Reso 2019-139 - Laserfiche WebLink

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(b) Borrower’s delivery to City of evidence reasonably satisfactory to City that Borrower 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; (c) City shall have received and approved the final plans and specifications for the Improvements; (d) City shall have received copies of labor and materials bonds and performance bonds for the construction of the Improvements in an amount equal to one hundred percent (100%) of the scheduled cost of the Improvements. (e) Borrower’s delivery to the City of evidence of insurance coverage in accordance with the requirements set forth in this Agreement; (f) Borrower’s delivery to City of such documentation as City shall reasonably require regarding Borrower’s organizational status and authority to execute and perform Borrower’s obligations under the Loan Documents; (g) Borrower’s delivery to City of all of the following:(i) Improvements budget; (ii) construction contract; (iii) other assurance of completion reasonably acceptable to City; and (iv) copies of such other documents related to the development and financing of the Improvements as City may reasonably request; and (h) 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 Borrower since the date of this Agreement. 1.8NO OBLIGATION TO DISBURSE PROCEEDS UPON DEFAULT. Notwithstanding any other provisions of this Agreement, the City shall have no obligation to disburse any portion of the City Loan Proceeds if there is an occurrence of an Event of Default (defined below) under the Loan Documents. ARTICLE II CONSTRUCTION OF THE IMPROVEMENTS 2.1CONSTRUCTION SCHEDULE. Borrower shall adhere to the schedule attached hereto under the Scope of Work as Exhibit B. Borrower must obtain written approval from the City for any changes to the construction schedule. ARTICLE III AFFIRMATIVE COVENANTS . Borrower covenants that it shall use the City Loan Proceeds solely for the 3.1USE OF FUNDS purpose of financing the construction of the Improvements in accordance with Section 1.4. 3.2COMPLIANCE WITH LAWS.Borrower covenants to comply with all federal, state and local laws, regulations, ordinances and rules applicable to the Property and the Improvements, including without 3 3239132.3 City Loan Agreement