RIDGE VIEW COMMONS - CONSTRUCTION LOAN

EXHIBIT E (Disbursement Plan) Exhibit E to BUILDING LOAN AGREEMENT between Eden Housing, Inc., a California nonprofit corporation, as "Borrower ", and City of Pleasanton, as "Lender ". A. Timing of Disbursement. Unless another provision of this Agree- ment specifies otherwise, on or about the 10th day of each month, or at such other times as Lender may deem appropriate, Borrower shall submit to Lender a written itemized statement, signed by Borrower, ( "Application tor Payment ") setting forth: 1. a description ot the work performed, material supplied and /or costs incurred or due with respect to each Item ror which disbursement is requested; and 2. the total amount incurred, expended and /or due for each requested Item less prior disbursements. Each Application for Payment by Borrower shall constitute a representation and warranty by Borrower that Borrower is in compliance with all the conditions precedent specified in Section 2.01 of this Agreement. B. Lender's Right to Condition Disbursements. Lender shall have the right to condition any disbursement upon Lender's receipt and approval of the following: 1. the Application for Payment and an itemized requisition for payment of Hard Costs; 2. written acknowledgment (which may be in the form of a stamp) of receipt and review of the Application for Payment by Hardison, Komatsu, Ivelich, & Tucker and Inspection Staffing _ , pursuant to the terms ot that Agreement for Construction Monitoring Services dated June 13. 1988 , by and between Fden Housing, Inc and Inspection Staffing dated June 27 1988. 3. bills, invoices, documents of title, vouchers, statements, payroll records, receipts and any other documents evidencing the total amount expended, incurred or due tor any requested Items; 4. use ot a lien release, joint check and voucher system acceptable to Lender for payments or disbursements to any contractor, subcontractor, materialman, supplier or lien claimant; provided, however, that Lender shall not require such a system unless and until there occurs an event which causes Lender to believe that the liklihood of an Event of Default has materially increased; 5. architect's, inspector's and /or engineer's periodic certifications of the percentage and /or stage of construction that has been completed and its conformance to the Plans and Specifications and Requirements based upon any such architect's, inspector's and /or engineer's periodic, physical inspections of the Property and Improvements; 6. waivers and releases of mechanics' lien, stop notice claim , equitable lien claim or other lien claim rights! 7. evidence of Borrower's compliance with the provisions of Sections 3.02 and 5.01 of this Agreement; 8. a written release executed by an authorized representative of the Surety, if any, to whom Lender has issued or will issue a Set -Aside Letter and /or of a Public Entity or Agency, if any, which is a beneficiary under an Instrument of Credit or Standby Letter of Credit which Lender has issued or will issue with respect to the Loan; Page 1 of 3 Pages EXHIBIT E