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(b) The Agency's receipt of a written requisition from Developer specifying <br />the amount and use of the requested funds, accompanied by copies of third-party <br />invoices, evidence of Developer's payment for services rendered in connection with the <br />Project, and such other documentation as Agency shall reasonably require. <br />(iii) Conditions to disbursement of the Construction Component: <br />(a) Developer's satisfaction of all of the conditions set forth in subsection (ii) <br />above. <br />(b) Developer's delivery to Agency of evidence reasonably satisfactory to <br />Agency that Developer has obtained all necessary permits (including without limitation <br />building permits (or a permit-ready letter), licenses, and approvals required to develop the <br />Project, or that the receipt of such permits is subject only to such conditions as Agency <br />shall reasonably approve. <br />(c) City shall have approved the final plans and specifications for the Project, <br />and Agency shall have approved the construction contract for the Project. <br />(d) Developer's construction financing for the Project shall have closed or <br />shall close concurrently with Agency's disbursement of funds for construction, and <br />Borrower shall have delivered to Agency evidence reasonably satisfactory to Agency that <br />Borrower has secured binding commitments, subject only to commercially reasonable <br />conditions, for all Project construction and permanent financing. <br />(e) Developer's delivery to Agency and Agency approval of all of the <br />following: (1) Project construction and operating budgets (2) performance bonds or other <br />assurance of completion reasonably acceptable to Agency pursuant to the requirements <br />set forth in Section 3.22; (3) construction schedule; (4) evidence of insurance coverage <br />required pursuant Section 11.2 upon commencement of construction; and (4) copies of <br />such other documents related to the development and financing of the Project as Agency <br />may reasonably request. <br />(f) Developer's delivery to Agency of evidence reasonably satisfactory to <br />Agency that there are no mechanics' liens or stop notices related to the Property or the <br />Project, and Developer's provision to Agency of full waivers or releases of lien clams if <br />required by Agency. <br />(g) No material adverse change as determined by Agency in its reasonable <br />judgment shall have occurred in the condition of the Property or the Improvements or in <br />the financial or other condition of Developer since the date of this Agreement. <br />(h) For subsequent disbursements, if any, of the Construction Component: (1) <br />Agency's determination via site inspection that the construction schedule is being met <br />and that the Project is progressing in accordance with the approved plans and <br />specifications, and (2) Developer's delivery to Agency of evidence reasonably <br />satisfactory to Agency that there are no mechanics' liens or stop notices related to the <br />~s~o~o-a 19 <br />