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residual receipts note. The HOME -ARP Compliance Period will end twenty (20) years <br />from the issuance of the Certificate of Completion. <br />Section 6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS <br />Developer shall comply with this Section until the Certificate of Completion is issued. <br />6.1. Conditions Precedent. City's obligation to disburse the City/HOME-ARP <br />Loan is subject to the satisfaction, or waiver by the Executive Director, of the following <br />conditions precedent: <br />(a) Loan Documents. Developer shall have delivered to the Escrow <br />Holder, signed by the authorized officer or officers of Developer, with such signature(s) <br />aclmowledged where necessary, each of the following documents: <br />(i) this Agreement; <br />(ii) The City/HOME-ARP Loan Note; <br />(iii) The City/HOME-ARP Loan Deed of Trust; <br />(iv) The Affordability Restrictions on Transfer of Property; <br />(v) The Project Budget; and <br />(vi) All other documents and instruments reasonably required by <br />the City to be executed and delivered, all in form and <br />substance reasonably satisfactory to the City. The City has <br />received and approved all required Environmental Reports. <br />(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 therefor <br />satisfactory to City, issued by Commonwealth Land Title 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/HOME-ARP <br />Loan Amount, showing Developer as the ground lessee of the Property under the Ground <br />Lease and insuring the City/HOME-ARP Loan Deed of Trust to be a valid lien on the <br />Property. This Agreement, the City/HOME-ARP Loan Note, and City/HOME-ARP Loan <br />Deed of Trust shall be subordinate to the Senior Loan Note, Senior Loan Deed of Trust <br />and the other Senior Loan Documents. The Affordability Restrictions on Transfer of <br />Property and City/HOME-ARP Loan Deed of Trust shall be reflected as an encumbrance <br />on the fee simple interest and the leasehold interest of the Property. <br />(c) Intentionally Omitted. <br />(d) Management Plan. The Developer shall have submitted and the City <br />shall have approved (such approval not to be unreasonably withheld or delayed) a <br />11 <br />WISEPIace Permanent Supportive Housing <br />City HOME -ARP Loan Agreement <br />