ILLUMINATION FOUNDATION (40) - Laserfiche WebLink

Home Browse Search

(k) Representations and Warranties. The representations and warranties of Grantee contained in this Agreement shall be correct in all material respects as of the date of the disbursement as though made on and as of that date. (1) The City's obligation to provide the HHAP Grant is and shall remain subject to all covenants, conditions, and restrictions set forth in this Agreement, including the State HHAP Agreement, and the City's analysis of the available funding sources, rehabilitation and operating costs of the Project, and the overall economic feasibility of the Project. 4.2 Disbursement Procedures for Grant: Conditions for Initial and Final Disbursement. The HHAP Grant proceeds shall be disbursed to Grantee to finance the the Project (as evidenced in the Project Budget, attached as Exhibit C) in accordance with the State HHAP Agreement. The HHAP Grant proceeds shall not be used for any purpose other than for costs set forth in the Project Budget, including Grantee fee and soft costs related to the the Project. (a) Initial Disbursement. City's obligation to make the Initial Disbursement is subject to satisfaction of the following conditions precedent: (i) The Project has received all required entitlements and discretionary actions to commence construction. (ii) All grading permits shall have been issued or the City shall have issued a letter stating that Building Permits are ready to issue, subject only to payment of fees and the completion of grading of the Project site. (iii) Grantee shall have secured all necessary financing and funding for the construction and operation of the Project. Such financing and funding shall be sufficient to pay all Project costs, as set forth in the Project Budget consistent with the approved Proforma (or as otherwise approved by the City), and must comply with the City's Affordable Housing Funds Policies and Procedures. (iv) Grantee shall have provided evidence to the City that the Grantee has obtained insurance policies and certificates or endorsements acceptable to the City, as described in this Agreement. (v) Grantee shall have provided construction security in favor of the City, which may include a completion guarantee from Grantee and/or a letter of credit and/or performance and payment bonds from the general contractor for the Project (or some combination of these), in an amount sufficient to ensure the Project will be completed and placed in service within the time set forth in the Project schedule approved by the City. (b) Final Disbursement. City's obligation to make the Final Disbursement to Grantee is subject to the satisfaction of the following additional conditions precedent: (i) Construction complete. The construction of the Project shall be complete.