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Phase. The Agency Executive Director may waive the requirements of this Section 314.3 in the <br />event the Developer timely submits to the Agency a report prepared for any other federal, state <br />or local government agency that contains the information required by Attachment No. 10. The <br />Residual Receipts Report, or the report accepted by the Executive Director in lieu of the Residual <br />Receipts Report, must be prepared or audited by an entity independent of the Developer in order <br />to satisfy the requirements of this Section 314.3. <br />314.4 Reporting Requirements for the For-Sale Portion of the Project. <br />Within one hundred twenty (120) days after the close of escrow of the sale of the last For-Sale <br />Unit the Developer shall submit to the Agency a financial statement setting forth the Profit <br />Sharing Amount, and the Net Profit, Gross Sales Proceeds, For-Sale Units Development Cost, <br />and For Sale Units Development Profit upon which the Profit Sharing Amount has been <br />calculated (as those terms are defined in the Phase FS Promissory Note. <br />314.5 Security of Agency Loan. Each Promissory Note shall be secured by a <br />deed of trust to be recorded as an encumbrance against the applicable Phase to which such <br />Promissory Note relates, which deed of trust shall be substantially in the form attached hereto as <br />Attachment No. 9 attached hereto, which is incorporated herein (the "Agency Deed of Trust"). <br />The Agency acknowledges that it will be necessary to subordinate each Agency Deed of Trust to <br />deeds of trust securing other sources of financing obtained by the Developer. The Agency <br />Executive Director is authorized to execute any and all documents necessary in order to <br />subordinate each Agency Deed of Trust, but only if and to the extent such subordination is <br />reasonably necessary. <br />314.6 Disbursement of the Agency Loan. The proceeds of each Agency Loan <br />shall be disbursed for hard and soft costs of construction for the applicable Phase to which such <br />Agency Loan relates, and shall be disbursed to Developer's institutional construction lender for <br />such Phase pro rata with the proceeds of the construction loan (subject to the approval of such <br />institutional construction lender) at such time as Agency and such institutional construction <br />lender approves such disbursement upon completion of a line item under the Budget. <br />315. Homebuyer Assistance. <br />315.1 Homebuyer Assistance Loan. The Agency hereby agrees to loan to each <br />qualified Moderate Income Homebuyer of an Affordable For-Sale Unit the amount of Thirty <br />Thousand Dollars ($30,000) (each, a "Homebuyer Assistance Loan"), subject to the terms and <br />conditions set forth in this Agreement, and subject further to the terms and conditions set forth <br />within the documents and instruments executed by each Homebuyer, including the Homebuyer <br />Loan Agreement, all in compliance with applicable laws and regulations. The Agency shall fund <br />each Homebuyer Assistance Loan solely from moneys from a Low and Moderate Income <br />Housing Fund established pursuant to Section 33334.3 of the California Health and Safety Code, <br />all within the meaning of Section 1720(c)(4) of the California Labor Code. <br />315.2 Repayment of Homebuyer Assistance Loan. Each Homebuyer's <br />obligation to repay the Homebuyer Assistance Loan shall be set forth in a promissory note <br />substantially in the form attached to the Homebuyer Loan Agreement. The Homebuyer <br />Assistance Loan shall not accrue interest until and unless an event of acceleration occurs under <br />42 <br />DOCSOM 400673v 141200272-0001