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(12) The Developer has paid or will repay within five (5) business days of the first disbursement made hereunder not less than Three Million Five Hundred Thousand Dollars ($3,500,000) of the Housing Endowment and regional Trust (HEART) portion of the County Loan; (13) The City has received a written draw request from the Developer, including certification that the condition set forth in Section 3.6(b)(1) continues to be satisfied, and setting forth the proposed uses of funds consistent with the Financing Plan as required under Section 2.4, the amount of funds needed, and, where applicable, a copy of the bill or invoice covering a cost incurred or to be incurred; and (14) When a disbursement is requested to pay any contractor in connection with the Improvements, the written request must be accompanied by: (i) certification by Developer's architect reasonably acceptable to the City that the work for which disbursement is requested has been completed (although the City reserves the right to inspect the Development and make an independent evaluation); and (ii) lien releases and/or mechanics lien title insurance endorsements reasonably acceptable to the City. (c) The City shall not be obligated to make any disbursements of the Completion Component of the Loan proceeds unless the conditions precedent set forth in Article 2 have been satisfied and the following conditions precedent are satisfied: (1) All requirements set forth in Section 3.6(b)(1) have been and continue to be satisfied and there exists no Event of Default nor any act, failure, omission or condition that would constitute a Developer Event of Default under this Agreement; (2) The Developer has received and delivered to the City a copy of a Certificate of Occupancy for the Development; (3) The Developer has satisfied all conditions for the receipt of the completion/conversion installment of the Tax Credit Investor Equity, consistent with Developer's Partnership Agreement; (4) The City has received a draft of the Final Cost Certification for the Development from Developer showing all uses and sources; tenant lease; (5) The City has received from Developer and approved a form of (6) The City has received from Developer and approved the Management Plan; (7) The City has received from Developer and approved a copy of the Resident Services Plan for the provision of service to tenants; (8) The City has received from Developer current evidence of the insurance coverage meeting the requirements of Exhibit 1; REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 27 of 143)