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202406660 Section 1.06 Security for the Note. The Note will be secured by a subordinate deed of trust on the Project constructed from the proceeds of the Loan and the Guaranty executed and delivered by Guarantor simultaneously with the execution of this Agreement. The completion of construction of the Project shall be guaranteed by the Guarantor. Section 1.07 Payment. Borrower shall pay the Note according to its terms. If Borrower has complied with all of the Borrower's obligations under the Loan Documents and Developer has complied with all of the Developer's obligations under the Developer Agreement, the Loan shall be forgiven as provided in the Note at the end of the 10 year audit period set forth in the Contract. Section 1.08 Optional Prepayment. The Borrower may prepay, at any time and from time to time, all or any portion of the outstanding principal amount of the Note without premium or penalty. Section 1.09 Use of Proceeds. The Borrower shall only use the Advances under the Note for Eligible Expenses which are associated with the affordable housing Project described in the Contract and located in Grand Island, Nebraska on the real property legally described on Exhibit A, attached hereto and incorporated by this reference (the "Property"). Prior to using any loan funds, however, Borrower shall first exhaust the Matching Contribution. ARTICLE 2 CONDITIONS OF LENDING Section 2.01 Conditions Precedent to Each Advance. The Lender's commitment to make the Loan and the obligation of the Lender to make any Advance under the Note are subject to the satisfaction of each of the following conditions precedent: (a) Borrower's compliance with Section 1.03 and Lender's receipt of NAHTF funds from the Department in accordance with the Contract and Section 1.03; (b) The execution and delivery of the Note, the Deed of Trust and the Guaranty to the Lender and the performance by the Borrower of all of its obligations under the Loan Documents; (c) No Event of Default shall exist under the Loan Documents as of the date of each Advance. The representations and warranties of Borrower contained in Article III hereof, and any additional warranties and representations contained in this Agreement, shall be deemed renewed and restated as true and correct in all material respects as of the date of each Advance; and (d) Borrower shall have complied with all of the covenants made by it in Article IV hereof as are applicable as of the date of each Advance.