Agmt21 ROEM Project at 353 Main - Laserfiche WebLink

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(2) The Developer shall have executed and delivered to the Promissory Note, the Deed of Trust, the Regulatory Agreement, the Notice of Affordability Restrictions, the Assignment Agreement and any other documents and instruments required to be executed and delivered, all in a form and substance reasonably satisfactory to the City; (3) The Deed of Trust, the Regulatory Agreement, and the Notice of Affordability Restrictions shall have been recorded in the Official Records against the Developer's interest in the Property as a lien subject only to the exceptions authorized by the City; (4) The City has approved the Financing Plan and the undisbursed proceeds of the Loan, together with other funds or firm commitments for funds that the Developer has obtained in connection with the construction of the Improvements are not less than the amount that the City determines is necessary to pay for construction of the Improvements and to satisfy all of the covenants contained in this Agreement; (5) The Developer shall have obtained issuance of a building permit, or evidence that the Developer is entitled to issuance of a building permit for the Improvements by paying the required building permit fees; (6) The City has received and approved the general contractor's construction contract that Developer has entered or proposed to enter for construction of the Development as required pursuant to Section 2.8 above; (7) The City has reasonably approved: (i) the copy of the labor and material (payment) bond; and (ii) the copy of the performance bond from the Developer for the construction of the Improvements as required pursuant to Section 2.9 above; (8) The City has received and reviewed at least three (3) construction proposals from the prospective contractor, which the Developer has obtained from prospective contractors for construction of the Development as required under the terms of this Agreement; (9) The Developer shall have furnished the City with evidence of the insurance coverage meeting the general insurance requirements set forth in Exhibit 1; (10) The Developer has closed all construction financing for the Development and has provided evidence reasonably acceptable to the City that the Developer is prepared to commence construction of the Improvements no later than the date set forth in the Development Schedule; (11) A title insurer reasonably acceptable to the City is unconditionally and irrevocably committed to issuing an ALTA 2006 LP -10 Lender's Policy of insurance insuring the lien priority of the Deed of Trust in the amount of the Loan subject only to such liens approved by the City in the Financing Plan as prior to the lien of the Deed of Trust and such exceptions and exclusions as may be reasonably acceptable to the City and containing such endorsements as the City may reasonably require; REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 26 of 143)