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and sufficient evidence indicating that the selected Homebuyer satisfies the requirements of this Agreement. (v) Loan Agreement. The Agency and the Homebuyer shall have entered into a Hornebuyer Loan Agreement and all related loan documents and such Homebuyer Loan Agreement and such ogler documents shall have been duly executed, attested, notarized and delivered to the escrow holder with appropriate title and crow instructions and such Homeb u er Assistance Loan shall he ready to tose (subject to the Agency funding the proceeds of such Hom bu firer Assistance Loan into escrow) on u rant with the Developer's escrow to sell the Affordable For-Sale Unit to the Hom bu r. (vi) Insurance. The Agency shall have received sufficient evidence of the issuance of a homeowner's insurance policy with a guaranteed replacement provision for the Affordable For-Sale Unit and a lender's loss payable endorsement in its favor. (vii) Affordability and In coin e Requirepnents. The Agency Executive Director shall be satisfied that the Homebuyer meets the applicable Moderate Income requirements of the L and that the Monthly Housing Cost for the For-Sale Unfit is no greater than an Affordable Mousing Cost. (viii) Representations and Warranties. The representations and warranties of the Developer contained in this Agreement shall be correct as of the close of each such escrow as though made on and as of that date, and the Agency Executive Director shall have received a certificate to that effect signed by the Developer. (ix) No Default. No Default b the Developer shall have occurred with respect to Phase. FS, and no event stall have occurred with respect to Phase F which, with the giving of notice or the passage of time or both, would constitute an Default by the Developer vw i th respect to Phase FS. 15.5 Subordination. The deed of trust securing the Homebufirer's repayment of the Horn buy r Assistance Loan may be made subordinate only to the deed of moist to be held by the first lien l ender that is approved by the Agency pursuant to the Hom bu firer Loan Agreement. The deed of tw st securing the Homebu r' s repayment of the Homebuyer Assistance Loan shall be subordinate to no other lien(s), except as provided in the Homebuyer Loan Agreement or as otherwise expre. s l approved in writing by the Agency Executive Director in his or her sole and absolute discretion. 315.6 Assumption. The H me u firer Loan and Homebuyer Loan Agreement shall he assumable by eligible and qualified successors and assigns of the Homebuyer who are approved in wri t.in� b the Agency pia rsu an t to the terms of the Homebu r Loan Agreement. 316. FInancing of the Developer Improvements. 316.1 Approval of Financing. As required herein and as one of Agency's Condition Precedent to each Closing, the Developer shall submit to the Agency Evidence of Construction Financing and Evidence of Permanent Financing for the Rental Portion of the Project for a Phase on or before the date set forth in the Schedule of Performance. The Agency ER D OC S OCI 14 0067 3v 14 /20027 2-OGO 1