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dc?Iy exec??ted, attested, natarize? and deli?eted to the esera holder itl? appropriate title and <br />escr;o?v instr??ctiat?s and s??ch Hotnebuyer4 Assistance Laar? shall be ready to close sub jeet to the <br />Agency finding the praceeds of such Homeb??yer Assistance Lawn it?ta escra??} cat?cut+rent ?vith <br />tl?e ?e?eloper's escro?? to sell the AffardableFar-dale Unit to tie Harneb???er. <br />??ri} ??s?r???a?rc?? The Agel?cy sl?a?I have received sufficient <br />evidezice of tl?e iss?rance of a l?onleo?vner's insurance palicy ??ith a ??aranteed replacement <br />pra?isiat? far the Affordable Fora„dale Unit and a lerider?' Ions payable er?darsernet?t in its Farrar, <br />??11? ?I?fo??c?ai???r a?r? ??????? ?er???r??e?rr????s, The ?.geney <br />Execiti?e Directar shall Ise satisfied that tl?e ?arnehuye?• meets tl?e applicable Moderate ?rrcame <br />r?equiremer?ts of tl?e CRL a??d that tl?e N?ot?tl?ly Hal?sin Cast for tl?e Far?ale U??rt is ??o greater <br />ti?at? an Affordable Housing Cost, <br />??ri i i} ?e???es???atio?rs a?c? ar???a???r's, The represet?tatians a??d <br />??arrantres of tl7o De?eiopelF centai??ed in this Arcernent si?all be carrect as of the ciase of eacia <br />such escro?v as tl?augh trade on ar?d as of that date and the Agency ?xec??ti?e Drrectoa4 shall <br />I?ar?e ??eceived a certificate to that effect signed by tl?e ?e?eloper, <br />?ix? ? ??f?r???, ?o Default Icy tl?e ?e?elaper shall have <br />acc??rred r?itll respect to Phase ?, and tea event shall Dave occlrrred ?vitll riespect to Phase ? <br />v?l?1Ci?, ?vitll the gi?tng of r?attCe ar tl?e passage of time ar bath, ?vould cat?stitute an Defa??lt b? <br />the Developer v?itix respect to Phase F, <br />31,5 irl?ard?riatior?, The deed of trust seclrrrn the Hot??ebuyer's repayrr?e??t <br />of tl?e Harneb??yer Assistance Laar? xna? be rr?ade subardina.te only to tl?e deed of trust to be held <br />b? the first iie?? Ie?ider that is approved Icy tl? Agency p??rua?it to tine Homebt?yer Loan <br />Agree?r?et?t. The deed of t??r?st secur?ir?g the Hat??ebuyer's repayrl?erit of the Harnebuyer <br />Assista??ce Laar? si?all be st?bardtt?ate to rya other lien{s?, except as pra?ided its tl?e Harneb?iyer <br />Loan Agreement or as otl?er?ise expressly approved its ??rrtin by tl?e Agency ?xecutrrre <br />Director in Isis or her' sole at?d absatute discretion, <br />315,b Assun???tiar?. ?Al?e ?o?nebuyer Laar? ar?d Ha?nel?t?yer Lawn Agreement <br />shall be assl?rnable b? eligible a??d qualified s??ccessars and assrgns of the ?Iorrreblryer ?vl?a are <br />approved its ?vritin by tl?e Agency p??rsr?ant to tl?e terms of tl?e Hatnebuye?? Loa?? Areen?er?t, <br />3??, I'i?aanc?l?g of ???e Deg?elape?i ??Yip??o?F??e??ts, <br />1?,? Ap???'o?Tai ?? ?irla??c1I1, As requi?'ed l?ereir? and as ane of Agency's <br />Candition Precedent to each Closing the Developer shall s??bmit to the Agency ?vider?ce of <br />Canstructian financing acid ?ider?ee of Perrnar?er?t Financing for the Rental Portion of tlYe <br />Project far a Phase ox? or before tl? date set forth in the schedule of Perforrnarice, Tl?e Agency <br />shall appra?e a?{ disappr?o?e suci? ?rridet?ce of Canstr•uctian Fir?ancir?g a??dlorF ?idence of <br />Perrrranet?t Financing far the Rental Partian ofthe Pra?ect far s??ch Phase ??lthi?? fifteen {} days <br />of receipt of a carnpiete s?rbrnissiot?. Approval shall nat be it?reasanably ?vitiheld ar <br />conditioned, ?f the Agency shall disapprove any such Erridence of Constructiat? Financing <br />a??d?or{ ?idence of Permanent Financing for the Rental Por?tian of the Project, the Agency shall <br />da sa by atice to the De?eloperi stating tl?e reasons far such disapproval and tl?e 1?e?elaper shall <br />?5 <br />DD?s?CI? ?006?3??i3120??72-?0?1