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the terms of the Homebu er Loan Agreement, in which case an interest rate or equity share amou rat sh all app 1 y as p rov ided i n the Homebu firer Lo an Agre rnen t. 15.3 Security for Hom buy r Assistance Loan. Each promissory note evi d encing a Homebu firer As sistance Lo an shall b e secu red b y a dee d of tru s t to b e record ed as an encumbrance to the applicable Affordable For-Sale Unit, subs tan ti al ly in the form attached to the Homebuyer Loan Agreement. The priority of such encumbrance shall be junior and subordinate on y to the approved first lien as furtb r provided in Section 315.5. 315.4 Disbursement of H me bu e r Assistance Loan; Conditions Precedent Thereto; Developer's Marketing, Disclosure and Mousing Counseling. In connection with the first sale of each Afford abl For-Sale Unit, the full amount of the proceeds of each Hmeb u er Assistance Loan shall be disbursed by the Agency into the escrow established b the Developer and the Homebu firer for such initial sale and conveyance of each applicable For-Sale Unit to the H mebufirer, Disbursement shall occur on demand of the escrow officer, but the Agency shall be provided not less than ten 1 days notice of the estimated closing date, and all conditions precedent to the Agency's obligation to disburse such monies shall have been satisfied by Developer and the applicable H meb u r prior to escrow officer's demand. The proceeds shall on l be expended and paid to fund a portion of the applicable Igo m bu er's costs of acquisition o f the Affordable For-Sale Unit in order to make such unit available at an Affordable Housing Cost. (a) The Agency's obligation to disburse proceeds of the Hornebu er Assistance Loan is expressly conditioned upon and will occur as soon as practicable after each Homebu r} s execution and delivery of the Homebufirer Loan Agreement including any other documents required thereunder and in conformity with applicable lags and regulations and all submittals provided thereunder, and such disbursement shall occur concurrently with the recordation of all documents required to be recorded at closing pursuant to the Ho mebu er Loan Agreement and attachments t h reto } and close of escrow for disposition of such Affordable For- Sale Unit pursuant to the terms hereof. (b) Developer shall be responsible at its sole cost and expense for marketing, housing counseling, disclosures} and sale for and related directly or indirectly to each and all Affordable For -Sale Units to each and all prospective Homebu ers. (i) In connection therewith, Developer shall in any marketing effort relative to the Affordable For-Sale Units fu 1 l y disclose its obligation to provide the Affordable For-Sale Units and each prospective Hornebuyer shall be, provided a true and comp lete c let opy of t he form of the Homeb u yer Lo are Agreernen t, and al l attar hme n is t [sere to. (ii) Developer shall cause to be provided to each prospective Homebuy r one -on -one housing counseling concerning such prospective Homebu er's potential purchase of an Affordable For-Sale Unit, in particular the provisions relating to the long - term affordability covenants and restrictions on resale applicable to such Affordable For -Sale Unit. The one -ors -one counseling shall be videotaped and a copy of the videotape shall be provided to Agency staff on a DVD within ten 10 days after the counseling session. 43 IO0 1 400673 v 1 4!20027 -000 1