AgdaPkt 2003-12-15 - Laserfiche WebLink

Browse Search

V /C• ILO (3) The Participating Owner shall have received all approvals required from the City hereby, including those approvals required by Section 12 hereof, as are necessary for the Project as described in the Scope of Development and /or as necessary for Participating Owner's intended use of the Property. (4) The Participating Owner shall have provided the City and /or Agency with an ALTA lender's title insurance policy, or preliminary title commitment with a lender's title policy to be issued to the City and the Agency upon funding of the Public Assistance, from a title insurance company to be approved by the `City and Agency, showing fee simple title in the Property in the name of the Participating Owner and subject only to such liens as may have been approved by the Agency. (5) The Declaration of Affordability Covenants and the Declaration of Redevelopment Covenants, as set forth in Section 6 hereof, and more fully discussed in Section 17 hereof, shall have been recorded against the Property in substantially the same form as attached hereto as Exhibits "E" and "G ", respectively. These two declarations shall be recorded immediately after the recordation of the deed of trust or other security instrument, if any, which secures Participating Owner's obligations under the CSCDA Loan Proceeds. Immediately after recordation of the Declarations of Affordability Covenants and Redevelopment Covenants, the Deed of Trust shall be recorded. The recordation of the relevant instruments in connection with the Loan will be undertaken by an escrow holder acceptable to the City and /or the Agency, and on instructions approved by the City and /or the Agency, in such a way as to effectuate the intent of this Agreement. (6) The Participating Owner shall not be, at the time any advance is requested, in violation of any provision of this Agreement, any attachment hereto, any ordinance of the City or any other law or regulation applicable to the Property or the Project. f. The City and 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 Participating Owner regarding the finances of the Project. Section 4. Public Assistance Funding Procedure. Subject to the other provisions hereof, including, without limitation, the conditions precedent set forth in Section 3, above, the proceeds of the Public Assistance shall be disbursed by the rA