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13 Improvements, and (b) a portion of the City Rehabilitation Grant Proceeds shall be used to pay for the cost of predevelopment expenses, construction and rehabilitation of the Improvements, to be funded through monthly draws. All disbursements shall be in accordance with a Project Budget which is submitted by Lessee to Lessor and approved by Lessor. The Project Budget may be revised from time to time with the mutual approval of the Parties. Section 5.3 Conditions to Disbursement of City Rehabilitation Grant Proceeds. City’s obligation to fund the City Rehabilitation Grant and disburse the City Rehabilitation Grant Proceeds for the purposes of Section 5.2 above is conditioned upon the satisfaction of all of the following conditions (a) City’s receipt of a written draw request for disbursement of funds from Lessee specifying the amount and use of the requested funds, setting forth the proposed uses of funds consistent with this Agreement, the amount of funds needed, and, where applicable, a copy of the bill or invoice covering a cost incurred or to be incurred, and City’s inspection of the work and determination that the work for which payment is requested has been performed in compliance with the requirements of this Agreement. (b) Lessee’s delivery to City of each of the following: (i) certificate of good standing, certified by the Secretary of State indicating that Lessee is properly organized, in good standing, and authorized to do business in the State of California, and a certified resolution indicating that Lessee has authorized this transaction and that the persons executing this Agreement and the Regulatory Agreement on Lessee’s behalf have been duly authorized to do so. (c) Lessee’s delivery to the City of evidence of insurance coverage accordance with the requirements set forth in Article 8. (d) Lessee’s delivery of the Regulatory Agreement, fully executed and acknowledged. (e) Recordation of the Regulatory Agreement in the Official Records. (f) There exists no Default nor any act, failure, omission or condition that would constitute an event of Default under this Agreement. (g) The City’s receipt of a written requisition for disbursement of funds from Lessee specifying the amount and use of the requested funds, which shall be in conformance with the approved Project Budget. Section 5.4 Operating Subsidy Agreement. Lessor and Lessee shall enter into the Operating Subsidy Agreement, substantially in the form attached hereto as Exhibit G and incorporated herein, concurrently with the execution of this Ground Lease. Section 5.5 Project Homekey Grant. Lessor shall be entitled to the disbursement of such portion of the Project Homekey Grant as Lessor determines is necessary for payment of the full amount of the costs of Lessor’s acquisition of the Leased Premises. Lessee shall be entitled to DRAFT