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8. Conditions Precedent to Acquisition Closing. CONTRACTOR shall <br />cause the following to occur prior to the close of escrow: <br />a. The satisfaction, or waiver (with the concurrence of the Housing <br />Director as evidenced by written Final Approval), of all <br />contingencies to the purchase set forth in the purchase agreement <br />between CONTRACTOR and the seller. <br />b. The execution of Loan Documents in a form approved by the <br />Housing Director. <br />c. The issuance of a CLTA title insurance policy. <br />d. Evidence of property insurance. <br />9. Loan Documents. The County will make NSP funds available to <br />CONTRACTOR in the form of a loan recorded against each property; <br />provided (i) no Loan exceeds the amount set forth in Section IV (A)(7) of <br />this Agreement, and (ii) the aggregate loans of NSP funds made as part of <br />the Program do not exceed the maximum amount of available NSP funds <br />set forth in Section IV (A)(7) of this Agreement. <br />It is contemplated at the time of this Agreement that additional financing <br />documents will be required by a superior Lender. Should a superior <br />Lender's financing documents conflict with this Agreement; the superior <br />Lender's documents shall have priority, subject to approval by the <br />Housing Director. <br />10. Rehabilitation. After the close on the Acquisition of the Property, <br />CONTRACTOR shall cause all rehabilitation work outlined in the <br />approved scope of work to be done in compliance with local building <br />codes and shall acquire permits as required by local jurisdictions. <br />Environmentally sensitive ("green") building is encouraged. <br />CONTRACTOR shall cause wages paid to equal or exceed the prevailing <br />wages of the State of California. <br />11. Sale of Rehabilitated Properties. Following the rehabilitation of a Subject <br />Property, CONTRACTOR shall use reasonable efforts to cause the <br />Subject Property to be sold to an Eligible Purchaser. The County shall <br />reconvey CONTRACTOR'S Loan documents through an escrow which <br />provides title insurance to the buyer. Conditions precedent to closing on <br />the resale shall include providing the Housing Director with evidence <br />satisfactory to the Housing Director that the following conditions have <br />been met: <br />a. The proposed purchaser is an Eligible Purchaser. <br />b. The sale price is equal to or less than the total cast of development <br />of the Subject Property, including acquisition, rehabilitation, <br />Developer Fee, and soft costs. <br />22 of 55 <br />