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3144 ?eporttrr ?et???irertrerifs for tlae Po??-dale Portla?r of tt?e Project, <br />i#hin ot?e ??u?adre? t??cnty ?I?o} dais aver the close of escra?v of tl?c sale of the last Foy"ale <br />knit the De?claper shall submit to the Agency a financial statet?rerrt setting far?lr the ?rafit <br />haritr Ar?aunt, arrd the Net Pr"afit, ?•ass dales Pr"o?eec?, ?ar?-ale i??lit? ?cvelo?trrent apt, <br />a??d Por" dale Units De?elaptner?t Prafit ??pan ?vl?icl7 the Profit hay"i?? Ar??aunt has been <br />calculated has thae tcr'r?s ar"e defined in the Plrase F Pro??issaryNate, <br />314,5 ccur?? of Aerrc?r Loaxa. Each Pr"arnissax°? Note shall be secu?"ed by a <br />deed of t?iust to be r"ecarded as an encumbrance agai??st tl?e applicable phase to ?vhich sr?clr <br />Prarnissary Note relates, l?icll deed of t??r?st shall be substa??tially its tl?e farm. attached hereto as <br />Attachment No, 9 attached leer+eto, ??hich is inca?;par?ated herein ?tl?e "Agency Deed of Trust"}, <br />?'he Agency acl?z?a??ledcs #l?at rt rrll be neces?ar"? #o subordl?aate e?cl? Agency Deed a ?'r??st to <br />deeds of trust sec?z?"i?? atl?er sa??r'ces of ?nanci?ig abtair?ed by tl?e 1?e?elaper", TI?e ??enc? <br />?ecutive ?lr'ectar" 1s ??l??la?"iced to excc?rte and aid all dacurr?e?ats t?cce?sar"}r rrl ol'de?? to <br />s??bardit?ate each Agerlcy Deed of Tr"ust, b?xt orll if at?tl t? flle cx#ent s??ci? srrba?•din?fiar? is <br />?"easonbly necessar??. <br />314,E Dis1?u??selr?e?rt of the Agency Laa?r, ?'lre proceeds of each Ageney Laan <br />sl?aii be di?b«r"sed far• I?a??d and sad. cos#s of canst?"uct?an fay" #l?e applica?lc Phase to ?vl?icl? s?€cl? <br />Agerlcy Laan relates, ar?d shall be disbursed to De?elape?i's institirtional canstr??ctiot? leader far" <br />s?rch Phase pro rata ??ith #l?e pr"oceeds of tl?e car?str'??c#lat? laai? ?s??hect to #l?e appr?a?al of s?rch <br />institrrtianal cogstructia?? lender"? at such ti??.e as Agency and s??ch i??stitartianal canstr"??ction <br />fender appra?es such disbr?z?se?rrent ?rpan cornpletian afa lirrc iterrr ?zr?deri the ?udgct, <br />315, ?orr?e?iryer Assistance, <br />????. ?Iomeb?r??er Assistance Laan. Tl?e Agenc?r hereby agr"ecs to loan to each <br />gl?alified ?rloder"ate Incar?e Horrreb??ye?" of ate Affordable >?ar"ale Unit the amount of Tl?ir"ty <br />T??o??sarrd Dollars {$?0,000? ?eacl?, a "IIarl?eb???et" Assistancc Laan"}, subject to tlYC terrr7s and <br />carrdi#ians set far?tl? in this Agreement, and subjec# ?'ur"tl?er" to tl?e terns and. car?ditia??s set fartl? <br />?rthrn the dac???nents ar?d rnstru??nents executed by each U.arnebr?ye?", ?ncludrrrg the ?Iornel?uyer <br />Laan Agreement, all ire cotr?pliar?ce ??ith applicable la??s acrd reg??latiat?s, ?'he Agency slrall fu?1d <br />each ?Ion?elauycr Assistance Laan solely from moneys fra??? a Lo?? a??d Moderate Ir?corne <br />Ha?rsing ?'????d established p?u's??at?t to ectiot? 33334,3 ofthe alifor"nia Health and safety ?adc, <br />all ??i#hin tl?e mea??it? of ectior? 172a?c??4} of the California Labor bode. <br />31,Z repayment of ?ornebrrye?? Assts#airce Lo?x?, Lach I-Iamebuyex4's <br />obligation to repay the Honlebrr?er Assistance Laan si?all he set far"tI? Ire a. p??on?issar"y Hate <br />subs#arrtially i?? the Farm attached to tl?e Hameb??yer" Lawn Areemen#, 7`I?e ?omebuyer" <br />Assistance Lawn s1?all not accrue intet'est u??til and l?t?less an e??er?t of acceleration acc«rs under <br />the terms of the I?orneb?:yea4 Laan Agreement, its ??hich case an inter"est r"ate o?" equity share <br />arrraunt shall apply as p?•a?rded rn the Ha?r?ebuyer Laan Agr'een?etxt, <br />315,3 ecuri far nmcbtt?rez? Assistance LoarY, each pramissar"y Hate <br />e?iderrcirrg a Harrrebuyer" Assistance Loan shall be sec??red by a deed of tr"ust to be r'eco??ded as are <br />errcurrrbrance to the applicablc Affor"dable ?or?ale Unit, substantially in the form attaci?ed to the <br />42 <br />D??s??1????67??131?0????-000 ?