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EXHIBIT 3 <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 />(f) 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 />and no event shall have occurred which, with the giving of notice or the passage of time <br />or both, would constitute an Event of Default by Developer under this Agreement, and if <br />requested by the Executive Director, City shall have received a certificate to that effect <br />signed by Developer's Representative. <br />6.3 Termination for Failure of Condition. If (a) any of the conditions set forth <br />herein are not timely satisfied or waived by the Executive Director following the <br />expiration of any applicable notice and cure period, and (b) City is not in default under <br />this Agreement, City may terminate this Agreement without any further liability on its <br />part by giving written notice of termination to Developer. Upon the giving of such notice, <br />all principal, interest and other amounts owing under the City/HOME Loan Note shall be <br />immediately due and payable, regardless of any other specified due date. <br />6.4 IReserved.] <br />6.5 [Reserved.] <br />6.6 IReserved.] <br />6.7 [Reserved.] <br />6.8 Other Terms and Conditions of Loan <br />10 <br />