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of credit, pledge of cash deposit, certificate of deposit, or other marketable securities held by a broker or other financial institution, with signature authority of the City required for any withdrawal, or a completion guaranty in a form and from a guarantor acceptable to City. Such evidence must be submitted to City in approvable form in sufficient time to allmv for City's review and approval prior to the scheduled construction start date. 3.22 Insurance Requirements. Developer shall maintain and shall cause its contractors to maintain all applicable insurance coverage specified in Article X . 3.23 HCD Requirements. As a condition precedent to the disbursement of the TOD Grant and the Infill Infrastructure Grant ( "IIG Grant ") that HCD is providing for the construction of certain improvements related to the Project, HCD may require the physical separation of a portion of the Project, so that a portion of the Project is constructed on that certain real property described in Exhibit A -1 (the "Additional Property "). If HCD requires a physical separation of the Project, the Parties will enter into an operating memorandum to reflect the manner in which this Agreement will apply to each portion of the Project. The operating memorandum shall provide, without limitation: (A) the improvements to be constructed on the Additional Property may, in the Developer's discretion, be independently financed, developed and owned by a Controlled Affiliate (including a Controlled Affiliate that is a limited partnership in which an affiliate of BRIDGE is the general partner) or another entity approved by the City in accordance with the provisions of Article VI ; (B) if the improvements to be constructed on the Additional Property will be financed, developed or owned independently of the improvements constructed on the Property, then the following shall apply: (a) the rights and obligations of this Agreement pertaining to the Property shall be deemed to apply to the Additional Property, provided however, the operating memorandum shall specify that such terms and conditions shall apply separately to the applicable portion of Project, and to the Property and the Additional Property, as applicable; (b) there shall be no cross defaults as to the two portions of the Project; (c) if the City regulates the affordability of any units on the Additional Property, a separate Regulatory Agreement specifying the applicable restrictions shall be utilized for each portion of the Project; and (d) if any of the Loan Funds will be used for the improvements to be constructed on the Additional Property, a separate Note and Deed of Trust specifying the applicable amount of Loan Funds shall be utilized for each portion of the Project; and (C) the Project may include additional commercial or retail space, and may include a total of more than 200 residential units; provided however, the City will restrict a maximum of 98 units in the Project for occupancy by Very Low Income households and a maximum of 100 units in the Project for occupancy by households earning 90% of Area Median Income. ARTICLE IV FINANCIAL ASSISTANCE 4.1 Loan. In order to increase the affordability of the Project, pursuant to the Original OPA, Agency agreed to provide a loan to Developer in the maximum aggregate amount of Nine Million, One Hundred Thousand Dollars ($9,100,000) ( "Loan Funds ") upon the terms and conditions and for the purposes set forth in the Original OPA. As more particularly set forth below, a portion of the Loan Funds have been previously disbursed to Developer for 1865087.6 16