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91114491 9'`��'�� e. Borrower shall repay the funds loaned and prepayment charges identified in the Promissory Note pursuant to prepayment schedule attached hereto as Attachment number 1. 2. CONTRACT SCHEDULE: BORROWER agrees to meet the following schedule for the following tasks: Close of Escrow September 30, 1993 Commencement of Rehabilitation October 15, 1993 Completion of Rehabilitation December 15, 1993 If this schedule is not met, the Director, Development Services Department or designee, at his or her option, may void this agreement and the other related documents. The schedule may be revised by the Director at the request of the BORROWER, should extenuating circumstances beyond the control of the BORROWER arise to delay these tasks. 3. CONDITION FOR PAYMENT OF HOME FUNDS: a. Prior to disbursements under this contract, BORROWER shall establish a budget, to be approved in writing by the Director, Development Services Department, or designee, of the City of San Leandro, specifying by line item the expenditures to be made with home funds. b. Upon execution of this contract and approval of a development budget, the execution of the other Loan Documents referred to herein, and close of escrow, BORROWER may request disbursement of costs incurred in connection with the acquisition costs of the eleven (11) units assisted with home funds. C. All funds disbursed to BORROWER must be expended within fifteen (15) days of approval of the disbursement request. d. For purposes of entering into escrow and completing the property acquisition, BORROWER may request disbursement of up to $23,808 per unit for acquisition costs. The amount requested is based on a percentage of a pro-rata share of the purchase price of the FARGO GARDENS APARTMENT COMPLEX established in the purchase agreement for the apartment complex. 9/28/93 (STM)