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inspected and certified as complete. Developer shall request that the Building Department <br />issue an Inspection Record Card with signed final inspection approvals, a copy of which <br />shall be delivered to the Executive Director, in 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 <br />recording of a valid notice of completion for the construction, and no mechanic's <br />or material man's lien shall be outstanding; or <br />(ii) Ninety -five (95) days shall have passed since actual <br />completion of the construction, and no mechanic's or materialman's lien shall be <br />outstanding, or Developer shall have bonded over any such lien to City's reasonable <br />satisfaction. <br />4.5 Waiver of Conditions. The conditions set forth pertaining to City's obligation to <br />make disbursements are for City's benefit only and the Executive Director may waive all <br />or any part of such rights by written notice to Developer. <br />4.6 Disbursement Requests. The construction proceeds shall be disbursed on a <br />line -item by line -item basis in accordance with the Project Budget and subject to the <br />conditions in this section. In no event shall City have any obligation to disburse any <br />amount for any item in excess of the amount allocated to such item in the Project Budget. <br />Disbursements shall be made oiIly upon Developer's written request in the form of a <br />Disbursement Request showing all costs which Developer intends to fund with such <br />disbursement, itemized in such detail as City may reasonably require, accompanied in <br />each case by (a) invoices and lien releases satisfactory to City, including in any event <br />partial lien releases executed by each contractor and subcontractor who has received any <br />payment for work performed, and (b ) all other documents and information reasonably <br />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 <br />more often than monthly. <br />Prior to each disbursement by City of proceeds of the City Loan, Borrower shall deliver <br />to City and to Bank a draw request ( "Draw Request "), and all required supporting <br />information as set forth in the Loan Documents or as otherwise reasonably required by <br />City or Bank in order to provide information for evaluating the requested disbursement <br />pursuant to customary constriction lending practices of institutional lenders in Southern <br />California. <br />City and Bank shall notify the other and Borrower of approval or disapproval of each <br />Draw Request within five (5) business days after receipt of the Draw Request, using the <br />Bank's "Disbursement/Change Order Approval Notice ". City and Bank shall have the <br />right, but not the obligation, to discontinue processing Draw Requests unless and until <br />receipt of notification from the other of approval or disapproval of each outstanding <br />Draw Request. <br />10 <br />