Housing Hope HCS-15-42-1213-198(1) 7/25/2016

D. Assignment of Obligations Except as set forth herein, the Agency shall not assign any of its obligations under this Loan Agreement, but shall remain obligated at all times to perform according to the terms of this Loan Agreement. E. Covenant Agreement The Agency shall execute a Use Restriction Covenant Agreement (hereinafter "the Covenant Agreement") in the form of Exhibit E, attached hereto and incorporated herein by this reference. The Covenant Agreement shall remain prior and superior to any additional liens, encumbrances, or financing instruments secured by or in any way associated with the Project that would otherwise have priority over the Covenant Agreement, including but not limited to any deed of trust to which the City may subsequently agree to subordinate the mortgage it holds. The Agency shall cause any subsequent mortgagee or lienholder on the Project to be approved in writing by the City and shall require such mortgagee or lienholder to agree to subordinate the lien of its security instruments, if any, to the Covenant Agreement. F. Notice to Proceed The City shall furnish the Agency with written Notice to Proceed upon release of funds from the County via HUD related to the Project pursuant to 24 CFR Part 58. No work on the Project prior to the Notice to Proceed shall occur without prior written approval from the City. G. Term of Agreement, HOME Compliance Period The term of this Loan Agreement, as amended, will commence on September 25, 2015 ("Effective Date") and will expire in forty (40) years ("Term") from the Effective Date which shall be September 30, 2055, the End Date ("End Date"). This Amended Agreement supersedes and replaces the Original Agreement in its entirety as of the date this Amended Agreement is fully executed by all parties ("Execution Date"). In addition, the Project shall remain in compliance for the periods further designated herein: For HOME-Assisted Units ("HOME-Assisted Units"), the HOME Program Compliance Period as defined in this Sections I.G below, and Exhibit A, to serve the target population will commence on the Effective Date of the Loan Amended HOME Loan Agreement Housing Hope's Kennedy Court Improvement Project Page 5 of 53