NORTH HARBOR HOUSING PARTNERS, LP (CO JAMBOREE HOUSING CORPORATION

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Developer shall at all times obtain and maintain all required permits and approvals from the City's Planning and Building Agency. Notwithstanding the foregoing, the City's approval of a change order shall not be required unless the approval of a Senior Lender is required with respect to such change order. 4. [RESERVED] LOANS A. CITY LOAN: 1. Amount and Purpose. Subject to the terms and conditions of this Agreement, City agrees to make a loan of CDBG funds to Developer in the principal amount of up to $1,687,047 (the "City/CDBG Loan") for the acquisition of the Property to provide for an adaptive reuse as affordable housing. 2. City/CDBG Note and Deed of Trust. The City/CDBG Loan shall be evidenced by the City/CDBG Loan Note in the form attached hereto as Exhibit E. The City Loan shall be secured by the City/CDBG Loan Deed of Trust in the form attached hereto as Exhibit D. The City/CDBG Deed of Trust shall be a deed of trust encumbering the Property, subordinate to the Senior Loan(s) made to Developer and the Senior Loan Documents. 3. City/CDBG Loan Terms. The terms and conditions of the City/CDBG Loan are as set forth in the City/CDBG Loan Note which is a residual receipts note. The CDBG Compliance Period is fifteen (15) years, commencing on the date that all work is complete and the Property is fully occupied. 6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS Developer shall comply with this Section until the Certificate of Compliance is issued. 6.1 Conditions Precedent. City's obligation to disburse the Loan Amount is subject to the satisfaction, or waiver by the Executive Director, of the following conditions precedent: (a) Loan Documents. Developer shall have delivered to the Escrow Holder, signed by the authorized officer or officers of Developer, with such signature(s) acknowledged where necessary, each of the following documents: (i) the Loan Agreement; (ii) The City/CDBG Loan Note; (iii) The City/CDBG Deed of Trust, and (iv) The Affordability Restrictions on Transfer of Property.