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502.1 Amount and Purpose ....................................................................................19 <br /> 502.2 City Promissory Note and Deed of Trust .................................................. ...20 <br /> 502.3 Use of City Loan Proceeds ........................................................................ ...20 <br /> 502.4 City Loan Terms ....................................................................................... ...20 <br />503. Other T erms and Conditions of the Loans ............................................................... ...20 <br />600. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS ........................................ ...20 <br />601. Conditions Precedent ............................................................................................... ...20 <br /> 601.1 Loan Documents ....................................................................................... ...20 <br /> 601.2 Design Approvals ...................................................................................... ...21 <br /> 601.3 Land Use Approvals .................................................................................. ...21 <br /> 601.4 Construction Contract; General Contractor ..................................................21 <br /> 601.5 Construction Security ................................................................................ ...21 <br /> 601.6 Financing ......................................................................................................21 <br /> 601.7 Final Project Budget and Construction Schedule .........................................21 <br /> 601.8 Corporate Resolution ...................................................................................22 <br /> 601.9 Opinion .........................................................................................................22 <br /> 601.10 Management Plan .........................................................................................22 <br /> 601.11 Agency Authority .........................................................................................22 <br /> 601.12 Title Insurance ..............................................................................................22 <br /> 601.13 Affordability Restrictions .............................................................................22 <br /> 601.14 Documents Recorded ................................................................................. .. 23 <br /> 601.15 Request for Notice ........................................................................................23 <br /> 601.16 Insurance .................................................................................................... ..23 <br /> 601.17 No Litigation .............................................................................................. .. 23 <br /> 601.18 Representations and Warranties ................................................................. ..23 <br /> 601.19 No Default .................................................................................................. ..23 <br />602. Additional Conditions Precedent to Any Disbursement ........................................... ..23 <br /> 602.1 Conditions Precedent ................................................................................. ..23 <br /> 602.2 Satisfactory Progress .................................................................................. ..23 <br /> 602.3 Draw Request ............................................................................................. ..23 <br /> 602.4 Condition of Title ....................................................................................... ..23 <br /> 602.5 Representations and Warranties ................................................................. ..24 <br /> 602.6 No Default .................................................................................................. ..24 <br />603. Final Di sbursement ................................................................................................... ..24 <br /> 603.1 Construction Complete ............................................................................... ..24 <br /> 603.2 Certificate of Occupancy Issued ................................................................ ..24 <br /> 603.3 Lien Free .................................................................................................... ..24 <br />604. Disbursement Procedures for Loan(s) ....................................................................... ..24 <br />605. Termination for Failure of Condition ........................................................................ ..25 <br />606. Waiver of Conditions ................................................................................................ ..25 <br /> 606.1 Waiver of Disbursement Conditions .......................................................... ..25 <br /> 606.2 Modification of Disbursement Conditions and Procedures ....................... ..25 <br />607. Disbursement Requests ............................................................................................. ..25 <br />608. Manner of Disbursement ........................................................................................... ..26 <br />609. Cost Ov erruns ............................................................................................................ ..26 <br />610. <br />611 Cost Savings .............................................................................................................. <br />R <br />t <br />i ..26 <br />. e <br />a <br />nage ................................................................................................................... ..26 <br />612. Holdbac k ................................................................................................................... .. 27 <br />DOCSOC/ I469583v5/200272-0003 <br />11