940 S. MINNIE, LP - 2014 - Laserfiche WebLink

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progressing satisfactorily in conformance with all applicable laws and other requirements (including HOME regulations). (b) Condition of Title. Either (i) the Executive Director reasonably believes that no event has occurred since the Close of Escrow that would give rise to a colorable claim against the Property (g.g., a mechanic's lien) superior to the claim of City against the Property with respect to the subject disbursement, or (ii) City must have received, at Developer's expense but payable out of the Rehabilitation Proceeds, from the title insurer who issued City's LP -10 Title Policy, all endorsements thereto then reasonably required by City. (c) Representations and Warranties. The representations and warranties of Developer contained in this Agreement and the other City Loan Documents shall be correct as of the date of the disbursement as though made on and as of that date. (d) No Default. No Event of Default by Developer shall remain uncured and no event shall have occurred which, with the giving of notice or the passage of time or both, would constitute an Event of Default by Developer. 6.6 Final Disbursement. City's obligation to disburse that portion of the rehabilitation portion retained pursuant to Section 6.12 is subject to the satisfaction of the following additional conditions precedent: (a) Rehabilitation Compete. The rehabilitation shall be complete. (b) Certificate of Occupancy Issued. Any portion of the rehabilitation requiring inspection or certification by any Governmental Authority shall have been inspected and certified as complete. Developer shall request that the Building Department issue a Certificate of Occupancy, a copy of which shall be delivered to the Executive Director, in order for final disbursement to occur. (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 rehabilitation, 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 rehabilitation, and no mechanic's or materialman's lien shall be outstanding, or Developer shall have bonded over any such lien to City's reasonable satisfaction. 6.7 Waiver of Conditions. The conditions set forth pertaining to City's obligation to make disbursements of the rehabilitation portion are for City's benefit only and the Executive Director may waive all or any part of such rights by written notice to Developer. 6.8 Disbursement Requests. The rehabilitation proceeds shall be 10