SANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT) - 2017

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6.14 Waiver of Disbursement Conditions. Unless City otherwise agrees in writing, the making by City of any disbursement with knowledge that any condition to such disbursement is not fulfilled shall constitute a waiver of such condition only with respect to the particular disbursement made, and such condition shall be a condition to all further disbursements until fulfilled. 6.15 Modification of Disbursement Conditions and Procedures. The Executive Director shall have the authority to modify the disbursement conditions and procedures set forth herein in order to conform them to the payment provisions of the Construction Contract. 6.16 Other Terms and Conditions of Loan. A. The Promissory Note shall become immediately due and payable, in the event of any of the following: (1) failure to complete the Project within four (4) years of the recording date; (2) violation of any of the use covenants and restrictions contained in this Agreement after the expiration of any applicable notice and cure periods; (3) an Event of Default by Developer which is not timely cured after expiration of any applicable notice and cure periods pursuant to the terms of this Agreement. 6.17 Closing Costs and Fees. Developer shall pay (a) all escrow fees and charges, (b) all recording fees and charges on any document recorded pursuant to this Agreement, and (c) the premium for the title insurance required hereunder. 7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROPERTY 7.1 Use Covenants and Restrictions. A. The HOME restrictions for the eleven (11) HOME assisted units shall be enforced until the date that is twenty (20) years after the date on which the Certificate of Completion is issued or until payment of principal and all accrued interest on the HOME Loan, whichever comes last. B. Upon expiration of the HOME Compliance Period, the City will enforce affordability of said units with the same income and rent restrictions as the other units, pursuant to California Health and Safety Code. C. The Project shall consist of fifty-seven (57) income restricted units. There shall be eleven (11) HOME assisted units. The HOME assisted units will be floating units and shall be distributed throughout the complex with comparable amenities to the other units.