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Agency shall have no obligation to make further disbursements until Developer has <br />paid or otherwise provided for the overrun as required above. <br /> <br />4.11 Cost Savings. Upon completion of and disbursement for all matters covered <br />by any line items in the Project Budget, any remaining undisbursed amounts allocated to <br />that line item shall be reallocated to "Contingency" and thereafter be available for <br />disbursement in accordance with the terms of this Agreement. <br /> <br />4.12 Retainage. Agency will withhold a Retainage of 10% from each <br />Disbursement for each of the Hard Cost line items of the Project Cost Breakdown (and <br />other line items thereof designated for withholding of retainage) until all conditions to the <br />final Disbursement of Hard Costs have been satisfied; provided that Agency shall disburse <br />Retainage for a particular line-item of the Project Budget earlier if such work is complete, <br />and such subcontractor performing such work has delivered unconditional, final and <br />complete lien waivers. In lieu of Agency’s withholding Retainage, Developer can by <br />written notice to Agency elect not to draw any overhead or profit as would otherwise be <br />permitted under the Construction Contract until such time as Retainage would otherwise <br />have been released. <br />4.13 Waiver of Disbursement Conditions. Unless Agency otherwise agrees <br />in writing, the making by Agency of any disbursement with knowledge that any condition <br />to such disbursement is not fulfilled shall constitute a waiver of such condition only with <br />respect to the particular disbursement made, and such condition shall be conditioned to all <br />further disbursements until fulfilled. <br /> <br />4.14 Modification of Disbursement Conditions and Procedures. The City <br />Project Manager shall have the authority to modify the disbursement conditions and <br />procedures set forth herein in order to conform them to the payment provisions of the <br />contract for construction. <br /> <br />4.15 Closing Costs and Fees. Developer shall pay (a) all escrow fees and <br />charges, (b) all recording fees and charges on any document recorded pursuant to this <br />Agreement, and (c) the premium for the title insurance required hereunder. <br /> <br />4.16 Other Terms and Conditions of Loan. <br />(a) The Note shall become immediately due and payable, in the event of <br />any of the following: <br />1) Failure to complete the Project within three (3) years of the date <br />on which the Agency Deed of Trust is recorded, unless extended <br />due to Force Majeure delays; <br />2) Violation of any of the use covenants and restrictions contained <br />in this Agreement after the expiration of any applicable notice <br />and cure periods; or, <br />3) An Event of Default by Developer which is not timely cured <br />after expiration of any applicable notice and cure periods <br />pursuant to the terms of this Agreement. <br /> <br />EXHIBIT 4