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d s (4) The Developer shall have received all approvals required hereby, including those approvals required by Section 2 . 12 hereof, and shall have received final approval of (i) any changes in the General Plan or zoning, (ii) variances, (iii) special use permits, (iv) site plan approvals, (v) environmental approvals, or (vi) other approvals under applicable law as are required for Developer' s intended use of the Property as described in the Scope of Development . (5) The Developer shall have provided the Agency with an ALTA lerlder' s title insurance policy, or preliminary title commitment with a lender' s title policy to be issued to the Agency upon funding of the Development Grant, 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. (6) The Declaration of Affordability Covenants as set forth in Section 4 .05 hereof, and the Declaration of Redevelopment Covenants, as set forth in Section 4 . 06 hereof, shall have been recorded against the Property in a form and manner acceptable to the Agency and in substantially the same form as attached hereto as Exhibit "C" and "D", respectively. These two declarations 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 Grant 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 t�ie Project . 5 , (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 Grant shall be disbursed to the Developer as follows : � � U on issuance of the radin ermits a licable to the , , P g g P PP ? ; Project by the City to the Developer, the entire amount of the ; j Development Grant shall be deposited with the entity as selected to ; , serve as trustee in connection with the issuance of the Public Assistance (the "Trustee") . The Development Grant proceeds shall be held by the Trustee until the instruments referenced in Section REDW\0006\DOC\013-6 5 3/08/05 mvc