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and sufficient evidence indicating that the selected Homebuyer satisfies the requirements of this <br />Agreement. <br />(v) Homebuyer Loan Agreement. The Agency and the <br />Homebuyer shall have entered into a Homebuyer Loan Agreement and all related loan <br />documents and such Homebuyer Loan Agreement and such other documents shall have been <br />duly executed, attested, notarized and delivered to the escrow holder with appropriate title and <br />escrow instructions and such Homebuyer Assistance Loan shall be ready to close (subject to the <br />Agency funding the proceeds of such Homebuyer Assistance Loan into escrow) concurrent with <br />the Developer's escrow to sell the Affordable For-Sale Unit to the Homebuyer. <br />(vi) Insurance. The Agency shall have received sufficient <br />evidence of the issuance of a homeowner's insurance policy with a guaranteed replacement <br />provision for the Affordable For-Sale Unit and a lender's loss payable endorsement in its favor. <br />(vii) Affordability and Intone Requirements. The Agency <br />Executive Director shall be satisfied that the Homebuyer meets the applicable Moderate Income <br />requirements of the CRL and that the Monthly Housing Cost for the For-Sale Unit is no greater <br />than an Affordable Housing Cost. <br />(viii) Representations and Warranties. The representations and <br />warranties of the Developer contained in this Agreement shall be correct as of the close of each <br />such escrow as though made on and as of that date, and the Agency Executive Director shall <br />have received a certificate to that effect signed by the Developer. <br />(ix) No Default. No Default by the Developer shall have <br />occurred with respect to Phase FS, and no event shall have occurred with respect to Phase FS <br />which, with the giving of notice or the passage of time or both, would constitute an Default by <br />the Developer with respect to Phase FS. <br />315.5 Subordination. The deed of trust securing the Homebuyer's repayment <br />of the Homebuyer Assistance Loan may be made subordinate only to the deed of trust to be held <br />by the first lien lender that is approved by the Agency pursuant to the Homebuyer Loan <br />Agreement. The deed of trust securing the Homebuyer's repayment of the Homebuyer <br />Assistance Loan shall be subordinate to no other lien(s), except as provided in the Homebuyer <br />Loan Agreement or as otherwise expressly approved in writing by the Agency Executive <br />Director in his or her sole and absolute discretion. <br />315.6 Assumption. The Homebuyer Loan and Homebuyer Loan Agreement <br />shall be assumable by eligible and qualified successors and assigns of the Homebuyer who are <br />approved in writing by the Agency pursuant to the terms of the Homebuyer Loan Agreement. <br />316. Financing of the Developer Improvements. <br />316.1 Approval of Financing. As required herein and as one of Agency's <br />Condition Precedent to each Closing, the Developer shall submit to the Agency Evidence of <br />Construction Financing and Evidence of Permanent Financing for the Rental Portion of the <br />Project for a Phase on or before the date set forth in the Schedule of Performance. The Agency <br />DQCSOC /I400673v14/200272-0401 <br />45