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(unless, to the extent permitted under this Agreement, Developer is diligently taking action to <br />cure such default) and no event shall have occurred which, with the giving of notice or the <br />passage of time or both, would constitute an Event of Default by Developer. <br />6.6 Final Disbursement. City's obligation to disburse that portion of the Loan funds retained <br />pursuant to Section 6.12 is subject to the satisfaction of the following additional conditions <br />precedent: <br />(a) Construction complete. The construction of the Project shall be complete. <br />(b) Certificate of Occupancy Issued. Any portion of the construction work <br />requiring inspection or certification by any Governmental Authority shall have been inspected <br />and certified as complete. Developer shall request that the Building Department issue a <br />Certificate of Occupancy, a copy of which shall be delivered to the City Project Manager, in <br />order for final disbursement to occur. <br />(c) Lien Free. At least one of the following shall have occurred: <br />(i) Thirty-five (35) days shall have passed since the recording of a <br />valid notice of completion for the construction, and no mechanic's or materialman's lien <br />shall be outstanding; or <br />(ii) Ninety-five (95) days shall have passed since actual completion of <br />the construction, and no mechanic's or materialman's lien shall be outstanding, or Developer <br />shall have bonded over any such lien to City's reasonable satisfaction. <br />6.7 Waiver of Conditions. The conditions set forth pertaining to City's obligation to make <br />disbursements of the Loan proceeds are for City's benefit only and the City Project Manager may <br />waive all or any part of such rights by written notice to Developer. <br />6.8 Disbursement Requests. The Loan proceeds shall be disbursed on a line-item by line- <br />item basis in accordance with the Project Budget and subject to the conditions in this section. In <br />no event shall City have any obligation to disburse any amount for any item in excess of the <br />amount allocated to such item in the Project Budget. Disbursements shall be made only upon <br />Developer's written request in the form of a Disbursement Request showing all costs which <br />Developer intends to fund with such disbursement, itemized in such detail as City may <br />reasonably require, accompanied in each case by (a) invoices and lien releases satisfactory to <br />City, including in any event partial lien releases executed by each contractor and subcontractor <br />who has received any payment for work performed, and (b ) all other documents and information <br />reasonably required by City. Disbursement Requests shall be submitted no less than ten (10) <br />Business Days prior to the date of the requested disbursement, and shall not be submitted more <br />often than monthly. <br />Prior to each disbursement by City of proceeds of the loan, Developer shall deliver to City a <br />draw request ("Draw Request"), and all required supporting information as set forth in the Loan <br />Documents or as otherwise reasonably required by City in order to provide information for <br />11 <br />1076\01\1333668.1 <br />8OA-17