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II. SCHEDULE OF PERFORMANCE <br />Conditions Prior to Disbursement. The City/Agency Loan Agreements shall <br />provide that each of the following conditions shall be met prior to the disbursement <br />of any portion of the Loans: <br />PERMITS. All grading permits shall have been issued and the City shall have <br />issued a letter stating that building permits are ready to issue, subject only to <br />payment of fees and the completion of grading of the Project site. <br />b. FINANCING. Developer shall have secured all necessary financing and funding <br />for the construction and operation of the Project. Such financing and funding <br />shall be sufficient to pay all Project development costs, through lease -up, as set <br />forth in a final budget consistent with the approved Proforma (or as otherwise <br />approved by the City/Agency). <br />c. INSURANCE. The Developer shall have provided evidence to the City/Agency <br />that the. Developer has obtained insurance policies and certificates or <br />endorsements acceptable to the City/Agency, as described in the Loan <br />Agreements. <br />d. SECURITY. The Developer shall have provided construction security in favor of <br />the City/Agency, which may include a completion guarantee from Community <br />Development Partners and/or a letter of credit and/or performance & payment <br />bonds from the general contractor for the Project (or some combination of these), <br />in an amount sufficient to ensure the Project will be completed and placed in <br />service within the time set forth in the Project schedule approved by the <br />City/Agency. <br />e. APPROVALS. Developer shall submit and obtain the City Manager / Executive <br />Director of the Housing Authority's approval of the following: <br />1. Construction Contract <br />2. Limited partnership agreement for the limited partnership entity to be <br />formed to own and operate the Project <br />3. Management plan for the Project <br />4. Marketing plan for the Project <br />5. Tenant selection plan for the Project. <br />2. Commencement of Construction of the Improvements. Developer shall cause <br />the Construction of the Improvements to be commenced by Contractor no later than <br />June 1, 2019 <br />