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exceed Fifty Thousand Dollars ($50,000), for those costs identified as predevelopment costs in <br />the Development Budget (as defined in Section 1.5) (the "Predevelopment Costs") is <br />conditioned upon the receipt by City of the following: <br /> (a) The executed Loan Documents; <br /> <br />(b) A copy of Borrower’s authorizing resolution, which authorizes Borrower <br />to enter into the Loan Documents and carry out the obligations under the Loan Documents; and <br /> (c) No uncured Event of Default is continuing. <br /> <br /> 1.3 Conditions Precedent to City’s Obligation to Disburse Construction Component. <br />The obligation of City to disburse the proceeds of the Loan for costs other than Predevelopment <br />Costs is conditioned upon the receipt by City of the following: <br />(a) The conditions set forth in Section 1.2 have been and continue to be met; <br /> <br />(b) The City has reviewed and approved Construction Plans pursuant to <br />Section 4.1, the Construction Contract pursuant to Section 4.2 and the Development Budget; <br />(c) The Borrower has provided evidence of insurance coverage required by <br />Section 4.8; and <br /> <br />(d) The Borrower has executed the Construction Contract (as defined in Section 4.2. <br /> <br /> 1.4 No Obligation to Disburse Proceeds upon Default. Notwithstanding any other <br />provision of this Agreement, the City shall have no obligation to disburse any portion of the <br />proceeds of the Loan if there is an uncured and continuing Event of Default. <br />ARTICLE 2. DISBURSEMENT OF LOAN PROCEEDS <br /> <br /> 2.1 Disbursement of Loan Proceeds. Upon satisfaction of the conditions set forth in Section 1.2 or 1.3, as applicable, together with execution of this Agreement and the Note, City <br />shall make the initial Loan disbursement to Borrower following Borrower’s provision to City of <br />a written requisition, in form and substance satisfactory to City, specifying the amount and use of <br />the requested Loan proceeds, accompanied by copies of bills and invoices and such other <br />documentation as City may reasonably require. Subsequent disbursements shall be made to Borrower upon City’s receipt of written requisitions and supporting documentation as described <br />in this Section. The City shall disburse loan funds within thirty (30) days following its receipt of <br />Borrower's written requisition. <br /> <br /> <br />129