04 - Agmt - 605-611 E Washington

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purchase, lease or acquisition) incur any obligation or liability under this Agreement except for those continuing covenants as set forth herein and in the Affordability Restrictions. If the Agency refuses or fails to furnish the Release of Const<uction Covenants, after written request from the Developer, the Agency shall, within thirty (30) days of written request therefore; provide the Developer with a written statement of the reasons the Agency refused or failed to furnish the Release of Construction Covenants. The statement shall also contain the Agency's opinion of the actions the Developer must take to obtain the Release of Construction Covenants. The Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Dcvcloper to any holder of any mortgage, money loaned to finance the Improvements, or any part,,' Covenants is not a notice of completion as referred to in S~cti 311. Financing of the Improvements. 3]1.1 Approval of Finan Performance and as a Condition Precedent to any proceeds of the Loans, Developer shall obtained sufficient equity capital and/or;l~as and pennancnt financing neeessar~,;,to~: construction of the hmprovements m aoco` Developer shall apply for and use oommei'c exempt bond financing from .the Califoi~h allocation of Tax Credits .from the. Califorr firm commitment Executive Director disapprove such ev the reasons for such disapproval'<~nd new evidence of financing (oraermina shall approve,px disapprove sttch,.ncw times established~in this Secttofi`3~111 initially submitted Yo Agency/City. concunently with the.fiASt dtsbursex}e: from obtained insurer of a mortgage securing 'The Release of Construction of the California Civil Code. the time set`f6rth in the Schedule of meat of construetiq)r or disbursement of y;arid>City evidence t)Iat Developer has d hlfiding commrtmenf~for construction ~velonment of the Property and the ~e,with this P,' leement. The parties anticipate that .,.., y reaso)able effb't`s;:to obtain (1) an allocation of tax )ebt ,itt)it:~lllocahonr,Committee (CDLAC), (2) an 'ax C1'edtt All',Sxcption C~bmmittee (TCAC), and (3) a Senior: T,endei; ;i ll,, as reasonably approved by the ~mifted by Developer. Agency/City shall approve or aeiff`s;.yvithin thirty (30) days of receipt of a complete bly'wilhheld or conditioned. If Agency/City shall ~qgy/Giiy shall do so by Notice to Developer stating ixs)iall promptly obtain and submit to Agency/City reeinent as pennilted by Section 2003). Agency/City of financing in the same manner and within the same tproval or disapproval of the evidence of financing as er shall close the approved financing prior to or of the Loans. Such evidence of `'financing shall include the following: (a) a copy of a legally binding, firm and enforceable 'loan commitment(s) from an approved Senior Lender or Letter of Credit obtained by Developer for 100% of the estimated cost to construct the Improvements, from unrelated financial institutions for the Senior Loan for financing to fund the construction, operation and maintenance of the Improvements, subject to such lenders' reasonable, customary and normal conditions and terms, and/or (b) a certification from the chief financial officer of Developer that Developer has sufficient fiords to complete the construction, operation, and maintenance of the hnprovemcnt and that such funds have been committed to such construction, and/or (c) documentation showing that Dcvcloper has obtained allocations of tax exempt bond financing from CDLAC and Tax Credits fi•om TCAC, along with evidence that Developer has obtained a commitment from a tax credit investor to provide equity in exchange fox a limited partnership interest in Developer pursuant to the Partnership Agreement, and/or (d) other doctunentation satisfactory to the Agency/City as evidence of other sources of capital sufficient to demonstrate that Developer has 16