Reso 2017-015 - Laserfiche WebLink

Home

exceed Fifty Thousand Dollars ($50,000), for those costs identified as predevelopment costs in the Development Budget (as defined in Section 1.5) (the "Predevelopment Costs") is conditioned upon the receipt by City of the following: (a) The executed Loan Documents; (b) A copy of Borrower's authorizing resolution, which authorizes Borrower to enter into the Loan Documents and carry out the obligations under the Loan Documents; and (c) No uncured Event of Default is continuing. 1.3 Conditions Precedent to City's Obligation to Disburse Construction Component. The obligation of City to disburse the proceeds of the Loan for costs other than Predevelopment Costs is conditioned upon the receipt by City of the following: (a) The conditions set forth in Section 1.2 have been and continue to be met; (b) The City has reviewed and approved Construction Plans pursuant to Section 4. 1, the Construction Contract pursuant to Section 4.2 and the Development Budget; (c) The Borrower has provided evidence of insurance coverage required by Section 4.8; and (d) The Borrower has executed the Construction Contract (as defined in Section 4.2. 1.4 No Obligation to Disburse Proceeds upon Default. Notwithstanding any other provision of this Agreement, the City shall have no obligation to disburse any portion of the proceeds of the Loan if there is an uncured and continuing Event of Default. ARTICLE 2. DISBURSEMENT OF LOAN PROCEEDS 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 shall make the initial Loan disbursement to Borrower following Borrower's provision to City of a written requisition, in form and substance satisfactory to City, specifying the amount and use of the requested Loan proceeds, accompanied by copies of bills and invoices and such other 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 in this Section. The City shall disburse loan funds within thirty (30) days following its receipt of Borrower's written requisition. 2743881.2 3