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T 1 ARTICLE I LOAN SECTION 1.01 LOAN Subject to the terms and conditions of this Agreement, City hereby agrees to Loan to Contractor Seven Hundred Fifty Thousand Dollars ($750,000), which shall bear interest at the rate of three percent (3%) per annum simple interest, through the Term of this Agreement, hereinafter designated as the Loan. The entire principal and accrued interest shall be deferred for the Term and shall be due and payable at the end of the Term. The Term of this Agreement is that period commencing on the date first written above and ending on the date which is fifty-five (55) years from the date of initial occupancy. Contractor or its assignee shall also enter into the following instruments or agreements(collectively known as the Loan Documents), by December 14, 1999 (this date may be modified upon written approval of the Redevelopment Administrator): 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 of a 91 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. Contractor shall execute the Certificate of Insurance in the form set forth in Exhibit C, attached hereto and incorporated herein. Contractor 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 2