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Meta Housing Corporation, City of Santa Ana, and Santa Ana Arts Collective L.P. <br />16-AHSC-11199 <br />Page 2 of 17 <br />EXHIBIT D <br />or liquidator of Sponsor or any of its property, or any affiliate or general partner of Sponsor <br />or any of its property. <br />E. Failure of Sponsor, or any general partner of Sponsor, to effect a full dismissal of any <br />involuntary petition under the Bankruptcy Code that is filed against Sponsor, or any <br />general partner of Sponsor, or in any way restrains or limits Sponsor, or any general <br />partner of Sponsor, or the Department regarding the AHSC Loan or the Affordable <br />Housing Development, prior to the earlier of the entry of any court order granting relief <br />sought in such involuntary petition, or 30 days after the date of fling of such involuntary <br />petition. <br />F. Attachment, levy, execution, or other judicial seizure of any portion of the Affordable <br />Housing Development, or any substantial portion of the other assets of Sponsor, or any <br />general partner of Sponsor, that is not released, expunged, bonded, discharged, or <br />dismissed within 30 days after the attachment, levy, execution, or seizure. <br />G. Tendency of any proceeding challenging the legal existence or authority of Sponsor, or <br />any general partner of Sponsor, or any proceeding challenging the legality of the <br />Affordable Housing Development. <br />H. Failure of Sponsor to close the Department approved construction financing on or before <br />the date indicated under "Timing" in these General Conditions. Any reference in this <br />Agreement to "construction" shall include rehabilitation construction, if applicable. <br />3. Timing <br />A. The Sponsor shall close the construction financing approved by the Department as <br />indicated in the Application and commence construction of the Affordable Housing <br />Development and, upon the Department's request, timely provide evidence of same by <br />submission of recorded deeds of trust for all construction financing (except for AHP funds), <br />payment of all construction lender fees, issuance of building permits (a grading permit <br />does not suffice to meet this requirement) and notice to proceed delivered to the <br />contractor. If no construction lender is involved, and the project Is receiving low-income <br />housing tax credits, evidence must be submitted that the equity partner has been admitted <br />to the ownership entity, and that an initial disbursement of funds has occurred. <br />B. Pursuant to section 111 of the Guidelines, construction of the Affordable Housing <br />Development must commence within two years of the Program award and must be <br />completed within five years of the Program award date. <br />C. The Sponsor shall satisfy all conditions required to close the AHSC Loan on or before <br />June 30, 2021. In order to ensure this disbursement happens, the Sponsor must provide <br />the Department with a certificate of occupancy for the Project by no later than April 1, <br />2021. No extension to the AHSC Loan closing deadline will be allowed. If the AHSC Loan <br />AHSC Loan - Rental Affordable Housing Development <br />NOFA Date: 01/29/16 <br />Approved Date: 03/09/17 <br />Prep Date: 07/20/17 <br />