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Voucher funds (the "Section 8 Operating Subsidy"); and (vii) such other financing sources as may be obtained by Developer in accordance with the terms and conditions of this Agreement (all of the foregoing collectively referred to as the "Financing Plan"). The Developer shall submit the Financing Plan to the City and the Housing Authority for approval within the timeframe set forth in the Schedule of Performance. Developer shall utilize all of such funding exclusively for development of the Development on the Site, and not for any other purpose. Notwithstanding anything herein to the contrary, City and Developer acknowledge that Developer shall continue to pursue alternate funding options, and that as a result the Financing Plan and Project Budget may require subsequent amendment. The City shall approve any such amendments provided any such alternate funding options are reasonable, involve reliable and reputable sources and do not increase the amount of the City loan as stated in Section 5.2. Section 5.2 City Loan. City will provide Developer with financial assistance from its Lower Income Housing Fund, in an amount of approximately Ten Million Dollars ($10,000,000), for predevelopment, development, and construction costs (the "City Loan"). The City Loan includes the City Predevelopment Loan and City Construction Loan described in more detail in Sections 6.1 and 6.2 below. In addition, the City will lease the Site to the Developer for a nominal amount (e.g., $1 per year). Section 5.3 Section 8 Operating Subsidy. In addition to the transfer and renewal of the HAP Contract from Pleasanton Gardens, the Developer will seek a commitment of Section 8 project based rental assistance from HACA. Section 5.4 Tax Credits. Developer agrees to prepare an application to TCAC for the Tax Credits in accordance with the deadline set forth in the Schedule of Performance. Section 5.5 The AHP Loan. Developer agrees to prepare an application to the Federal Home Loan Bank Affordable Housing Program funds in accordance with the deadline set forth in the Schedule of Performance. Section 5.6 County HOME Loan. Developer shall prepare an application to the County for the HOME Funds in accordance with the deadline set forth in the Schedule of Performance. Section 5.7 Project Budget; Project Pro Forma. The anticipated sources and uses of funds for the development of the Development are set forth in the Project Budget. The financial projections for the Development are set forth in the Project Pro Forma. The Project Budget and Project Pro Forma may be changed with the approval of City, which approval shall not be unreasonably withheld. Section 5.8 Developer Submittals. Promptly upon Developer's receipt of a notification of an award of any of the financing described in the Financing Plan, Developer shall submit to the City copies of all of the correspondence and other documentation received in connection with the same. Developer shall submit a financing plan and evidence of financing for both Phase I and Phase II of the Development within the time frame contemplated in the Schedule of Performance. 13 191\52\1242198 13