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City to Developer after execution and after, or concurrently with, the recording of this <br />Agreement. One hundred percent (100%) of the HOME -ARP Subsidy Reserve Component <br />will be disbursed to the Developer after completion of construction on the Project and issuance <br />of a Certificate of Completion, subject to the requirements of Section 12.10 of this Agreement. <br />6.3. First Disbursement. The City's obligation to make the disbursement of the <br />Construction Component is subject to satisfaction of the following conditions precedent: <br />(a) General Contractor. If the Executive Director has not yet approved <br />the General Contractor, the Executive Director shall have approved the identity and <br />qualifications of the General Contractor which approval will not be unreasonably withheld, <br />conditioned or delayed. <br />(b) Construction Contract. If the Executive Director has not yet <br />approved the Construction Contract, the Executive Director shall have approved the <br />Construction Contract which approval will not be unreasonably withheld, conditioned or <br />delayed. <br />6.4. Termination for Failure of Condition. If (a) any of the conditions set <br />forth herein are not timely satisfied within no more than ninety (90) days of the date of this <br />Agreement or waived by the Executive Director, and (b) City is not in default under this <br />Agreement, City may terminate this Agreement without any further liability on its part by <br />giving written notice of termination to Developer. Upon the giving of such notice, all <br />principal, interest and other amounts owing under the City/HOME-ARP Loan Note shall <br />be immediately due and payable, regardless of any other specified due date. <br />6.5. [Reserved.] <br />6.6. [Reserved.] <br />6.7. Waiver of Conditions. The conditions set forth pertaining to City's <br />obligation to make disbursements of the Construction Component are for City's benefit <br />only and the Executive Director may waive all or any part of such rights by written notice <br />to Developer, provided such waiver is consistent with the City's approval of this <br />Agreement. <br />6.8. Waiver of Disbursement Conditions. A waiver of a disbursement <br />condition may only be provided with written approval by the City. <br />6.9. Modification of Disbursement Conditions and Procedures. The <br />Executive Director shall have the authority to modify the disbursement conditions and <br />procedures set forth herein in order to conform them to the payment provisions of the <br />Construction Contract, provided such modification is consistent with City's approval of <br />this Agreement. <br />6.10. Other Terms and Conditions of Loan. <br />(a) The City/HOME-ARP Loan Note shall become immediately due <br />13 <br />WISEPIace Permanent Supportive Housing <br />City HOME -ARP Loan Ag umnant <br />