25B - AGMT - 815 N HARBOR LOAN - Laserfiche WebLink

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requested by the Executive Director, City shall have received a certificate to that effect signed by Developer's Representative. 4.2 Disbursement Procedures for Loan(s). (a) The Loan proceeds shall be disbursed to Developer to finance the construction of the Property (as evidenced in Exhibit Q. The Loan proceeds shall not be used for any purpose other than for construction costs, including a Developer fee and so ft costs related to development of (lie Project (costs all subject to City's prior review), (b) Developer shall provide City with monthly construction reports regarding status of construction and notify City Aaff of construction meetings. 4.3 Any Disbursement. City's obligation to rnake any disbursement of the funds (including the first and final disbursements) is subject to the satisfact-ion of the following conditions prcccdcnts (a) Satisfactory Progress. The Executive Director shall be satisfied, I ---Z— based on inspections performed or other reliable information, that the construction is progressing satisfactorily in conformance with all applicable laws and other requirements (including ROME regulations). (b) Condition of Title. Either (i) the Executive Director reasonably believes that no event has occurred execution (if Clio docurnerits that would gkc rise to a colorable clainkagairisit the Property ("., a rnoulianic's lien) superior to the claini of City against the, Property with respect to the subject, disbursement, or (ii) City most have received, at Developer's expense. but payable out of the loan proceeds, front the title insurer who issued City's 12-10 Title Policy, all endorsements thereto then reasonably required by City. (c) Representation,,; and WgrgLiLies. The mpresentations and warranties of Developer contained in this Agreement and the other City Loan Doculnents 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 o inie or both, would constitute an Event of Default by DevQlupor, 4A final disbursement. City's obligation to disburse that portion of the construction portion retained pursuant to Section 4.10 is subject to the satisfaction or the following additional conditions precedent: (9) Constrsrction Conrrtlete. The construction shall be complete. (h) Certificate of Occupgney lssuqd. Any portion of the construction requiring inspection or certification by any Governmental Authority shall have been 25B -15