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(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 rehabilitation, and no mechanic's or <br />material man's lien shall be outstanding; or <br />(ii) Ninety-five (95) days shall have passed since actual <br />completion of the rehabilitation and/or construction, and no mechanic's or materialman's <br />lien shall be outstanding, or Developer shall have bonded over any such lien to City's <br />reasonable satisfaction. <br />6.7 Waiver of Conditions. The conditions set forth pertaining to City's <br />obligation to make disbursements of the rehabilitation or construction portion are for <br />City's benefit only and the Executive Director may waive all or any part of such rights by <br />written notice to Developer. <br />6.8 Disbursement Requests. The rehabilitation proceeds shall be <br />disbursed on a line -item by line -item basis in accordance with the Project Budget and <br />subject to the conditions in this section. In no event shall City have any obligation to <br />disburse any amount for any item in excess of the amount allocated to such item in the <br />Project Budget. Disbursements shall be made only upon Developer's written request in <br />the form of a Disbursement Request showing all costs which Developer intends to fund <br />with such disbursement, itemized in such detail as City may reasonably require, <br />accompanied in each case by (a) invoices and lien releases satisfactory to City, including <br />in any event partial lien releases executed by each contractor and subcontractor who has <br />received any payment for work performed, and (b ) all other documents and information <br />reasonably required by City. Disbursement Requests shall be submitted no less than ten <br />(10) Business Days prior to the date of the requested disbursement, and shall not be <br />submitted more often than monthly. <br />Prior to each disbursement by City of proceeds of the City/HOME Loan, Borrower shall <br />deliver to City a draw request ("Draw Request"), and all required supporting information <br />as set forth in the Loan Documents or as otherwise reasonably required by City in order <br />to provide information for evaluating the requested disbursement pursuant to customary <br />construction lending practices of institutional lenders in Southern California. <br />City shall notify Borrower of approval or disapproval of each Draw Request within five <br />(5) business days after receipt of the Draw Request in writing. <br />6.9 Manner of Disbursement. City may make any disbursement by check payable <br />to Developer; or on a voucher basis; or by check payable jointly to Developer and any <br />contractor, subcontractor or other claimant; or directly to any such claimant; or by any <br />other means reasonably selected by City. Disbursement will be made fifteen (15) days <br />from approval. <br />6.10 Cost Overruns. In the event that, at any time and for any reason, (a) the <br />actual cost reasonably estimated by City or Developer to be required to complete all <br />matters included in any line item in the Project Budget exceeds the amount allocated to <br />11 <br />