80A - JT PH VISTA DEL RIO HOUSING

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the particular disbursement made, and such condition shall be condition to all further disbursements until fulfilled. 6.14 Modification of Disbursement Conditions and Procedures. The Executive Director shall have the authority to modify the disbursement conditions and procedures set forth herein in order to conform them to the payment provisions of the Construction Contract. 6.15 Other Terms and Conditions of Loan. A. The Note(s) shall become immediately due and payable, in the event of any of the following: (1) failure to complete the Project within three (3) years of the recording date; (2) violation of any of the use covenants and restrictions contained in this Agreement after the expiration of any applicable notice and cure periods; (3) an Event of Default by Vista Del Rio which is not timely cured after expiration of any applicable notice and cure periods pursuant to the terms of this Agreement. 6 .16 Closing Costs and Fees. Vista Del Rio shall pay (a) all escrow fees and charges, (b) all recording fees and charges on any document recorded pursuant to this Agreement, and (c) the premium for the title insurance required hereunder. 7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROPERTY 7.1 Use Covenants and Restrictions. A. Vista Del Rio agrees and covenants, which covenants shall run with the land and bind Vista Del Rio, its successors, its assign and every successor in interest to the Property that Vista Del Rio will make all rental units on the Property available to extremely low and very low households at rents affordable to such households for fifty-five (55) years from the effective date of this Agreement. The HOME restrictions for the four (4) HOME assisted units shall be enforced until the date that is fifteen (15) years after the date on which the City reports the Project as complete to the Department of Housing and Urban Development. Upon expiration of the HOME Compliance Period, the Agency will enforce affordability of said units with the same income and rent restrictions as the other units, pursuant to Agency guidelines and the California Health and Safety Code. B. The Project, shall consist of forty units (and one managers unit). There shall be four (4) HOME assisted units and thirty-six (36) Agency assisted units. The HOME assisted units shall be four (4) units, which may be floating and shall be distributed throughout the complex with comparable amenities to the other units. 14 80A-90