80A - JOINT - LOAN AGMT AMCAL - Laserfiche WebLink

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(i) Thirty -five (35) days shall have passed since the recording of a valid notice of completion for the construction, and no mechanic's or materialman's lien shall be outstanding; or (ii) Ninety -five (95) days shall have passed since actual completion of the construction, and no mechanic's or materialman's lien shall be outstanding, or Developer shall have bonded over any such lien to Agency's reasonable satisfaction. 6.7 Waiver of Conditions. The conditions set forth pertaining to Agency's obligation to make disbursements of the Loan proceeds are for Agency's benefit only and the City Project Manager may waive all or any part of such rights by written notice to Developer. 6.8 Disbursement Requests. The Loan 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. In no event shall Agency have any obligation to disburse any amount for any item in excess of the amount allocated to such item in the Project Budget. Disbursements shall be made only upon Developer's written request in the form of a Disbursement Request showing all costs which Developer intends to fund with such disbursement, itemized in such detail as Agency may reasonably require, accompanied in each case by (a) invoices and lien releases satisfactory to Agency, 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 Agency. 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 Agency of proceeds of the loan, Developer shall deliver to Agency a draw request ( "Draw Request "), and all required supporting information as set forth in the Agency Loan Documents or as otherwise reasonably required by Agency in order to provide information for evaluating the requested disbursement pursuant to customary construction lending practices of institutional lenders in Southern California. Agency shall notify the Developer of approval or disapproval of each Draw Request within five (5) Business Days after receipt of the Draw Request, using the Agency's "Disbursement/Change Order Approval Notice ". Agency 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. 6.9 Manner of Disbursement. Agency may make any disbursement by check payable to Developer; or on a voucher basis; or by check payable jointly to Developer and any contractor, subcontractor or other claimant; or directly to any such claimant; or by any other means reasonably selected by Agency. 6.10 Cost Overruns. In the event that, at any time and for any reason, (a) the actual cost reasonably estimated by Agency or Developer to be required to complete all matters included in any line item in the ,Project Budget exceeds the amount allocated to 80A -139