05 - JOINT PH - Vista Del Rio DDA

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Department issue a Certificate of Completion pursuant to the City's normal procedures and requirements, a copy of which shall be delivered to the Executive Directors, in order for final disbursement to occur. In addition, the Agency shall have issued to Vista Del Rio the Release of Construction Covenants pursuant to Section 310 of the DDA. (c) Lien Free. At least one of the following shall have occurred: (i) Thirty-five (35) days shall have passed since the recording of a valid notice of completion for the construction, and no mechanic's or material man's lien shall be outstanding; or (ii) Ninety-five (95) days shall have passed since actual completion of the construction, and no mechanic's or materialman's lien shall be outstanding, or Vista Del Rio shall have bonded over any such lien to Executive Directors' reasonable satisfaction. 6.7 Waiver of Conditions. The conditions set forth pertaining to City's or Agency's obligation to make disbursements of the proceeds of the Loans are for City's and Agency's benefit only and the Executive Directors may waive all or any part of such rights by written notice to Vista Del Rio. 6.8 Disbursement Requests. The proceeds of the Loans shall be disbursed on a line- item byline-item basis in accordance with the Project Budget and subject to the conditions in this section. In no event shall City or Agency have any obligation to disburse any amount for any item in excess of the amount allocated to such item in the Project Budget. Disbursements shall be made only upon Vista Del Rio's written request in the form of a Disbursement Request showing all costs which Vista Del Rio intends to fund with such disbursement, itemized in such detail as City or Agency may reasonably require, accompanied in each case by (a) invoices and lien releases satisfactory to City or Agency, including in any event partial lien releases executed by each contractor and subcontractor who has received any payment for work performed, and (b) all other documents and information reasonably required by City and Agency. Disbursement Requests shall be submitted no less than ten (10) Business Days prior to the date of the requested disbursement, and shall not be submitted more often than monthly. Prior to each disbursement by City or Agency of proceeds of the Loans, Vista Del Rio shall deliver to City and/or Agency and to the Construction Lender a draw request ("Draw Request"), and all required supporting information as set forth in the Loan Documents or as otherwise reasonably required by City, Agency, or the Construction Lender in order to provide information for evaluating the requested disbursement pursuant to customary construction lending practices of institutional lenders in Southern California. City, Agency, and the Construction Lender shall notify the others and Vista Del Rio of approval or disapproval of each Draw Request within five (5) business days after receipt of the Draw Request, using the Banlc's "Disbursement/Change Order Approval Notice". City, Agency, and the Construction Lender shall have the right, but not the obligation, to discontinue processing Draw Requests unless and until receipt of notification from the other of approval or disapproval of each outstanding Draw Request. 6.9 Manner of Disbursement. City and Agency may make any disbursement by check payable to Vista Del Rio; or on a voucher basis; or by check payable jointly to Vista Del Rio and any 15 DOCSOC/ 1475221 v5/200272-0004