Laserfiche WebLink
AMCAL 1440 Santa Ana Fund, L.P. <br />April 20, 2016 <br />Page 3 <br />5. The Loan Agreement shall provide that each of the following conditions shall be <br />met prior to the disbursement of any portion of the Loan: <br />a. All grading permits shall have been issued and the City shall have issued a <br />letter stating that building permits are ready to issue, subject only to <br />payment of fees and the completion of grading of the Project site. <br />b. Developer shall have secured all necessary financing and funding for the <br />construction and operation of the Project. Such financing and funding <br />shall be sufficient to pay all Project development costs, through lease -up, <br />as set forth in a final budget consistent with the approved Proforma (or as <br />otherwise approved by the City), <br />C. The Developer shall have provided evidence to the City that the Developer <br />has obtained insurance policies and certificates or endorsements <br />acceptable to the City, as described in the Loan Agreement. <br />d. The Developer shall have provided construction security in favor of the <br />City, which may include a completion guarantee from AMCAL Multi - <br />Housing, Inc. and/or a letter of credit and/or performance & payment <br />bonds from the general contractor for the Project (or some combination of <br />these), in an amount sufficient to ensure the Project will be completed and <br />placed in service within the time set forth in the Project schedule approved <br />by Santa Ana. <br />e. Developer shall submit and obtain Executive Director of the Community <br />Development Agency's approval of the construction contract, Developer's <br />limited partnership agreement for the limited partnership entity to be <br />formed to own and operate the Project, and management, marketing and <br />tenant selection plans for the Project. <br />6. The City's obligation to provide the Loan is and shall remain subject to all <br />covenants, conditions, and restrictions set forth in the Loan Agreement, and in <br />particular City's analysis of the available funding sources and development and <br />operating costs of the Project and the overall economic feasibility of the Project. <br />If you have any questions or require additional information regarding this letter, please <br />Error! No doe a meat variable supplied. 65A-1 1 <br />