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EXHIBIT 3 <br />rehabilitation of the Property. No new HOME funds are being provided to the project. <br />The Loan consolidates nine existing HOME loans for the purpose of enabling the <br />Developer to resyndicate and rehabilitate the Property. <br />2. City/HOME Note and Deed of Trust. The City/HOME Loan shall be <br />evidenced by the City/HOME Loan Note in the form attached hereto as Exhibit E. The <br />City Loan shall be secured by the City/HOME Loan Deed of Trust in the form attached <br />hereto as Exhibit D. The City/HOME Deed of Trust shall be a deed of trust encumbering <br />the Property, subordinate to the Senior Loan(s) made to Developer and the Senior Loan <br />Documents. <br />3. City/HOME Loan Terms. The terms and conditions of the City/HOME <br />Loan are as set forth in the City/HOME Loan Note which is a residual receipts note. <br />6. CONDITIONS TO RETAIN EXISTING LOANS <br />Developer shall comply with this Section until the Certificate of Completion is issued. <br />6.1 Conditions Precedent. City's obligation to provide the Loan Amount is subject to <br />the satisfaction, or waiver by the Executive Director, of the following conditions <br />precedent: <br />(a) Loan Documents. Developer shall have delivered to the <br />Escrow Holder, signed by the authorized officer or officers of Developer, with such <br />signature(s) acknowledged where necessary, each of the following documents: <br />(i) This 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 />