AgdaPkt 2008-04-28 - Laserfiche WebLink

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(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 "DIt, 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 the Project. (e) Agency Assistance Funding Procedure. Subj ect 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: Upon ioouunce of~!:lds _WiU'_M'M!?~__ issue~ di:r:~ctly _from the gr.:1ding permito .:lpplic.:1ble to the Project by the CitY~9~~fY to the Developer, the entire .:1ffiOunt of the Developmont Cr.:lnt ohull be depooited with the entity .:10 oelected to oerve .:10 truotee in connection with the ioou.:1nce of the Public Aooiot.:1nce (the "Truntee"). The Development Crunt proceecto shall be held by the Truotee until the inotrumcnto referenced in Cection2.09 of thio l\greement h.:1'Je been recorded .:10 provided. At the time that the inotrumcnno referenced in Section 2.09 huve been recorded io provided, the Truotee ohall be authorized and directed to .:1dvancc the Development Crant on a pro rata baoio in parallel '.:ith the dioburoal of the procecdo of the Public ~ooiotance. on a re i mburserrr:::g.t=..._.E~~::? is. T.b~~...!2.~~;T..:::.l op~..Y.d:_~_;LE-~oV i ~~....~.~'= ~3..~!:l..~_~i ~_tl__~.~S:.~_~ocu~~ n ~~_t._~_~p.__--9-_~__.-..!~~____.?:SL<::g~'y_~~_Y reasonably require sl~ow:!:..~9:__1::hat tt1e Developer has paid the item for which reimbursement is sought. The Agency has He!!l~.__.E~_ciht'~--b.!::lt _ nc:_!:_~~~--oEligatIon-'t-o--overocc the 5 6.18 Page 10