CHFA LOAN CLOSING - Laserfiche WebLink

party making the advance liable to refund and /or forfeit all interest paid or due and shall be an event of default pursuant to this Agreement. (g) The dwelling units to be occupied by, or reserved for occupancy by, Qualified Tenants shall be of comparable quality to all other dwelling units, shall be dispersed throughout the Development, and shall be in size and type available in the same percentages as the sizes and types of all other dwelling units. (h) The Borrower and the City, agree that at all times its acts in connection with the Development have complied with and shall continue to comply with all applicable provisions of federal, state and local laws, all applicable provisions of the Act, the rules, regulations, policies and procedures of the Agency and all agreements with the Agency and any other public entities concerning the Development. The Borrower and the City represent to the Agency that professional advice is available to the Borrower and the City for the purpose of enabling the Borrower and the City to be aware of and to comply with said laws, policies, procedures and agreements. The Borrower and the City, as applicable, agree to indemnify the Agency against any loss incurred by the Agency as a result of the Borrower's or the City's, as applicable, failure to comply therewith. Specifically, the Borrower and the City acknowledge the existence of federal, state and local laws regarding the relocation of persons displaced by the Development. The Borrower and the City, as applicable, agree that the Borrower and the City, as applicable, and not the Agency, are responsible for complying with such laws. Specifically, the Borrower and the City also acknowledge the existence of Article XXXIV of the California Constitution and agree that the project shall be operated so as to comply therewith. 6. Establishment and Use of Reserve Funds. The Borrower or the City, as applicable, shall establish and maintain the following reserve and escrow accounts. Unless otherwise specified herein or approved by the Agency, in its sole discretion, such accounts (i) shall be established on or before the Closing Date, (ii) shall be funded with cash, (iii) shall be under the control of the Agency at all times, (iv) may be invested by the Agency provided that income earned on such funds shall accrue to the account, (v) shall be used for the prescribed purposes, and (vi) shall have any remaining balance, when terminated, returned to the Borrower. (a) Special Reserve Account. At or before the Closing Date the Borrower or the City, as applicable, shall establish with the Agency a Special Reserve Account (the "SRA ") in the amount of Two Million and No /100 Dollars ($2,000,000.00) to be used for the CHFA 53SLP.RIDGE.VIEW 12/14/89 Q02189 -8-