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Withdrawals from this account shall be made only in accordance with the provisions of this <br /> Loan Agreement, and shall be disbursed, applied, or reserved and set aside for payment <br /> when due, to the extent available: <br /> 1. All charges incurred in the operation of the Project in connection with utilities, real <br /> estate taxes and assessments, and liability, fire, and other hazard insurance; <br /> 2. Salaries, wages, and other compensation due and payable to the employees or agents <br /> of the Agency employed on site and off site in connection with the management, <br /> maintenance, administration, or operation of the Project, along with all withholding <br /> taxes, insurance premiums, Social Security payments, and other payroll taxes or <br /> payments required in connection with such employees; <br /> 3. Payments of required interest, principal, impounds, fees, and charges, if any, on loans <br /> secured by the Property; <br /> 4. All other expenses incurred to cover operating costs, including the fee of the managing <br /> agent and any extraordinary expenses; <br /> 5. Deposits to reserve accounts, if applicable; <br /> 6. Distributions to the Agency or other person or entity; and <br /> 7. Services to support tenants in remaining in stable housing. <br /> If other funding entities have differing requirements, the City may amend this paragraph <br /> in writing to be consistent with those other requirements. In addition, the Agency may <br /> depart from the foregoing categories of payment with notification to the City. If there are <br /> any questionable costs, the City will discuss this with the Agency to determine next steps <br /> for the Agreement to be back in compliance. <br /> Notwithstanding the foregoing to the contrary, the City recognizes that the priority of <br /> disbursement of operating income shall be set forth in the Partnership Agreement, a copy <br /> of which will be provided to the City for final review to the extent the requirements set forth <br /> in this Section IV.J conflict with those set forth in the Partnership Agreement, the <br /> Partnership Agreement will control. <br /> K. Insurance <br /> INSURANCE REQUIREMENTS — GENERAL <br /> 1. Insurance Required <br /> By the date of execution of this Loan Agreement, the Agency shall procure and <br /> maintain for the duration of this Loan Agreement, insurance against claims for injuries <br /> to persons or damages to Property which may arise from, or in connection with, the <br /> performance of work hereunder by the Agency, its agents, representatives, employees <br /> and/or contractor/subcontractors, and successors and assigns. The Agency or <br /> contractor/subcontractor shall pay the costs of such insurance. The Agency shall <br /> furnish separate certificates of insurance and policy endorsements from each <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 33 of 51 <br />