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10A Action 2019 0903
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10A Action 2019 0903
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8/28/2019 6:49:51 PM
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8/28/2019 6:49:28 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agenda
Document Date (6)
9/3/2019
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3 <br /> 3238974.3 CDBG Loan <br />Agreement <br />”Requisition”). Participant shall submit each Requisition to the Community Development Director, or her/his <br />designee, stating the requisition or invoice number (e.g., Invoice #1) and purpose and amount of the <br />requested disbursement. Participant shall attach copies of any documents supporting the Requisition, <br />including estimates, bids, receipts, invoices, contracts, payment schedules, or evidence of Participant’s <br />payment of preconstruction and rehabilitation expenses required to fund the Improvements. The supporting <br />documents shall state the time period in which work was performed, and the expenses to be funded with the <br />CDBG Loan Proceeds. <br />1.6 RESERVED. <br />1.7 CONDITIONS PRECEDENT TO DISBURSEMENT OF PROCEEDS. City’s obligation to <br />disburse the CDBG Loan Proceeds is conditioned upon the satisfaction of all of the following conditions: <br />(a) Participant’s delivery to City of fully executed Loan Documents; <br />(b) Participant’s delivery to City of evidence reasonably satisfactory to City that Participant obtained <br />all necessary permits (including without limitation, building permits), licenses, and approvals required to <br />undertake the Improvements, or that the receipt of such permits is subject only to such conditions as City <br />shall reasonably approve; <br />(c) City shall have received and approved the final plans and specifications for the Improvements; <br />(d) City shall have received copies of labor and materials bonds and performance bonds for the <br />construction of the Improvements in an amount equal to one hundred percent (100%) of the scheduled cost <br />of the Improvements. <br />(e) Participant’s delivery to the City of evidence of insurance coverage in accordance with the <br />requirements set forth in this Agreement; <br />(f) Participant’s delivery to City of such documentation as City shall reasonably require regarding <br />Participant’s organizational status and authority to execute and perform Participant’s obligations under the <br />Loan Documents; <br />(g) Participant’s delivery to City of all of the following: (i) Improvements budget; (ii) construction <br />contract; (iii) other assurance of completion reasonably acceptable to City; and (iv) copies of such other <br />documents related to the development and financing of the Improvements as City may reasonably request; <br />and <br />(h) No material adverse change as determined by City in its reasonable judgment shall have <br />occurred in the condition of the Property or the Improvements or in the financial or other condition of <br />Participant since the date of this Agreement. <br />1.8 NO OBLIGATION TO DISBURSE PROCEEDS UPON DEFAULT. Notwithstanding any <br />other provision of this Agreement, the City shall have no obligation to disburse any portion of the CDBG Loan <br />Proceeds if there is an occurrence of an Event of Default (defined below) under the Loan Documents. <br />232
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