RDA Agmt 2000 Brooks_Michael etc

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• • (b) The Construction Financing Plan shall include a cost breakdown by major cost category and a cash flow projection for the construction of the Improvements and for take -out of any financing obtained in connection with acquisition of the Property or payment of acquisition costs and the sources of necessary funds to pay, when due, the costs indicated in the cash flow projection and evidence that the funds necessary to finance those costs have been firmly committed by Developer, equity investors or lending institutions, subject to such conditions as are commercially reasonable under the circumstances. (c) Sources of funds disclosed in either the Acquisition Financing Plan or Construction Financing Plan may include additional equity investments and/or loans provided such funding is from reasonable financial or lending institutions, including pension funds and syndicating entities. A financial or lending institution shall be deemed reasonable if it is a bank, savings and loan institution, pension fund or insurance company licensed to do business in California. The Agency shall cooperate with Developer in providing information to prospective lenders and equity investors. (d) Upon receipt by the Agency of the proposed Acquisition Financing Plan or Construction Financing Plan, the Agency shall promptly review same and shall approve it within fifteen (15) days after submission if it conforms to the provisions of this Part The Agency shall act through its Executive Director unless the Executive Director, in his or her discretion, refers the matter of approval to the Agency Board. The Agency's review of the Acquisition Financing Plan or Construction Financing Plan shall be limited to determining if the contemplated financing will reasonably be available and will provide sufficient funds for the purposes required to be indicated in the plan. If it is not thereafter approved by the Agency, the Agency shall set forth in writing and notify Developer of the reasons therefor. Developer shall thereafter resubmit a revised Acquisition Financing Plan or Construction Financing Plan, as the case may be, to the Agency for its approval within thirty (30) days of the Agency's notification of disapproval. The Agency will either approve or disapprove said revised plan within fifteen (15) days of resubmittal by Developer. (e) Any material change, modification, revision or alteration of the approved Acquisition Financing Plan or Construction Financing Plan must be first submitted to and approved by the Agency for conformity to the provisions of this Agreement If not so approved, the approved plan shall continue to control. The Agency's review of such material change, modification, revision or alteration of the approved Acquisition Financing Plan or Construction Financing Plan shall be limited to determining if the contemplated financing will reasonably be available and will provide sufficient funds for the purposes required to be included in the plan. For the purpose of this Section, a material change shall include, but is not limited to, a change in lender or equity provider, or a substantial increase or decrease in the amount of a loan or equity contribution. 4.06 Change in Construction Plans. If the Developer desires to make any material change in the Construction Plans, the Developer shall submit the proposed change to the Agency for its approval which approval shall not be unreasonably withheld. If the Construction Plans, as modified by any proposed change, conform to the requirements of this Agreement the Agency shall approve the change by notifying the Developer in writing. Disposition and Development Page 7 of 23 Agreement `73