80A - JT PH VISTA DEL RIO HOUSING

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Loan Note shall be subordinate to the Senior Loan, and shall continue in full force and effect for the entire HOME Compliance Period. 6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS 6.1 Conditions Precedent. City's obligation to disburse the Loan Amount(s) is subject to the satisfaction, or waiver by the Executive Director, of the following conditions precedent: ( a) Loan Documents. Vista Del Rio shall have delivered to the Escrow Holder, signed by the authorized officer or officers of Vista Del Rio, with such signature(s) acknowledged where necessary, each of the following documents: (i) the Agency DDA (ii) The City/HOME Loan Note; (iii) The City/HOME Deed of Trust; and (iv) The Affordability Restrictions on Transfer of Property. (b) Title Insurance. Agency and City shall have received an LP-10 ALTA Lender's loan policy of title insurance (1970 edition), or evidence of a commitment therefore satisfactory to City, issued by First American Title Insurance Company and in form and substance satisfactory to City, together with all endorsements and binders required, naming City and Agency as the insured, in a policy amount of not less than the City/HOME Loan Amount and the Agency Loan Amount, showing Vista Del Rio as the fee owner of the Property and insuring the City/HOME Deed of Trust and the Agency Deed of Trust to be valid priority liens on the Property. The City/HOME Loan Note and Deed of Trust and the Agency Note and Deed of Trust shall be subordinate to the Senior Loan Note and First Deed. The Agency Loan documents shall take priority over the City/HOME Loan documents pursuant to City/Agency's request. (c) Affordability Restrictions on Transfer of Property. Vista Del Rio shall have delivered to the Escrow Holder, in the form attached hereto as Exhibit B, the Affordability Restrictions on Transfer of Title pursuant to which, among other things, Vista Del Rio agrees that the Property shall be used only for decent, safe, sanitary and affordable rental housing pursuant to the affordability requirements of Code of Federal Regulations ("CFR") section 92.252 or 92.254 and California Health and Safety Code ("H&S") sections 50052.5 and 33334.3, as applicable. (d) Documents Recorded. This Loan Agreement, the Agency Loan Deed of Trust, the City/HOME Loan Deed of Trust and the Affordability Restrictions on Transfer of Property shall have been recorded in the Official Records of the County. (e) Request for Notice For the benefit of City, Escrow 9 80A-85