Reso 1998-009 - Laserfiche WebLink

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t I 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 1.05, 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. 1.06 City of San Leandro Approval. At the time Developer submits its Final Development Plan to the Agency, it shall apply to the City of San Leandro for, diligently pursue and obtain all permits necessary for the construction of the Improvements. Developer acknowledges that Agreement - Vanuatu Page 5 of 30 Draft December 4, 1997