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Management Plan ("Management Plan"). The Management Plan shall include a <br />management contract with a manager approved in writing by the City for management of <br />the Project and a plan for long-term marketing, operation, maintenance, repair and security <br />of the Project, method of selection of tenants, and for rental policies in compliance with <br />any applicable requirements, policies and procedures and with the Affordability <br />Restrictions on Transfer of Property, along with any other policies or procedures required <br />by the City. The Management Plan shall also include an initial budget for the Project. <br />Developer shall obtain City's written consent to a property manager (such approval not to <br />be unreasonably withheld or delayed), and City shall have thirty (30) days written notice <br />for any request to approve a property manager. <br />(e) Documents Recorded. This Agreement, the City/HOME-ARP Loan <br />Deed 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/HOME- <br />ARP Loan Deed of Trust shall be subordinate to the Senior Loan Note, the Senior Loan <br />Deed of Trust, and the other Senior Loan Documents. <br />(f) Request for Notice. For the benefit of City, Escrow Holder shall <br />have recorded a request for notice of default of the Senior Loan (the "Request for Notice <br />of Default"). <br />(g) Insurance. City shall have received evidence satisfactory to the City <br />that all of the policies of insurance required by Section 19 of this Agreement are in full <br />force and effect. <br />(h) Representations and Warranties. The representations and warranties <br />of Developer contained in this Agreement and the other Loan Documents shall be correct <br />in all material respects as of the Close of Escrow as though made on and as of that date, <br />and if requested by the Executive Director, City shall have received a certificate to that <br />effect signed by Developer's Representative. <br />(i) No Default. No Event of Default by Developer shall have <br />occurred and be continuing, and no event shall have occurred which, with the giving of <br />notice or the passage of time or both, would constitute an Event of Default by Developer <br />under this Agreement, and if requested by the Executive Director, City shall have received <br />a certificate to that effect signed by Developer's Representative. <br />6.2. Disbursement Procedures for Loan. <br />The City/HOME-ARP Loan proceeds shall be utilized to finance the construction of the <br />Property and to fund a HOME -ARP Subsidy Reserve (as evidenced in Exhibit Q. The <br />City/HOME-ARP Loan proceeds shall not be used for any purpose other than for eligible <br />construction costs which may include a developer fee and soft costs related to development <br />of the Project and the funding of the HOME -ARP Subsidy Reserve (costs all subject to City's <br />prior review). The City allows for eligible costs to be paid by City/HOME-ARP Loan funds <br />that were incurred not more than 24 months prior to the HOME -ARP funds commitment date <br />of this Agreement in accordance with HOME -ARP regulations. One hundred percent (100%) <br />of the Construction Component of the City/HOME-ARP Loan proceeds will be disbursed by <br />12 <br />WISEPIace Pennancnt Supportive Housing <br />City HOME -ARP Loan Agreement <br />