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602.4 Representations and Warranties. The representations and wanautics of <br />Developer contained in this Agreement and the other Project Documents shall be correct as of the <br />date of the disbursement as though made on and as of that date. <br />602.5 No Default. No Event of Default by Developer shall remain uncured <br />(unless, to the extent permitted under this Agreement, Developer is diligently taking action to cure <br />such default) and no event shall have occurred which, with the giving of notice or the passage of time <br />or both, would constitute an Event of Default by Developer. <br />603. Final Disbursement. Agency/City's obl <br />Section 611 is subject to the satisfaction of the following <br />603.1 Constrnction Complete. <br />all on-site and off-site improvements and all landsc <br />by the Executive Director. <br />603.2 Certificate of <br />requiring inspection or certification by any Governirient: <br />certified as complete. Developer shall request that the C <br />of Occupancy, a copy of which shall he rdelivered to <br />disbursement to occur. <br />603.3 Liep,Free. At leastone ofthefo <br />(a) FThirty-five (35),days shall <br />notice of eomp]etion fo,'r„ the consirstction of the final <br />mechanic's or material man'; lien shall be outstanding; or <br />or <br />(c) <br />lien affecting the;P~•operty, to <br />lisburse the Retainage pursuant to <br />Conditions Precedent: <br />ucti~rt.,pf the hnprovcmcnts including <br />be complete, as reasonable determined <br />!vny portion~offl~~ construction work <br />itloi'ity shall have 1Z,een inspected and <br />;_ <br />wilding Department ts,~ue a Certificate <br />3xecutive Director, in order for final <br />occurred: <br />since the recording of a valid <br />s to be constructed, and no <br />have passed since actual completion of the <br />:chanic's or materialman's lien shall be <br />have bonded over any mechanic's or materiahncn's <br />sonable satisfaction. <br />604. Disbursemont Pi•o`ecdures for Loan(s). The Loan proceeds shall be disbursed to <br />finance the consttvction'of the Project. Subject to Section 604.1, the Loan proceeds shall not be used <br />for any purpose other that%;Sor` construction related costs, including Developer fee and soft costs <br />related to development of tlie>Project, all in accordance with the approved Project Budget, with such <br />costs all subject to Agency/City's prior review. All disbursements shall be made as reimbursements <br />to Developer for costs actually and reasonably incurred by Developer for the construction of the <br />Improvements in accordance with the Project Budget, based on detailed invoices and/or bills <br />received from the General Contractor; materials suppliers, consultants and subcontractors that have <br />performed work on the Project. Developer and Agency/City shall agree on a draw request schedule <br />to ensw~e that the Agency/City is provided with frequent updates regarding the status of the <br />construction of the hnprovements, the status of expenditures in accordance with the Project Budget, <br />and the status of invoices submitted by and payments to the General Contractor, suppliers, <br />consultants, and subcontractors performing work at the Project. <br />24 <br />