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11 <br /> <br />sublease, in accordance with the standards set forth in Article 7 hereof and Section 13 of the <br />Developer Hotel Ground Lease (“Developer Hotel Ground Lease Subtenant”), and shall have <br />approved a copy of the organizational documents of the Developer Hotel Ground Lease <br />Subtenant as the City deems necessary to document the power and authority of the Developer <br />Hotel Ground Lease Subtenant to perform its obligations set forth in the Developer Hotel Ground <br />Lease. <br />(b) City Approval of Hotel Brand and Franchise Agreement. <br />Developer shall have submitted to City the proposed identity of the proposed Hotel Brand and a <br />proposed Franchise Agreement in accordance with the requirements of Section 5.2 of the <br />Developer Hotel Ground Lease, and the City shall have approved the same. <br />(c) City Approval of Operator. Developer shall have <br />submitted to the City the identity of the proposed Operator of the Developer Hotel, and the City <br />shall have approved the proposed Operator in accordance with the requirements of Section 5.2 of <br />the Developer Hotel Ground Lease. <br />(d) Evidence of Developer Hotel Element Funding. The City <br />shall have received and reasonably approved the following: <br />(i) Budget. A detailed budget for the construction and <br />development of the Developer Hotel Element, as submitted by Developer to City. <br />(ii) Construction Loan. True and complete copies of all <br />construction loan documents evidencing the obligation of a construction lender in conformance <br />with the requirements of Section 7 of the Developer Hotel Ground Lease and reasonably <br />acceptable to the City to make a Construction Loan to the Developer, subject only to reasonable <br />and customary conditions and requirements. <br />(iii) Equity Funds. Documentary evidence reasonably <br />acceptable to the City that the Developer has obtained a commitment of equity funds for the <br />construction of the Developer Hotel Element, subject only to reasonable and customary <br />conditions and requirements. <br />(iv) Total Project Cost. The City shall have determined <br />that there are sufficient loan and equity funds available to the Developer for the construction, <br />development and operation of the Developer Hotel Element at a cost consistent with the budget <br />approved by the City. <br />(e) General Contractor. The general contractor for the <br />Developer Hotel Element (the “General Contractor”) shall have been approved by the City. <br />(f) Construction Contract. The City shall have received a true <br />and complete copy of a signed contract by and between Developer and the General Contractor <br />pursuant to which the General Contractor has agreed to construct the Developer Hotel Element at <br />a cost consistent with the costs set forth therefor in the approved Project Budget (the <br />“Construction Contract”).