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(d) No Default. No Event of Default by Vista Del Rio 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 Vista Del Rio. 6.6 Final Disbursement. City's and Successor Agency's obligation to disburse that portion of the proceeds of the Loans retained pursuant to Section 6.12 is subject to the satisfaction of the following additional conditions precedent: (a) Construction Complete. The construction of the Project shall be complete. (b) Certificate of Completion and Release of Construction Covenants. Any portion of the construction requiring inspection or certification by any Governmental Authority shall have been inspected and certified as complete. Vista Del Rio shall request that the Building 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 Successor 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 Successor Agency's obligation to make disbursements of the proceeds of the Loans are for City's and Successor 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 by line -item basis in accordance with the Project Budget and subject to the conditions in this section. In no event shall City or Successor 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 Successor Agency may reasonably require, accompanied in each case by (a) invoices and lien releases satisfactory to City or Successor 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 Successor 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 Successor Agency of proceeds of the Loans, Vista Del Rio shall deliver to City and /or Successor 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 15 DOC SOC/ 1475221 v 10/200272 -0004