RDA Agmt 2009 Scribner Family Partnership Ltd

Home

(a) Owner's delivery to Agency of each of the following documents, fully- executed and acknowledged as applicable: (i) the Note, (ii) the Deed of Trust, (iii) the Memorandum, and (iv) this Agreement; (b) The recordation of the Deed of Trust and the Memorandum in the Official Records of Alameda County; (c) Owner's delivery to Agency of evidence reasonably satisfactory to Agency that Owner has obtained all necessary permits (including without limitation, building permits), licenses, and approvals required to undertake the Project, or that the receipt of such permits is subject only to such conditions as Agency shall reasonably approve; (d) Agency shall have approved the final plans and specifications for the Project; (e) [Reserved.] (f) Owner's delivery to the Agency of evidence of insurance coverage in accordance with the requirements set forth in Exhibit C attached hereto; (g) Owner's delivery to Agency of such documentation as Agency shall reasonably require regarding Owner's organizational status and authority to execute and perform Owner's obligations under the Loan Documents; (h) Owner's delivery to Agency of all of the following: (a) Project budget; (b) construction contract; (c) performance bonds or other assurance of completion reasonably acceptable to Agency; and (d) copies of such other documents related to the development and financing of the Project as Agency may reasonably request; (i) No material adverse change as determined by Agency in its reasonable judgment shall have occurred in the condition of the Property or the Improvements or in the financial or other condition of Owner since the date of this Agreement; and (j) All construction and other work related to the Project shall have been completed. 2.4 NO OBLIGATION TO DISBURSE PROCEEDS UPON DEFAULT. Notwithstanding any other provision of this Agreement, the Agency shall have no obligation to disburse the Loan Proceeds upon the occurrence of an Event of Default under the Loan Documents or if the conditions to disbursement of the Loan set forth in Section 2.3 have not been satisfied within 180 days following the Effective Date, unless an extension of such date is approved by Agency in writing. ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS 3.1 Owner's Representations. Owner represents and warrants to Agency as follows, and Owner covenants that until the expiration or earlier termination of this Agreement, upon 1172395-2 Commercial Rehabilitation Loan Program Owner Participation and Loan Agreement Form: 12-3-08