AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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6.13. - Page 14 of 113 for disbursement of funds specifying the amount and use of the requested funds, accompanied by copies of third -party invoices, evidence of Developer' s payment for services rendered in connection with the work (if applicable), and such other documentation as City may reasonably require, including without limitation evidence that the applicable Project construction milestones set forth in Exhibit E attached hereto have been satisfied. If applicable, City shall have approved the work that is the subject of the requisition. (o) Intentionally omitted. 4.4 No Obligation to Disburse Proceeds Upon Default. Notwithstanding any other provision of this Agreement, the City shall have no obligation to disburse or authorize the disbursement of any portion of the Grant proceeds following: (i) the failure of any of Developer' s representations and warranties made in this Agreement or in connection with the Grant to be true and correct in all material respects; (ii) the termination of this Agreement by mutual agreement of the Parties; or (iii) the occurrence of an Event of Developer Default under any City Document which remains uncured beyond any applicable cure period, or the existence of any condition, event or act which upon the giving of notice or the passage of time or both would constitute an Event of Developer Default under any City Document, and that remains uncured as of the date of the requested disbursement. 4.5 Excess Sale Proceeds and Excess Proceeds. As consideration for City' s provision of the Grant, Developer agrees that whenever pursuant to any Resale Restriction Agreement, Developer recovers Excess Sales Proceeds from the sale of residential units in the Project or recovers Excess Proceeds from a foreclosure, deed in lieu of foreclosure or other conveyance of a residential unit in the Project to a creditor, Developer shall pay a pro rata share of such Excess Sales Proceeds and Excess Proceeds to City. Based upon the respective financial contributions of Developer, City and other sources to the total development cost of the Project, City's share of Excess Sales Proceeds and Excess Proceeds shall be equal to twenty-seven and 77/100 percent (27.77%) of the net amount of Excess Sales Proceeds and Excess Proceeds after deduction of Developer's reasonable cost of collection. Developer' s obligations under this Section 4.5 shall survive the termination and reconveyance of the Regulatory Agreement and the Deed of Trust. The City' s share of Excess Proceeds described in this Section is based upon a total City contribution of $4,717,385in financing for the Project, consisting of funding from the following sources: $432,385 - CDBG, $3,386,497 - Housing Impact Fees and Housing In -Lieu Fees, and $898,503 - HOME funds. If the financial contribution to the Project provided by City is modified, the City' s share of Excess Sales Proceeds and Excess Proceeds shall be modified accordingly. * A [i3WaVa■9:t 27 ATTY/AGR.2020.305/Habitat for Humanity Greater San Francisco (Grant Agreement w/ Exhibits) (Page 10 of 109)