25H - AGMT - AFFORDABLE HOUSING 2151 E 1ST ST

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tw Ci tD'asburseukent Reg crests. Ttne rchttbdlituttion proceeds sh;a1B be disbursed can as line -item by line -iwm basis in accordance with the Project: Budget and subpoot to the con <InhUns inn this section In no event shall City have any obligation to d,wbunse any m-iount for any item in excess of [lie amount allocated to such stern in the Project Budget. Disbursements shall be nnaude only Upon Developer's written recpnest in the form tali' a Disbursement Reyucsl showing all costs which Developer intends to fund with stuck, disbursement, ilvmi sed in such cletail as City may reawonabty require, acconnparned in each case by (aL) invoices and 'pier, releases " isfa ctory to City, nneludinp in any event partial hen Releases exeeuted by each contractor and subcoutraactcw who has received any payunent for work perl'brined, and (b ) alt other documunts snd infUrrmation . reasonably recpuired by City. Disbursement Rcclucsts ahsall be scibnantted uao less thaan ten (ttl) Busmes, Clays prior to the date of the requested disbursement, and shrill meat be suhmitted more often than monthly. Pricer to c ach disbursement by City arf` proceeds cif the City Loo , Borrower shall deliver to City and to Senior C..:ender a clre„w r =ocperest ( "Draw Request "), and all required supporting, information as sot forth in the Loan Documents or as otherwise reasonably required by C.;ity or LSe,nior Lundesr in order to provide unforrnation for ewatluatimg (Pie requested disburscrr,ent pursuant to emstomary eollAruction lendiunf; practices OF instnlutional lenders ni Southern C "Affor,nia. C".nty and senior Lender shall nolify the other and Borrower of approval or clisaapprovanl of each Draw Rocpucst within liwc (i) her mess okays after receipt of the Draw Request, using the Senior Lender',,, "LDisbuuseaaneani Chain e Order Approval Notice ". C, "ity and Senior Lender shall have the right, but not the oIahgatnon, to discontinue processing Draw Ruqucrst9 sunless aaUd Until receipt of notification from the otbeu off approval or disapproval of each outstanding Draw Reepnest. 6.9 Manner or tDi.Q)uirseiinent. City may make any dnslacarsomenn by check payable to Dcvolopur; or on a voucher basis; or by check payable jointly to developer and any contractor, subcontractor or other ctaimawnt; l� dncelly to any such claimant; or by atny other meatus reasonably selected by City (Disbursement will be made taticen ('I5) ctalys firom approval. 6.1 tt Cost st OVea•t,o"s. In the e: rejnt rli at, at any mine and &uu any reason, (a) the actual coast reasonably estimated by City or Nveloper to be required to complete all mattons, included in any line item in the Pro.lect Budget exceeds the amount allocated to that lino itenn nn the Project BLldget, (b) rehabilitation costs for any rrattet,s not covered by a Specific lure helm have laeen or will be incurred, or (c) the undisbUrsed penrtion, of' the rehahihuution portion is or may be innsufticicw to pay all rehabilitation costs that unay lie payable under the City Loan Documents or otherwise in connection with the rehabilitation, Developer shall, within ten (10) days after it roceivos written Notice therceaf, fro nn City of ally ol,lhc foregoing matters, do one or more of tlua l`tollowwiig„ (a) provide s atast'actory evidence to City that Developer has previously paid such excess or otherwise provided far such itnstatticnunoy (eoliectively, the "Excess C "ost "') with finals From a. source other than the City Loan; II 25H -19