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Affordability Restrictions on Transfer of Property shall remain in first position on title and shall <br />not be subordinated. <br />(d) Documents Recorded. This Loan Agreement, the HOME Loan Deed of <br />Trust, the Notice of Affordability and the Affordability Restrictions on Transfer of Property shall <br />have been recorded in the Official Records of the County. <br />(e) Request for Notice. For the benefit of City, Escrow Holder shall have <br />recorded a request for notice of default of the Senior Loan (the "Request for Notice of Default"). <br />(f) Insurance. City shall have received evidence satisfactory to the City Attorney <br />that all of the policies of insurance required by Section 19 of this Agreement are in full force and <br />effect. <br />(g) Representations and Warranties. The representations and warranties of <br />Developer contained in this Agreement and the other Loan Documents shall be correct in all <br />material respects as of the Close of Escrow as though made on and as of that date, and if <br />requested by the Executive Director, City shall have received a certificate to that effect signed by <br />Developer's Representative. <br />(h) No Default. No Event of Default by Developer shall have occurred, and no <br />event shall have occurred which, with the giving of notice or the passage of time or both, would <br />constitute an Event of Default by Developer under this Agreement, and if requested by the <br />Executive Director, City shall have received a certificate to that effect signed by Developer's <br />Representative. <br />6.2 Disbursement Procedures for Loan. The HOME Loan proceeds shall be disbursed through <br />Escrow to finance the acquisition and construction of the Project (as evidenced in Exhibit E). The <br />HOME Loan proceeds shall not be used for any purpose other than for acquisition and <br />predevelopment and construction related costs, including developer fee and soft costs related to the <br />development of the Project (costs all subject to City's prior review). <br />6.3 First Disbursement. City's obligation to make the first disbursement of the Construction <br />Portion is subject to satisfaction of the following conditions precedent: <br />(a) General Contractor. If the Executive Director has not yet approved the General <br />Contractor, the Executive Director shall have approved the identity and <br />qualifications of the General Contractor. <br />(b) Construction Contract. If the Executive Director has not yet approved the <br />Construction Contract, the Executive Director shall have approved the <br />Construction Contract. <br />6.4 Termination for Failure of Condition. If (a) any of the conditions set forth herein are <br />not timely satisfied or waived by the Executive Director, and (b) City is not in default under this <br />Agreement, City may terminate this Agreement without any further liability on its part by giving <br />