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aggregate amount of HOME Funds disbursed to Borrower pursuant to this Agreement shall not exceed the amount of the Loan. 1.10.1 Conditions to Disbursement. City shall disburse HOME Funds in accordance with Section 1.10 only following satisfaction of all of the following conditions: (i) The conveyance of the Property to Borrower. (ii) Borrower's execution and delivery to City of this Agreement, the Note, the Deed of Trust, and the Regulatory Agreement. (iii) Recordation of the Deed of Trust and the Regulatory Agreement in the Official Records of Alameda County. (iv) Borrower's delivery to City of evidence reasonably satisfactory to City that there are no mechanics' liens or stop notices related to the Property or the Project, and Borrower's provision to City of full or conditional waivers or releases of lien clams if required by City. (v) The issuance by an insurer satisfactory to City of an A.L.T.A. lender's policy of title insurance("Title Policy") for the benefit of City in the amount of the Loan, insuring that the lien of the Deed of Trust and the Regulatory Agreement are subject only to Deed of Trust and Regulatory Agreement entered into, and such other exceptions to title as City shall reasonably approve and containing such endorsements as City may reasonably require. (vi) Borrower's delivery to the City of evidence of property and liability insurance coverage and general contractor's Certificates of Liability Insurance which name the City and applicable lenders as additional insured and payment and performance bonds in accordance with the requirements set forth herein and in the Regulatory Agreement. (vii) No material adverse change,as determined by City in its reasonable judgment shall have occurred in the condition of the Property or in the financial or other condition of Borrower since the date of this Agreement. (viii) Borrower's delivery to City of evidence reasonably satisfactory to City that Borrower has obtained all necessary entitlements, permits (including without limitation building permits), licenses,and approvals required to develop the Project,or that the receipt of such permits is subject only to such conditions as City shall reasonably approve; (ix) City shall have approved the final plans and specifications for the Project; (x) Borrower's construction financing for the Project shall have closed or shall close concurrently with City's disbursement of funds for construction, and Borrower shall have delivered to City evidence reasonably satisfactory to City that Borrower has secured binding commitments, subject only to commercially reasonable conditions, for all Project construction and permanent financing; and (xi) Borrower's delivery to City, and City approval of the Project construction contract, budget, and construction schedule. 2220130.1 Page 6