Laserfiche WebLink
item by line-item basis in accordance with the Project Budget and subject to the conditions <br />in this section. In no event shall Agency have any obligation to disburse any amount for <br />any item in excess of the amount allocated to such item in the Project Budget. <br />Disbursements shall be made only upon Developer's written request in the form of a <br />Disbursement Request showing all costs which Developer intends to fund with such <br />disbursement, itemized in such detail as Agency may reasonably require, accompanied in <br />each case by (a) invoices and lien releases satisfactory to Agency, including in any event <br />partial lien releases executed by each contractor and subcontractor who has received any <br />payment for work performed, and (b) all other documents and information reasonably <br />required by Agency. Disbursement Requests shall be submitted no less than ten (10) <br />Business Days prior to the date of the requested disbursement, and shall not be submitted <br />more often than monthly. <br /> <br />Prior to each disbursement by Agency of proceeds of the loan, Developer shall <br />deliver to Agency a draw request ("Draw Request"), and all required supporting <br />information as required by the Agreement. <br /> <br />Agency shall notify the Developer of approval or disapproval of each Draw Request <br />within five (5) Business Days after receipt of the Draw Request, using the Agency's <br />"Disbursement/Change Order Approval Notice". Agency shall have the right, but not the <br />obligation, to discontinue processing Draw Requests unless and until receipt of notification <br />from the other lenders of approval or disapproval of each outstanding Draw Request. <br /> <br />4.9 Manner of Disbursement. Agency may make any disbursement by check <br />payable to Developer; or on a voucher basis; or by check payable jointly to Developer and <br />any contractor, subcontractor or other claimant; or directly to any such claimant; or by any <br />other means reasonably selected by Agency. <br /> <br />4.10 Cost Overruns. In the event that, at any time and for any reason, (a) the <br />actual cost reasonably estimated by Developer to be required to complete all matters <br />included in any line item in the Project Budget exceeds the amount allocated to that line <br />item in the Project Budget, (b) Project Costs for any matters not covered by a specific line <br />item have been or will be incurred, or (c) the undisbursed portion of the Loan proceeds and <br />all other approved financing sources are or may be insufficient to pay all construction of <br />the Project that may be payable under the Agency Loan Documents or otherwise in <br />connection with the construction, Developer shall, within twenty (20) days after it receives <br />written notice thereof from Agency of any of the foregoing matters, do one or more of the <br />following: <br /> <br />(a) provide satisfactory evidence to Agency that Developer has <br />previously paid such excess or otherwise will provide for such insufficiency (collectively, <br />the "Excess Cost") with funds or in-kind services, materials or other donations from a <br />source other than the Agency Loan; or <br /> <br />(b) reallocate sufficient funds to pay the Excess Cost from funds <br />allocated to "Contingency" in the Project Budget. <br /> <br />EXHIBIT 4