80A - JT PH VISTA DEL RIO HOUSING

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Holder shall have recorded a request for notice of default of the Senior Loan (the "Request for Notice of Default"). (f) Insurance. City shall have received evidence satisfactory to the City Attorney that all of the policies of insurance required by Section 19 of this Agreement are in full force and effect. (g) Representations and Warranties The representations and warranties of Vista Del Rio contained in this Agreement and the other Loan Documents shall be correct as of the Close of Escrow as though made on and as of that date, and if requested by the Executive Director, City shall have received a certificate to that effect signed by Vista Del Rio's Representative. (h) No Default. No Event of Default by Vista Del Rio shall have occurred, and no event shall have occurred which, with the giving of notice or the passage of time or both, would constitute an Event of Default by Vista Del Rio under this Agreement, and if requested by the Executive Director, City shall have received a certificate to that effect signed by Vista Del Rio's Representative. 6.2 Disbursement Procedures for Loan A portion of the Loan proceeds shall be disbursed through Escrow to finance the acquisition of the Property, with other proceeds being used for the Construction (as evidenced in Exhibit E). The Loan proceeds shall not be used for any purpose other than for acquisition costs of the Property and/or construction costs, including developer's fees and soft costs related to development of the Project (costs all subject to City's prior review). 6.3 First Disbursement. City's obligation to make the first disbursement of the Construction Portion is subject to satisfaction of the following conditions precedent: (a) General Contractor. If the Executive Director has not yet approved the General Contractor, the Executive Director shall have approved the identity and qualifications of the General Contractor. (b) Construction Contract. If the Executive Director has not yet approved the Construction Contract, the Executive Director shall have approved the Construction Contract. 6.4 Termination for Failure of Condition. If (a) any of the conditions set forth herein are not timely satisfied or waived by the Executive Director, and (b) City is not in default under this Agreement, City may terminate this Agreement without any further liability on its part by giving written notice of termination to Vista Del Rio. Upon the giving of such notice, all principal, 10 80A-86