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�Q�0�7635 ARTICLE ITI INITIAL/FINAL UiSBURSEMENT OF SECTION 1b02 PROGRAM FUNDS Section 3.1. Due Dili ence aud Closin Re airements (a) Prior to Closing, the Owner shall provide the Authority with the due diligence materials listcd in Section 1 of Exhibit C, all in form and substance reasonably satisfactory tn the Authority, Section 3.2. Other Closiu Conditions (a) The Owner shall complete the "Project Perfornnance Repart" in the form attached hereto as Exhibit E and deliver such report to the Authority. (b) Prior to the first disbursement of the Subaward under this Agrccment, the Owner shall execute, record and deliver the Recapture Deed of Trust and this A�reernent to the Authority, The Recapture Deed of Trust shall be, and shall provide that it is, subordinate, junior and inferior to the Mortgage Loans as sct forth on Exhibit S. (c) Tf any disbursc�nent of the Subaward is requested at Closing, the Owner shall complete and submit a Requisition to the Authority, together with the due diligence materials listed in Section 2 of Exhibit C, each in form and substarice satisfactory to the Authority, prior to any disbursement. Section 3.3. Final Disbursernent Conditions Prior to the final disburs�ment of the Subaward under this Agreement, the Qwner shall submit to thc Authority the Cost C�rti�cation and the due dili�ence materials listed in Sectian 3 ot' Exhibit C, each in form and substance reasonably satisfactory to the Authority. The Ownex acknawledges that the Authorit� shall be under no obligation to issue �RS Form(s) 8609 Law Income Hvusing Credit Allocation and Certification, for the Project �until all conditions have been met for the �nal disbursement of the Subaward. ARTICLE IV DISBURSEMENTS OF SECTTON 1602 PROGRAM FUNDS Sectian 4,1. Re uest for Sect�on 1602 Pro ram Funds from Treasur (a) The Authority sha11 use the Section 1602 Program Funds it receives from Treasury with respect to the Project to reimburse the Owner for costs incurred in connection with the construction/rehabilitation of the Project Co the extent such costs are properly submitted to the Authority in accordance with the procedures set Forth in this Article N and all other terms and conditions of this Agreement. The Owner znay not request a disbursement of the Subaward �rom the Authority until such funds are needeci to pay such costs of the Project. Accordingly, the a�r�ount of each Requisitian must be litnited to the amount of funds needed for costs actually incurred by the Owner at the time of the Requisition, may nat in.clude requests for prospective or future needs, and may not be placed into escrow accounts or advanced in lumps sums to the Owner. -8- 4841-2 I 35-3478.2