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2o�oo7s37 ARTICLE ITI INITIAL/FINAL D�SBURSEMENT OF SECTION � 602 PROGRAM FUNDS Section 3.1. Due D�li ence and Closin Re uirements Prior to Closing, the Owner shall provide the Authority with the du� diligence materials listed in Sectfon 1 of Exhibit C, all in form and substance reasonably satisfactory to the Authority, ' e , ,, nditions ectian 3.2. Other Clvsm Co,,,,_ (a) The Owner shall complete the "Project Perforrnance Report" in the fnrm attached hereto as Exhibit E a1�d deliver such report to the Autharity. (b) Prior to the first disburaeznent of the Subaward under this Agreement, the Owner shall execute, rec�rd and deliver the Recapture Deed of Trust and this Agrcement to the Autharity. The Recapture Deed nf Trust shall be, and shall provide that it is, subnrdinate, junior and inferior to the Mortgage Loans as set :forth on Exhibit B. (c) If any disbursement af the Subaward is requested at Closing, the Qwner shall complete and submit a Requisition to the Authority, together with the due diligence materials listed in Sectian 2 ot' Exhibit C each in fnrm and substance satisfactory to th� Authority, prior to any disbursemenc. Section 3.3. Final Disbursement Conditions Prior to the final disbursement of the Subaward under this Agreement, the Owner shall submit to the Authority the Cost Certification and the due diligence rnaterials listed in Section 3 a�' Exhibit C, each in form and substance reasonably satisfactory to the Authority. The Owner acknowledges that the Authority shall be under no obligation to issue TRS Foz-m(s) 8609 Law Income Housing Credit Allocation and Certification, for the Project until all conditions have been met fnr the fnal disbursemenC af the Subaward. ARTICLE 1V DISBURSEMENTS QF SECTYON l G02 PROGRAM FUNDS Section 4.1. Re ucst for Section 1602 Pro rarn Funds from Treasur (a) The Authority shall use the S�ction 1602 Program Funds it receives from Treasury with respecC to the Project to reiznburse the Owner for costs incurred in connection with the construction/rehabilitation of'the Project to the extent such costs ar� properly submitted to th� Authority in accordance with the proceduxes set forth in this Article IV and all other terms and conditions af this AgreeXnent. The Owner may not request a disbuarsement of the Subawarc� frotn the Authority until such funds are needed to pay such costs of the Project. Accordingly, the amnunt of each Requisition must be limited ta the amount �f funds needed for costs actually incurred by the Owner at the time of the Requisition, may nat include requests for prospective or future needs, and rnay not be placed into escrow accounts nr advanced in lumps sums ta the Owner. -8- 4846-6923-13b7.3