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approval of the Executive Director which approval will not be unreasonably withheld, <br />conditioned or delayed and if not granted or denied within five (5) Business Days, shall be <br />deemed approved; provided, however, that in all events, Developer shall at all times obtain <br />and maintain all required permits and approvals from the City's Planning and Building <br />Agency. Notwithstanding the foregoing, the City's approval of a change order shall not <br />be required unless the approval of the Senior Lender is required with respect to such change <br />order. <br />Section 4. [RESERVED] <br />Section 5. LOANS <br />5.1. CITY LOAN: <br />(a) Amount and Purpose. Subject to the terms and conditions of this <br />Agreement, City agrees to make a loan of HOME -ARP funds to Developer in the principal <br />amount of up to Five Million Two Hundred Fifty -Six Thousand Three Hundred Twenty - <br />Seven Dollars ($5,256,327) (the "City/HOME-ARP Loan") to the Developer. The <br />City/HOME-ARP Loan will be utilized for the following components: <br />(i) Construction Component. Three Million Seven Hundred <br />Ninety -One Thousand and Six Hundred Ninety -Seven Dollars [$3,791,697] of the <br />City/HOME-ARP Loan (the "Construction Component") will be utilized to fund a <br />portion of the Project's construction costs; and <br />(ii) HOME -ARP Subsidy Reserve Component. One Million <br />Four Hundred Sixty -Four Thousand and Six Hundred Thirty Dollars [$1,464,630] of the <br />City/HOME-ARP Loan (the "HOME -ARP Subsidy Reserve Component") will be <br />utilized to fund a HOME -ARP Subsidy Reserve as further described in Section 12.10. <br />(iii) The final allocation of the City/HOME-ARP Loan as <br />between the Construction Component and HOME -ARP Subsidy Reserve Component <br />shall be subject to review and approval by the City prior to Close of Escrow, subject to <br />the requirements of the HOME -ARP Program, and provided that in no event shall the <br />sum of the Construction Component and the HOME -ARP Subsidy Reserve Component <br />exceed the total City/HOME-ARP Loan principal amount of $5,256,327. <br />(b) City/HOME-ARP Loan Note and Deed of Trust. The <br />City/HOME-ARP Loan shall be evidenced by the City/HOME-ARP Loan Note in the form <br />attached hereto as Exhibit E. The City/HOME-ARP Loan shall be secured by the <br />City/HOME-ARP Loan Deed of Trust in the form attached hereto as Exhibit D. The <br />City/HOME-ARP Loan Deed of Trust shall be a deed of trust encumbering the fee simple <br />interest and the leasehold interest under the Ground Lease in the Property, subordinate to <br />the Senior Loan(s) made to Developer and the Senior Loan Documents. <br />(c) City/HOME-ARP Loan Terms. The terms and conditions of the <br />City/HOME-ARP Loan are as set forth in the City/HOME-ARP Loan Note, which is a <br />10 <br />WISEPIaee Pennanent Supportive Housing <br />City HOME -ARP Loan Agreement <br />