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<br />13 <br /> <br /> <br />(b) Certificate of Occupancy Issued. Any portion of the construction work <br />requiring inspection or certification by any Governmental Authority shall have been <br />inspected and certified as complete. Developer shall request that the City of Santa Ana <br />Planning and Building Agency issue a Certificate of Occupancy, a copy of which shall be <br />delivered to the City Project Manager, in order for final disbursement to occur. <br /> <br />(c) Lien Free. At least one of the following shall have occurred: <br /> <br />(i) Thirty-five (35) days shall have passed since the recording of a <br />valid notice of completion for the construction, and no mechanic's or materialman’s lien <br />shall be outstanding; or, <br /> <br /> (ii) Ninety-five (95) days shall have passed since actual <br />completion of the construction, and no mechanic's or materialman’s lien shall be <br />outstanding, or Developer shall have bonded over any such lien to Agency’s reasonable <br />satisfaction; or, <br /> <br />(iii) The City has received an endorsement from the Title Company <br />ensuring no mechanic’s or materialman’s liens. <br /> <br />6.7 Waiver of Conditions. The conditions set forth pertaining to Agency’s <br />obligation to make disbursements of the Loan proceeds are for Agency's benefit only and <br />the City Project Manager may waive all or any part of such rights by written notice to <br />Developer. <br /> <br />6.8 Disbursement Requests. The Loan proceeds shall be disbursed on a line- <br />item by line-item basis in accordance with the Project Budget and subject to the <br />conditions in this section. In no event shall Agency have any obligation to disburse any <br />amount for any item in excess of the amount allocated to such item in the Project Budget. <br />Disbursements shall be made only upon Developer's written request in the form of a <br />Disbursement Request showing all costs which Developer intends to fund with such <br />disbursement, itemized in such detail as Agency may reasonably require, accompanied in <br />each case by (a) invoices and lien releases satisfactory to Agency, including in any event <br />partial lien releases executed by each contractor and subcontractor who has received any <br />payment for work performed, and (b) all other documents and information reasonably <br />required by Agency. Disbursement Requests shall be submitted no less than ten (10) <br />Business Days prior to the date of the requested disbursement, and shall not be submitted <br />more often than monthly. <br /> <br />Prior to each disbursement by Agency of proceeds of the loan, Developer shall <br />deliver to Agency a draw request ("Draw Request"), and all required supporting <br />information as set forth in the Agency Loan Documents or as otherwise reasonably <br />required by Agency in order to provide information for evaluating the requested <br />disbursement pursuant to customary construction lending practices of the Senior Lender. <br /> <br />EXHIBIT 3 <br />3-23