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Following expiration or termination of this Agreement, the Owner's obligations to the City <br /> shall remain in full force and effect until all closeout requirements are completed. Closeout <br /> requirements comprise all actions required to demonstrate to the City's satisfaction that <br /> all terms and conditions of the Agreement have been fulfilled, including, but not limited to, <br /> issuance of the certificate of occupancy; inspection of the final Project; and letters from <br /> other funders evidencing their satisfaction with the Project and stating that there are no <br /> outstanding issues that would cause their withholding of funds. <br /> IV. PAYMENT AND DISBURSEMENTS <br /> Disbursement by the City pursuant to this AHTF Agreement shall be used by the Owner <br /> to pay part of the costs for development and construction of the Project. <br /> To receive the disbursement of funds, the Owner shall submit to the City a Request for <br /> Reimbursement/Actual Expenditure Report, in the form of Exhibit F attached hereto and <br /> incorporated herein by this reference, together with a Report of Actual Expenditures, in <br /> the form of Exhibit G attached hereto and incorporated herein by this reference and <br /> supported by the final closing statement, and submit them to the City with adequate notice <br /> to allow processing by the City. Each Request for Reimbursement shall be submitted by <br /> the Owner only for funds needed for payment of eligible Project costs and payment will be <br /> limited to the amount so needed. <br /> The City reserves the right to withhold payments pending delivery of Project reports or <br /> documents as may be required under this AHTF Agreement. All disbursements under this <br /> AHTF Agreement shall be subject to audit and recovery of disallowed costs. <br /> V. BUDGET REVISIONS <br /> Any proposed revisions to the Project Budget line items to be paid with funds under this <br /> AHTF Agreement that exceed 10% must be submitted in writing by the Owner to the City <br /> for approval. Written approval by the City of revisions to the Project Budget must be <br /> received by the Owner before it incurs any expenditures or obligations against the revised <br /> Project Budget. Notwithstanding the foregoing, no revisions to the Project Budget shall <br /> increase the Loan amount set forth in Section I-A, which Loan amount may be increased <br /> only by an amendment of this Agreement made pursuant to Section )(XIV hereof. <br /> VI. APPRAISAL <br /> The Owner has previously provided the City with an appraisal of the Property, which <br /> appraisal is satisfactory to the City for purposes of this AHTF Agreement. <br /> VII. TITLE INSURANCE <br /> A. Prior to the disbursement of funds under this AHTF Agreement, the Owner shall <br /> provide the City with an ALTA Extended Lender's title insurance policy on the <br /> Premises in an amount not less than $219,067. <br /> City of Everett <br /> AHTF Agreement <br /> HopeWorks Station Residential LLLP <br /> Page 4 of 15 <br />