10B Action 2009 0406 - Laserfiche WebLink

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of the final certificate of occupancy for the Project, or (ii) the fifty-seventh (57t") anniversary of the Loan origination date; provided however, if Developer obtains MHP financing for the Project, the maturity date of the Note will be extended to the date of the expiration of the term of the MHP financing. Notwithstanding the foregoing, the Agency shall have the right to accelerate the maturity date and declare all sums payable under the Note immediately due and payable upon the occurrence of an Event of Developer Default, including without limitation, Developer's failure to commence or complete construction of the Project within the times periods specified in Section 3.8. 4.3 Security. As security for repayment of the Note, Developer shall execute the Deed of Trust in favor of Agency as beneficiary pursuant to which Agency shall be provided a lien against Developer's interest in the Property and the Improvements. The Deed of Trust shall be dated as of the Closing Date, shall be substantially in the form attached hereto as Exhibit F, and shall be recorded in the Official Records on the Closing Date. The Deed of Trust maybe subordinated only to the Permitted Exceptions. Developer acknowledges that the Deed of Trust will secure Developer's performance of Developer's obligations pursuant to this Agreement and the Regulatory Agreement which may survive repayment of the Note, and that the Deed of Trust shall not be reconveyed prior to Developer's satisfaction of such obligations. 4.4 Use and Disbursement of Proceeds. The Loan Proceeds shall be used solely to fund specific development activities associated with the Project (in an amount and for only such development activities as are approved for funding by the Agency) and to fund construction of the Project consistent with the approved Financing Plan, as it maybe updated with Agency approval, and Project approvals. 4.5 Conditions to Disbursement of Predevelopment Funds and Loan Proceeds. 4.5.1 Conditions to Disbursement of Predevelopment Funds. Agency's obligation to disburse Predevelopment Funds is conditioned upon the satisfaction of all of the following conditions: (i) Developer's execution and delivery to Agency of this Agreement, the Predevelopment Nate and the Assignment Agreement. (ii) Developer's delivery to the Agency of evidence of liability insurance coverage in accordance with the requirements set forth herein. (iii) Developer's delivery to Agency of each of the following: (i) certificate of good standing, certified by the Secretary of State indicating that Developer is properly organized and authorized to do business in the State of California, (ii) a certified resolution indicating that Developer has authorized the transactions contemplated by this Agreement and that the persons executing the Agency Documents on behalf of Developer have been duly authorized to do so, (iii) certified copy of Developer's LP-1, (iv) a copy of Developer's executed partnership agreement, certified as accurate and complete by an authorized officer of Developer's general partner's sole member; and (v) certified copies of Developer's general partner's LLC-1 and operating agreement; (vi) verification of Developer's general partner's sole member's tax- exempt status; and (vii) a copy of Developer's executed option to acquire a leasehold interest in ~ i~s9s6-s 17