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

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inspected and certified as complete, Developer shall request that the Building Department issuoan Inspection Record Card with signed final inspection approvals, a copy of which shall be, delivered to (lie Executive Director, in order for final disbursement to occur, (c) Lien l,'ru At Icast Ono of (lie following shall have occurvedr (i)Thirty-five (35) days shall have. passed since the recording of a valid notice of completion for the construction, amid 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 nivehanic's or materialtrian's lien shall be outstandin- or Developer shall have bonded over any such lien to City's reasonable satisfaction. 4,5 Waiver of Conditions. The conditions set forth pertaining to City's obligation to make disbursements are for City's benefit only and the Executive Director inay waive all or any part of such rights by written notice to Developer. 4,6 M5bursement Requests, Tae construction proceeds 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. fit no event shall City have any obligation to disburse any ainount for any item in excess of the amount allocated to such itom in the Project Budget. Disbursements shall be made only upon Developer's written request in the form of a Disbursement Roqaest showing all costs which Developer intends to fund With such disbursement, itemized in such detail as City may reasonably require, accompanied in each case by (a) invoices and lien releases satisfactory to City, 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. 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 of proceeds of the City Loan, Borrower shall deliver to City and to Bank a draw request ("Draw Request"), and all required supporting information as set forth in the Loan Documents or as Otherwise reasonably required by City or Bank in order to provide information for evaluating the requested disbursement pursuant to customary construction lending practices of institutional lenders in Southern California, City and Batik shall notify the other and Borrower of approval or disapproval of each Draw Request within five (5) business days after receipt of the Draw Request, using the Bank's "DisbursomQnt/CliaagQ Order Approval Notice". City and Batik shall have the right, but not the obligation, to discontinue processing Draw Requests unless and until receipt of notification from the other of approval or disapproval of each outstanding Draw Request. 10 25B -16