Agmt05 First Community Housing - Laserfiche WebLink

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(7) The Developer shall have provided the Agency with an ALTA lender's title insurance policy, or pro forma title policy with a lender's title policy to be issued to the Agency upon funding of the Development Loan, from a title insurance company showing fee simple title in the Property in the name of the Developer and subject only to such liens as may have been approved by the Agency with respect to the Public Assistance or the Developer's construction and or permanent financing. (8) The Declaration of Affordability Covenants as set forth in Section 4.05 hereof, shall have been recorded against the Property in a form and manner acceptable to the Agency and substantially in the same form as Exhibit "E", attached hereto. The redevelopment covenants, as set forth in Section 4.06 hereof, shall be included in the Grant Deed. These Declaration of Affordability Covenants shall be recorded immediately after the recordation of the deed of trust or other security instrument which secures repayment of the Public Assistance. Immediately thereafter, the Deed of Trust shall be recorded. The recordation of the relevant instruments in connection with the Development Loan and the Public Assistance will be undertaken by an escrow holder acceptable to the Agency, and on instructions approved by the Agency, in such a way as to effectuate the intent of this Agreement. d. The Agency shall have the right from time-to-time, upon reasonable notice, to review the books and records of the Project and/or the Developer regarding the finances of the Project. e. Agency Assistance Funding Procedure. Subject to the other provisions hereof, including, without limitation, the conditions precedent set forth above, the proceeds of the Development Loan shall be disbursed to the Developer as follows: The Development Loan shall disbursed by the Agency from time to time within thirty (30) days of receipt by the Agency of appropriate documentation demonstrating the completion of an item of work covered by the Scope of Development and after the inspection of said work by an authorized agent of the Agency to verify its completion; provided, however, that all requests for disbursement, together with supporting documentation as necessary, shall be submitted prior to the 15th day of the given month. Any submittals received after the 15th day of the given month will be processed in the following month. 7 REDW\0006\DOC\001-5 1/27/05 7:00 /mve