Agmt 2017 CDBG-Housing Consortium of the East Bay (HCEB)

Home

supporting documents shall state the time period in which work was performed, and the expenses to be funded with the Loan proceeds. 1.6 CONDITIONS PRECEDENT TO DISBURSEMENT OF PROCEEDS. City's obligation to disburse the Loan Proceeds is conditioned upon the satisfaction of all of the following conditions: (a) Participant's delivery to City of the Note and this Agreement, both fully executed; (b) [Reserved]; (c) Participant's delivery to City of evidence reasonably satisfactory to City that Participant has obtained all necessary permits (including without limitation, building permits), licenses, and approvals required to undertake the Improvements, or that the receipt of such permits is subject only to such conditions as City shall reasonably approve; (d) City shall have approved the final plans and specifications for the Improvements; (e) [Reserved]; (f) Participant's delivery to the City of evidence of insurance coverage in accordance with the requirements set forth in Exhibit F attached hereto; (g) Participant's delivery to City of such documentation as City shall reasonably require regarding Participant's organizational status and authority to execute and perform Participant's obligations under the Loan Documents; (h) Participant's delivery to City of all of the following: (a) Improvements budget; (b)construction contract; (c) other assurance of completion reasonably acceptable to City; and (d) copies of such other documents related to the development and financing of the Improvements as City may reasonably request; (i) No material adverse change as determined by City in its reasonable judgment shall have occurred in the condition of the Property or the Improvements or in the financial or other condition of Participant since the date of this Agreement; and 0)All construction and other work related to the Improvements shall have been completed. 1.7 [Reserved] 1.8 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 Loan Proceeds if there is an occurrence of an Event of Default(defined below) under the Loan Documents. 3 Capital Improvement Loan Agreement-HCEB October 1,2017