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20100�863 ARTI E III INITIAL/FINAL DISBURSEMENT OF SECTION 1602 PROGRAM FUNDS Sect�on 3.1. Due Dili ence and Closin Re airements Prior to Closing, the 4wner shall provide the Authority with the due diligence materi�ls list�d in 5ection 1 0� Exhibit C, all in form and substance reasonably satisf�ctory to the Authority. Sectian 3.2. Ot6er C�asin Cvndition� (a) The Owner shall complete the "Praject Performance Report" in the form attach�d hereto as Exhibit E and deliver such report to the Autharity. (b) Prior tu the first disbursement of the Subaward undea this Agreement, the Owner shall execute, record and deliver the Recapture Dced oF Trust and this Agreem�nt to the Authority. The Recapture Deed of Trust shall be, and shall provide that it is, subordinate, junipr and inferior to the Mortgage Loar�s (c) Tf any disburscment of the Subawazd is requestcd at Closing, the Owner shal� complete and submit a Requisit�on ta the Authority, together with the due diligence materials listed in Section 1 of Exhibit C each in form and substance satisfactory to the Authority, prior to any disbursement. Section 3.3. Final Disbursement Conditions Prior to the final disbursement of the Subaward under this Agreement, the Own�r shall submit to the Authority the Cost Certification and th� due diligence materials listed in Sectian 3 of Exhibit C, each in form and substance reasonably satisfactory ta the Authority. The Qwner acknowledges that the Authority shall be under na obligatian to issue IRS Form(s) 8609 Low Income Housing Credit Allocation and Certification, for the Pmject until all conditions hav� been mct ;for the final disbursement nf the Subawaxd. ARTICLE IV DISBURSEMENTS F S CTION 1602 PROGRAM FXl'HDS Section 4.1. Reqt�est for Section X602 Pr�ram Fands„from Treasur„y, (a) The Authority shall use the Sectinn 16D2 Program Funds it receivcs from Treasury with resp�ct to the Project ta reimburse the Owner for costs incurred in connection with the cvnstruction/rehabilitation ofthe Project to the cxtent such casts are properly submitted to the Autharity in accordance with the procedures set farth in this Ar�icle N an.d all other terms and conditions af this Agreement. The Owner may not request a disbursement of the Subaward from the Authority until such funds are needed to pay such costs of thc Project. Accordingly, the amount of each Requisition must bc limited to the amount of funds needed for costs actually incrxrred by the Owner at the time of the Rcquisition, may nat include requests for pr�spective or future needs, and may nat be placed into escrow accounts or advanced in lumps suxns to the Owner. _g_ asas-z3s2-t o9a.z