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necessary building permits, licenses, approvals, exemptions and other authorization of <br />governmental agencies required in connection with construction of the Project; and <br />F. the Executive Director shall be satisfied, based on his own inspections or other <br />reliable information, that the development of the Project is progressing satisfactorily in accordance <br />with the Improvement Plans and otherwise in conformance with all laws and other requirements. <br />.[§304] Disbursement Procedures for Loan. <br />A. The Loan proceeds shall be disbursed in the course of construction to pay Project <br />costs as incurred by Developer. The Loan proceeds shall be disbursed on an invoice by invoice <br />basis for the Project. Disbursements shall be made only upon Developer's written request which <br />shall include true and correct copies of invoices for the Project. Disbursement requests shall be <br />submitted no less than ten (10) business days prior to the date of the requested disbursement. <br />B. Agency may make any disbursement by check payable jointly to Developer and <br />Contractor; on a voucher basis; or by any other means reasonably selected by the Executive <br />Director and approved by Developer. <br />[§305] Other Terms and Conditions of Loan. <br />A. The Note shall become immediately due and payable, in the event of any of the <br />following: <br />(1) sale of the Property by Developer within five years of the effective date <br />of this Agreement without the prior written consent of the Executive <br />Director of the Agency; <br />(2) failure to complete the Project, pursuant to the approved Improvement <br />Plans, within 12 months of the effective date of this Agreement; <br />(3) in the event that Memphis should close or otherwise vacate the Building <br />within five years of the effective date of this Agreement, failure to lease or <br />release the restaurant portion of the Building to a restaurant of similar <br />character and quality, as approved 0? the Executive Director, which <br />approval shall not be unreasonably withheld, within nine months of such <br />closure or vacation; <br />(4) violation of any of the use covenants and restrictions contained in section <br />401 of this Agreement; or <br />(5) an Event of Default by Developer which is not timely cured pursuant <br />section [501 ] of this Agreement. <br />5 <br />65A-11