FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 purpose other than for acquisition costs of the Property and/or rehabilitation costs, including a Developer fee and soft costs related to development ol'the Project (Costs till subject to City's prior review). W%, of the Lotus procccds will be disbursed by City to Burrower aller execution and recording ofthe Loan Agreement, with 10'/o held back by the City and not disbursed to Borrower until after completion of construction on the Project and issuance of a Certificate o f occupancy. 6.3 First Disbursement. The City's obligation to approve the first disbursement of the Construction Portion is subject to satisfaction of the following conditions precedent: (a) General Contractor. If the Executive Director has not ,yet approved die General Contractor, the Executive Director shall have approved the identity and qualiticatiuris of the Gencral Contractor. (b) Construction Conlracl. If the hxectinve Director has not yel approved the Ctntsn2ictirnt Contract, the Executive Director shall have approved the Construction Contract. (c) Relocation Plan. If the relocation of any existing tenants is contemplated by the parties, the Executive Director shall have approved a plan for the relocation of such tenants of the Property detelmtined by the FXeentive Director to be clipblc fur relocation assistance. 6.4 'Termination for Failure of Condition. If(a) any of the condilions set forth herein are not timely satisfied or waived by the Executive Director, and (b) City is not in dcfatli undo this Agreement, City inay terminate this Arrccmcnt without any ftrdicr liability on its part by giving written notice of termination to Developer. Upon the giving Of such notice, all principal- interest and other amounts owing under the City Loan Note shall be immediately due and payable, regardless of any other specified due date. 6.5 I Rese rved.l 6.6 I tteserved.l 6.7 Waiver of Conditions. The conditions set forth pertaining to City's Obligation to approve disbursements of the, rehabilitation or construction portion arc for C'ity's benefit only and the Lxecutive Director may waive all or any part of such rights by written notice to Developer- 6.8 Waiver of Disbursement Conditions. Unless City otherwise agrees in writing, iltc approval by City of any disbuiscincnt with knowlcdtgc that any condition to such disbursement is not fultilled shall constitute a waiver of such condition only with respect to the particular disbursenienl made. 6.9 Modification of Disbursement Conditions and Procedures. The. EXCutive Director shall have the authority to modify the disburscrncm conditions and procedures set forth herein in order to conform diem to the payment provisions of the Construction Contract. City Council 10 21 — 14 4/20/2021