Laserfiche WebLink
605. Termination for Failure of Condition. If (a) any of the conditions set forth herein <br />are not timely satisfied (subject to applicable notice and cure rights) or waived by the Executive <br />Director within the times set forth in the Schedule of Performance, and (b) Agency/City is not in <br />default wider this Agreement, Agency/City may teilninatc this Agreement without any further <br />liability on its part by giving written notice of termination to Developer. Upon the giving of such <br />notice, all principal, interest and other amounts owing under the specified due date. <br />606. Waiver of Conditions. The conditions set forth pertaining to Agency/City's <br />obligation to make disbursements of the Agency Loan and City Lean proceeds are for Agency/City's <br />benefit only and the Executive Director may waive all or any part 6f such rights by written notice to <br />Developer. r <br />f.. <br />606.1 Waiver of Disbursement ConcJifions.' Unless Agency/City otherwise <br />agrees in writing, the making by Agency/City of'1py disbursement with knowledge that any <br />condition to such disbursement is not fulfilled shall ceiistitute a waiver: of such condition only with <br />respect to the particular disbursement made and such condition shall'6e':condition to all further <br />disbursements until fulfilled. <br />606.2 Modification <br />Exectrtive Director shall have the autl <br />forth herein in order to conform them <br />607. Disbt <br />line-item basis in ace <br />Section. Tn no event <br />excess of the amount allobated to <br />upon Developer's writteh request <br />intends to fuiid:y!ith such disbu <br />require aoC9rnpahied iu each c <br />including ih'any event j?aitial lie <br />received any payment for ivprlc 1 <br />required by':Agency/City. Dig <br />Days prior lo:tlla__ date of the <br />monthly. <br />meht..;Conditions fmd Procedures. The <br />the disbursement conditions and procedures set <br />n•ovisions of the contract for construction. <br />~~e Loari pxo9geds shall $e disbursed on a line-item by <br />•ojecf:$udget:and. Subject to the` Conditions Precedent in this <br />have a~iy obllgatiori~to;disburse any amount for any item in <br />~m in the Project Budget. 'Disbursements shall be made only <br />form of a p~taw Request showing all costs which Developer <br />t, iY,em~~ed~ma•.such detail as Agency/City may reasonably <br />(a)'invoices~attd lien releases satisfactory to Agency/City, <br />ses ezdcuteaby each contractor and subcontractor who has <br />ed, and (b}'all other documents and information reasonably <br />Requests shall be submitted no less than ten (10) Business <br />disbursement, and shall not be submitted more often than <br />Prior to cacti disbursementay Agency/City of proceeds of the Agency/City Loan, Developer <br />shall deliver to AgencylCrty ~'''%draw request ("Draw Request"), and all required supporting <br />information as set forth in therLoan Documents or as otherwise reasonably required by Agency/City <br />in order to provide information for evaluating the requested disbursement pursuant to customary <br />conshuction lending practices of institutional lenders in Southern California. <br />Agency/City shall notify the Developer of approval or disapproval of each Draw Request <br />within five (5) husiness days after receipt of the Draw Request, using the Agency's/City's <br />"Disbursement/Change Order Approval Notice". Agency/City shall have the right, bttt not the <br />obligation, to discontinue processing Draw Requests unless and until receipt of notification iiom the <br />other of approval or disapproval of each outstanding Draw Request. <br />608. Manner of Disbursement. Agency/City may make any disbursement by check <br />payable to Developer; or on a voucher basis; or by check payable ,jointly to Developer and any <br />25 <br />