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II. SCHEDULE OF PERFORMANCE: <br />IW67010M.11II <br />1. Insurance. Developer shall furnish or cause to be furnished As a Condition Precedent to <br />appropriate certificates of insurance and/or endorsements to disbursement of any portion of <br />City which meet all requirements of the Agreement. the loan, but no later than ten <br />days after close of escrow. <br />B. PROJECT FINANCING <br />Submission of Evidence of Financing. Developer shall submit Not later than thirty (30) days <br />to City evidence of financing for the Project after allocation of tax credit <br />financing by CTCAC. <br />2. Receipt of All Funding Commitments Necessary to Complete Not later than thirty (30) days <br />Construction of the Improvements. Developer shall use its best before Construction Close. <br />and good faith efforts to secure irrevocable funding <br />commitments from TCAC, Senior Lender, and other available <br />funding sources which when combined with the Loans shall <br />equal no less than the total cost to construct the Improvements, <br />as set forth in the approved Project Budget. Developer shall <br />submit such commitments to City for review. <br />3. Approval of Developer's Evidence of Financing. City must Not later than twenty (20) <br />approve Developer's evidence of financing as required by business days after receipt of a <br />the Agreement. complete submittal from <br />Developer <br />C. CONSTRUCTION OF IMPROVEMENTS <br />1. Design Development Drawings. Developer shall prepare and Within seven (7) months <br />submit Design Development Drawings to City for review and following the date of the <br />approval. Loan Agreement. <br />2. Approval of Design Development Drawings. City Housing Within fourteen (14) days of <br />staff shall review and approve, approve with conditions, or Developer's complete <br />disapprove the Design Development Drawings. submittal of the Design <br />Development Drawings. <br />55C-124 <br />