NORTH HARBOR HOUSING PARTNERS, LP (CO JAMBOREE HOUSING CORPORATION

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purpose other than for acquisition costs of the Property and/or rehabilitation costs, including a Developer fee and soft costs related to development of the Project (costs all subject to City's prior review). 90% of the Loan proceeds will be disbursed by City to Borrower after execution and recording of the Loan Agreement, with 10% held back by the City and not disbursed to Borrower until after completion of construction on the Project and issuance of a Certificate of Occupancy. 6.3 First Disbursement. The City's obligation to approve the first disbursement of the Construction Portion is subject to satisfaction of the following conditions precedent: (a) General Contractor. If the Executive Director has not yet approved the General Contractor, the Executive Director shall have approved the identity and qualifications of the General Contractor. (b) Construction Contract. If the Executive Director has not yet approved the Construction Contract, the Executive Director shall have approved the Construction Contract. (c) Relocation Plan. If the relocation of any existing tenants is contemplated by the parties, the Executive Director shall have approved a plan for the relocation of such tenants of the Property determined by the Executive Director to be eligible for relocation assistance. 6.4 Termination for Failure of Condition. If (a) any of the conditions set forth herein are not timely satisfied or waived by the Executive Director, and (b) City is not in default under this Agreement, City may terminate this Agreement without any further liability on its part by giving written notice of termination to Developer. Upon the giving of such notice, all principal, interest and other amounts owing under the City Loan Note shall be immediately due and payable, regardless of any other specified due date. 6.5 [Reserved.] 6.6 [Reserved.] 6.7 Waiver of Conditions. The conditions set forth pertaining to City's obligation to approve disbursements of the rehabilitation or construction portion are for City's benefit only and the Executive Director may waive all or any part of such rights by written notice to Developer. 6.8 Waiver of Disbursement Conditions. Unless City otherwise agrees in writing, the approval by City of any disbursement with knowledge that any condition to 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. 10