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(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/CDBG Loan <br />Amount, showing Developer as the fee owner of the Property and insuring the <br />City/CDBG Deed of Trust to be a valid lien on the Property. This Agreement, the <br />City/CDBG Loan Note, and City/CDBG Deed of Trust shall be subordinate to each <br />Senior Loan Note and each 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 , as applicable. <br />(d) Documents Recorded. This Agreement, the City/CDBG 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/CDBG <br />Loan Deed of Trust shall be subordinate to each Senior Loan Note and each 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 Senior Loan made by JPMorgan Chase <br />Bank, N.A. (the "Request for Notice 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 />6.2 Disbursement Procedures for Loan. <br />The Loan proceeds shall be disbursed to Borrower's account at the JPMorgan Chase Bank, <br />N.A. to finance the acquisition of the Property, with other proceeds being used for the <br />rehabilitation (as evidenced in Exhibit Q. The Loan proceeds shall not be used for any <br />9 <br />