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TABLE OF CONTENTS Page ARTICLE 1. DEFINITIONS AND EXHIBITS..............................................................................2 Section1.1 Definitions....................................................................................................2 Section1.2 Exhibits......................................................................................................11 ARTICLE 2. PRECONSTRUCTION REQUIREMENTS............................................................11 Section 2.1 Conditions Precedent to Conveyance of Property.....................................11 Section 2.2 Governmental Approvals...........................................................................11 Section 2.3 Review and Approval of Design and Construction Section3.3 Use of Loan................................................................................................18 Documents.................................................................................................12 Section 2.4 Financing Plan...........................................................................................13 Section 3.5 Section 2.5 Tax Credit Reservation; Financing............................................................14 Conditions Precedent to Disbursement of Loan........................................20 Section 2.6 Other Approved Financing........................................................................15 Section 2.7 Other Governmental Approvals.................................................................15 Section3.8 Section 2.8 Management Plan and Procedures.............................................................15 Section 2.9 Construction Contract................................................................................16 Mechanics Liens, Stop Notices, and Notices of Completion ..................... 29 Section 2.10 Construction Bonds....................................................................................17 Section 4.11 Section2.11 Insurance....................................................................................................17 Records......................................................................................................30 Section 2.12 Resident Selection Plan..............................................................................17 Section 2.13 Condition of Title.......................................................................................17 ARTICLE 3. LOAN PROVISIONS..............................................................................................18 Section 3.1 Loan Amount.............................................................................................18 Section 4.2 Section3.2 Interest........................................................................................................18 Section 4.3 Section3.3 Use of Loan................................................................................................18 Section 4.4 Section 3.4 Security; Subordination of Regulatory Agreement....................................18 Section 3.5 Repayment Schedule..................................................................................19 Section 3.6 Conditions Precedent to Disbursement of Loan........................................20 Compliance with Applicable Law; Prevailing Wage Section 3.7 Reports and Accounting of Residual Receipts...........................................23 Requirement...............................................................................................27 Section3.8 Developer Fee............................................................................................24 Section 4.8 Section3.9 Assumption................................................................................................25 Mechanics Liens, Stop Notices, and Notices of Completion ..................... 29 Section3.10 Non-Recourse............................................................................................25 Section 4.11 Section 3.11 Assignment of Collateral Documents........................................................25 Records......................................................................................................30 ARTICLE 4. CONSTRUCTION OF IMPROVEMENTS............................................................26 Section 4.1 Construction Pursuant to Plans..................................................................26 Section 4.2 Change in Construction of Improvements. Section 4.3 Commencement of Improvements.............................................................27 Section 4.4 Completion of the Improvements..............................................................27 Section 4.5 Equal Opportunity......................................................................................27 Section 4.6 Compliance with Applicable Law; Prevailing Wage Requirement...............................................................................................27 Section 4.7 Progress Report ..........................................................................................29 Section 4.8 Construction Responsibilities....................................................................29 Section 4.9 Mechanics Liens, Stop Notices, and Notices of Completion ..................... 29 Section 4.10 Inspections.................................................................................................30 Section 4.11 Information................................................................................................30 Section4.12 Records......................................................................................................30 REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 2 of 143)