WESTVIEW HOUSE L (6).P - Laserfiche WebLink

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occurred, and no event shall have occurred which, with the giving of notice or the passage of time or both, would constitute an Event of Default by Developer wider this Agreement, and if requested by the Executive Director, City shall have received a certificate to that effect signed by Developer's Representative. 6.2. Disbursement Procedures for Loan. The City/luclusionary Housing Program Loan proceeds shall be disbursed through Escrow to finance the construction of the Property (as evidenced in Exhibit Q. The City/Inclusionary Housing Program Loan proceeds shall not be used for any purpose other than for acquisition costs of the Property and/or construction costs, including a developer fee and soft costs related to development of the Project (costs all subject to City's prior review). The City allows for eligible costs to be paid by Inclusionary Housing Program loan funds that were incurred not more than 24 months prior to the hnclusionary Housing Program funds commitment date of this loan agreement. Ninety percent (90%) of the City/hiclusionary Housing Program Loan proceeds will be disbursed by City to Developer after execution and recording of this Agreement, with ten percent (10%) held back by the City and not disbursed to Developer until after completion of construction on the Project and issuance of a Certificate of Completion. Four hundred thousand ($400,000) of the City/Inclusionary Housing Program Loan proceeds will be set -aside as a "City -Controlled Contingency Allowance." After initial disbursement of the City/Inclusionary Housing Program Loan proceeds through Escrow, the City shall approve disbursements from this City -Controlled Contingency Allowance to pay for construction costs, including developer fee and soft costs related to the development of the Project. Any funds remaining in the City -Controlled Contingency Allowance at the end of construction must be utilized for a surrounding community benefit at the City's sole discretion, within the guidelines for allowable uses pursuant to Santa Ana Ordinance No. NS- 3019. 6.3. First Disbursement. The City's obligation to make 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 the General Contractor, the Executive Director shall have approved the identity and qualifications of the General Contractor which approval will not be unreasonably withheld, conditioned or delayed. (b) Construction Contract. If the Executive Director has not yet approved the Construction Contract, the Executive Director shall have approved the Construction Contract which approval will not be unreasonably withheld, conditioned or delayed. (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 determined by the Executive Director to be 11 Wmtview House City Inelusiomry Housing Program Loan Agreement