Laserfiche WebLink
purchase, lease or acquisition) incur any obligation or liability under this Agreement except for those <br />continuing covenants as set forth herein and in the Affordability Restrictions. <br />If the Agency refuses or fails to furnish the Release of Construction Covenants, after written <br />request from the Developer, the Agency shall, within thirty (30) days of written request therefore, <br />provide the Developer with a written statement of the reasons the Agency refused or failed to furnish <br />the Release of Construction Covenants. The statement shall also contain the Agency's opinion of the <br />actions the Developer must take to obtain the Release of Construction Covenants. The Release of <br />Construction Covenants shall not constitute evidence of compliance with or satisfaction of any <br />obligation of the Developer to any holder of any mortgage, or any insurer of a mortgage securing <br />money loaned to finance the Improvements, or any part thereof. The Release of Construction <br />Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. <br />311. Financing of the Improvements. <br />311.1 Approval of Financing. Within the time set forth in the Schedule of <br />Performance and as a Condition Precedent to the commencement of construction or disbursement of <br />any proceeds of the Loans, Developer shall submit to Agency and City evidence that Developer has <br />obtained sufficient equity capital and/or has obtained firm and binding commitments for construction <br />and permanent financing necessary to undertake the development of the Property and the <br />construction of the Improvements in accordance with this Agreement. The parties anticipate that <br />Developer shall apply for and use commercially reasonable efforts to obtain (1) an allocation of tax <br />exempt bond financing from the California Debt Limit Allocation Committee (CDLAC), (2) an <br />allocation of Tax Credits from the California Tax Credit Allocation Committee (TCAC), and (3) a <br />firm commitment for a Senior Loan from a Senior Lender, all as reasonably approved by the <br />Executive Director based on documentation submitted by Developer. Agency/City shall approve or <br />disapprove such evidence of financing commitments within thirty (30) days of receipt of a complete <br />submission. Approval shall not be unreasonably withheld or conditioned. If Agency/City shall <br />disapprove any such evidence of financing, Agency/City shall do so by Notice to Developer stating <br />the reasons for such disapproval and Developer shall promptly obtain and submit to Agency/City <br />new evidence of financing (or terminate this Agreement as permitted by Section 2003). Agency/City <br />shall approve or disapprove such new evidence of financing in the same manner and within the same <br />times established in this Section 311.1 for the approval or disapproval of the evidence of financing as <br />initially submitted to Agency/City. Developer shall close the approved financing prior to or <br />concurrently with the first disbursement of the Loans. <br />Such evidence of financing shall include the following: (a) a copy of a legally <br />binding, firm and enforceable loan commitment(s) from an approved Senior Lender or Letter of <br />Credit obtained by Developer for 100% of the estimated cost to construct the Improvements, from <br />unrelated financial institutions for the Senior Loan for financing to fund the construction, operation <br />and maintenance of the Improvements, subject to such lenders' reasonable, customary and normal <br />conditions and terms, and/or (b) a certification from the chief financial officer of Developer that <br />Developer has sufficient funds to complete the construction, operation, and maintenance of the <br />Improvement and that such funds have been committed to such construction, and/or <br />(c) documentation showing that Developer has obtained allocations of tax exempt bond financing <br />from CDLAC and Tax Credits from TCAC, along with evidence that Developer has obtained a <br />commitment from a tax credit investor to provide equity in exchange for a limited partnership interest <br />in Developer pursuant to the Partnership Agreement, and/or (d) other documentation satisfactory to <br />the Agency/City as evidence of other sources of capital sufficient to demonstrate that Developer has <br />Zs?-ii