br />Agreement, and (c) the premium for the title insurance required hereunder. <br />7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROJECT <br />7.1 Use Covenants and Restrictions. Developer agrees and covenants, which <br />covenants shall run with the land and bind Developer, its successors, its assign and every <br />successor in interest to the Property that Developer will make all of the rental units on the <br />Property available to extremely low, very low and low income households at rents affordable <br />to such households for fifty-five (55) years (except for one (1) unit for the onsite manager). <br />The Project shall consist of fifty-one (5 1) residential units. Enforceability of restrictions <br />on the fifty (50) units shall be enforced until the date that is fifty-five (55) years after the date <br />on which the Certificate of Occupancy is issued. <br />7.2 Affordability Levels/Unit Mix: <br />The unit mix and levels of affordability are as follows: <br />Bedroom <br />Size <br />30% <br />AMI <br />50% <br />AMI <br />60% <br />AMI <br />Manager's <br />Unit <br />Total <br />Two Bedroom <br />6 <br />3 <br />10 <br />1 <br />20 <br />Three Bedroom <br />8 <br />2 <br />19 <br />29 <br />Four Bedroom <br />1 <br />1 <br />2 <br />Totals <br />15 <br />5 <br />30 <br />1 <br />51 <br />80A-107 <br />