Cocoon House 4/19/2018 - Laserfiche WebLink

disbursement system. For rental housing projects, at project completion, there may be vacant rental units. K. Capitalized Terms All capitalized terms used but not defined herein shall have the meanings ascribed to them in 24 CFR Parts 91 and 92. In addition, the meanings of capitalized terms defined herein are qualified in their entirety by reference to the definitions contained in 24 CFR Part 92. L. Title Insurance Within twenty (20) days after the Financing Closing, the Agency shall provide the City with an ALTA Extended Lender's title insurance policy on the Premises in an amount not less than the Loan Amount of Three Hundred Thousand Dollars ($300,000). In the event additional funds are advanced to the Agency under this Loan Agreement, prior to the disbursement of those funds, the Agency shall provide the City with an endorsement to the foregoing title insurance policy that increases the amount of the insurance to include the amount of the additional funds. Said title insurance policy shall show at the time Financing Closing no liens, encumbrances, or financing instruments secured by or in any way associated with the Premises except: 1. Schedule B general exceptions listed on the title insurance policy; 2. Any Schedule B special exceptions, if any, listed on the title insurance policy; 3. Those documents listed in the Priority Agreement as having a lien prior and superior to the lien of the City's documents; and 4. Such other liens or encumbrances as may be approved by the City. II. PROGRAM REQUIREMENTS A. Uniform Administrative Requirements As required by 24 CFR § 92.505, the Agency shall conform its performance under this Agreement to the requirements of the specified OMB Circulars, as applicable, 2 CFR Part 200, and 24 CFR Part 84 as they relate to the acceptance and use of federal funds under this Agreement. B. Other Federal Requirements The federal requirements set forth in 24 CFR § 92.350 are applicable to the Agency as a participant in the HOME Program. The requirements of that section include: nondiscrimination and equal opportunity; disclosure requirements; debarred, suspended or ineligible contractors; and drug free workplace. The federal nondiscrimination requirements set forth at 42 U.S.C. § 12832 and relating to race, color, religion, ethnic or national origin, gender, age, familial status, and non-disqualifying handicaps also are applicable. Loan Agreement Cocoon House Page 6 of 51