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6.B. - Page 6 of 177 <br />TABLE OF CONTENTS <br />ARTICLE 1. DEFINITIONS AND EXHIBITS ............................. <br />Section1.1 Definitions................................................... <br />Section 1.2 Exhibits_ __________ <br />Page <br />......................................2 <br />............... ...................2 <br />....................................11 <br />ARTICLE 2. PRECONSTRUCTION REQUIREMENTS............................................................11 <br />Section 2.1 <br />Conditions Precedent to Conveyance of Property <br />Section2.2 <br />....................... ..............11 <br />Governmental Approvals...........................................................................1 l <br />Section 2.3 <br />Review and Approval of Design and Construction <br />Documents.................................................................................................12 <br />Section2.4 <br />Financing Plan <br />Section 2.5 <br />...........................................................................................13 <br />Tax Credit Reservation; Financing <br />Section 2.6 <br />............................................................14 <br />Other Approved Financing <br />Section 2.7 <br />........................................................................15 <br />Other Governmental Approvals <br />Section 2.8 <br />.................................................................15 <br />Management Plan and Procedures <br />Section 2.9 <br />.............................................................15 <br />Construction Contract <br />Section 2.10 <br />................................................................................16 <br />Construction Bonds <br />Section2.11 <br />....................................................................................17 <br />Insurance <br />Section 2.12 <br />................................................................................ ........17 <br />............ <br />Resident Selection Plan <br />Section 2.13 <br />..............................................................................17 <br />Condition of Title.......................................................................................17 <br />ARTICLE 3. LOAN <br />PROVISIONS <br />Section3.1 <br />..............................................................................................18 <br />Loan Amount <br />Section3.2 <br />.............................................................................................18 <br />Interest <br />Section3.3 <br />........................................................................................................18 <br />Use of Loan <br />Section 3.4 <br />................................................................................................18 <br />Security; Subordination of Regulatory Agreement <br />Section 3.5 <br />....................................18 <br />Repayment Schedule..................................................................................19 <br />Section 3.6 <br />Conditions Precedent to Disbursement of Loan........................................20 <br />Section 3.7 <br />Reports and Accounting of Residual Receipts...........................................23 <br />Section3.8 <br />Developer Fee............................................................................................24 <br />Section3.9 <br />Assumption <br />Section3.10 <br />................................................................................... ..25 <br />. ............ <br />Non-Recourse <br />Section 3.11 <br />............................................................................................25 <br />Assignment of Collateral Documents <br />........................................................25 <br />ARTICLE 4. CONSTRUCTION OF IMPROVEMENTS <br />Section4.1 <br />................................................ <br />Construction Pursuant to Plans <br />Section 4.2 <br />..................................................................26 <br />Change in Construction of Improvements <br />Section4.3 <br />.................................................26 <br />Commencement of Improvements.............................................................27 <br />Section 4.4 <br />Completion of the Improvements <br />Section 4.5 <br />..............................................................27 <br />Equal Opportunity <br />......................................................................................27 <br />Section 4.6 <br />Compliance with Applicable Law; Prevailing Wage <br />Requirement...............................................................................................27 <br />Section 4.7 <br />Progress Report <br />Section 4.8 <br />..........................................................................................29 <br />Construction Responsibilities <br />Section 4.9 <br />....................................................................29 <br />Mechanics Liens, Stop Notices, and Notices of Completion ..................... 29 <br />Section4.10 <br />Inspections.............................................................................. <br />Section4.11 <br />. ............. ......30 <br />Information <br />Section4.12 <br />................................................................................................30 <br />Records <br />................................................................................................. .....30 <br />REV: 06-17-2020 PR <br />1199\09\2727850.8 <br />ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 2 of 143) 35 <br />