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<br />9 <br />Westview House <br />City Inclusionary Housing Program Loan Agreement <br />Section 4. [RESERVED] <br /> <br />Section 5. LOANS <br /> <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 Inclusionary Housing Program funds to <br />Developer in the principal amount of up to $1,514,113 (the "City/Inclusionary Housing <br />Program Loan") for the acquisition and construction of the Property. <br />(b) City/Inclusionary Housing Program Loan Note and Deed of <br />Trust. The City/Inclusionary Housing Program Loan shall be evidenced by the <br />City/Inclusionary Housing Program Loan Note in the form attached hereto as Exhibit E. <br />The City/Inclusionary Housing Program Loan shall be secured by the City/Inclusionary <br />Housing Program Loan Deed of Trust in the form attached hereto as Exhibit D. The <br />City/Inclusionary Housing Program Loan Deed of Trust shall be a deed of trust <br />encumbering the Property, subordinate to the Senior Loan(s) made to Developer and the <br />Senior Loan Documents. <br />(c) City/Inclusionary Housing Program Loan Terms. The terms and <br />conditions of the City/Inclusionary Housing Program Loan are as set forth in the <br />City/Inclusionary Housing Program Loan Note, which is a residual receipts note. <br />Section 6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS <br /> <br />Developer shall comply with this Section until the Certificate of Completion is issued. <br /> <br />6.1. Conditions Precedent. City's obligation to disburse the City/Inclusionary <br />Housing Program Loan is subject to the satisfaction, or waiver by the Executive Director, <br />of the following 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 />acknowledged where necessary, each of the following documents: <br />(i) this Agreement; <br /> <br />(ii) The City/Inclusionary Housing Program Loan Note; <br /> <br />(iii) The City/Inclusionary Housing Program Loan Deed of <br />Trust; <br /> <br />(iv) The Affordability Restrictions on Transfer of Property; <br /> <br />(v) The Project Budget; and <br /> <br />EXHIBIT 4