Agmt 2002 Citizens Housing Corporation

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Loan Agreement San Leandro and Citizens' Housing Corporation Page 2 of 2 Exhibit A Work Program Exhibit B Conditions of Payment Exhibit C ~ Certificate of Insurance Exhibit D Property Management Standards Exhibit E General Federal/State Conditions Exhibit F Regulatory Agreement Exhibit G Promissory Note Exhibit H Deed of Trust SECTION 1.02 USE OF FUNDS The loan shall be used solely for the acquisition and rehabilitation of a forty-six (46) unit apartment building pursuant to the purposes set forth in Exhibit A. The loan funds shall be disbursed pursuant to the Conditions of Payment set forth in Exhibit B, attached hereto and incorporated herein. Developer shall execute the Certificate of Insurance in the form set forth in Exhibit C, attached hereto and incorporated herein. Developer shall comply with the Property Management Standards set forth in Exhibit D, attached hereto and incorporated herein and the General Federal/State Conditions set forth in Exhibit E, attached hereto and incorporated herein. SECTION 1.03 USE OF HOME FUNDS Eleven (11) of the housing units assisted through this contract ("HOME Assisted Units") shall meet at a minimum the HOME affordability requirements of 24 CFR Part 92.252 or 92.254. For all HOME Assisted Units, Developer agrees to execute a regulatory agreement in substantially the same form as Exhibit F that will be recorded as a deed restriction and will specify a term of affordability that will last at least fifty-five (55) years from the date of initial occupancy. SECTION 1.04 DISBURSEMENT OF FUNDS o2Gbd~ The funds will be disbursed into escrow for the acquisition of the Property no later than~~l.L~/ .The Developer is responsible for all payments to any Developers retained to complete the construction. ARTICLE II: REPRESENTATIONS AND WARRANTIES Developer makes the following representations and warranties to City, which representations and warranties shall survive the execution of this Agreement: SECTION 2.01 LEGAL STATUS Developer is a nonprofit corporation duly organized and existing under the laws of the State of California, and is qualified to do business in all jurisdictions in which it conducts business. SECTION 2.02 NO VIOLATION 2