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ATTY/RESO.0020/CC RESO APPROVING AMENDMENTS TO HPP GUIDELINES – EXHIBIT B REV: 05-04-26 LF Page 15 of 86 l. [For Expiring Covenant Loans, or if Rehabilitation is minor in nature and does not require building permits, delete] Borrower shall have obtained and maintain performance and completion bonds or such other reasonable construction assurances as may be acceptable to the City for the Rehabilitation Work. m. Borrower shall have satisfied all of the applicable terms and conditions set forth in this Agreement. n. Borrower shall have complied with all Supplemental Conditions that are conditions precedent to disbursement of Loan funds. [If no Supplemental Conditions, delete this section] o. All of the representations and warranties made by the Borrower in this Agreement and in the Note, the Deed of Trust and the Regulatory Agreement shall be true and correct in all material respects as of the date of the Initial Disbursement. 204.2 [For Expiring Covenant Loans, or where Loan is made solely for acquisition, or through a single disbursement, delete] Conditions Precedent to Subsequent Disbursements. The City’s obligation to make disbursements subsequent to the Initial Disbursement (“Subsequent Disbursements”) upon the satisfaction or waiver by City of each and all of the conditions precedent described below (“Conditions Precedent to Subsequent Disbursements”), which are solely for the benefit of the City, and which shall be fulfilled or waived by the time periods provided for herein. a. All conditions precedent for the Initial Disbursement have been satisfied or waived by the City. b. The City has received a written draw request from the Borrower, setting forth the proposed uses of funds consistent with the Project Budget, the amount of funds needed, and, where applicable, a copy of the bill or invoice covering a cost incurred or to be incurred. When a disbursement is requested to pay any contractor in connection with improvements on the Property, the written request must be accompanied by (i) certification by the Borrower'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 Property and make an independent evaluation); and (ii) lien releases and/or mechanics lien title insurance endorsements reasonably acceptable to the City. 205. Repayment of Loan. Borrower shall repay the Loan pursuant to the terms of the Note. 206. Subordination of Loan. The City Manager shall have the authority to execute and deliver subordination agreements as they determine are commercially reasonable and consistent with the purpose and effect of this Agreement subordinating the Deed of Trust to one or more Senior Loans as approved by the City. Notwithstanding the foregoing, the Regulatory Agreement implements the affordability requirements required as a condition for the making of the Loan, and must be senior to all financing, except that the City may subordinate the Regulatory Agreement, to regulatory agreements required as a condition of financing for an approved Senior Loan.